FinCEN issues notice to customers of financial institutions about reporting beneficial ownership information

The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a notice to customers of financial institutions about reporting beneficial ownership information. The Corporate Transparency Act (CTA) requires certain entities, including many small businesses, to report to FinCEN information about the individuals who ultimately…

Singapore amends AML/CFT legislation to facilitate property seizures, align with FATF standards and enhance data sharing

To better tackle money laundering offences, Singapore’s parliament has passed a bill that will give more teeth to city-state’s courts when dealing with properties linked to suspected financial crime. The bill also aims to bring Singapore’s framework for anti-money laundering and countering the financing of…

UAE suspends gold refineries for 256 violations, including failures to identify risks, file suspicious transaction reports, and examine databases

The UAE’s ministry of economy has temporarily suspended the activities of 32 of the country’s gold refineries for failing to meet anti-money laundering (AML) compliance standards as part of the government’s continued efforts to implement legislative and regulatory reforms to ensure that the emirates’ AML…

North Korean commodity trades with China used to raise funds to buy WMD related goods for Pyongyang

Large cross-border trade networks run by Chinese intermediaries have acted as procurement proxies, enabling North Korea’s designated entities to access the global financial system, according to a paper published by the London-based Royal United Services Institute for Defence and Security Studies (RUSI). Shopping for Mass Destruction:…