Canada legislates to disrupt trade-based financial crime
Canada’s 2023 fall economic statement (FES) issued by the federal government includes several changes to strengthen the country’s anti-money laundering and counter financing of terrorism (AML/CFT) regime. Changes include a proposal to create a trade transparency unit (TTU) under Canada’s border services agency to detect,…
US senators introduce bill to combat cross-border financial crimes
Three US senators have introduced a bill proposing legislation that would establish a Cross-Border Financial Crime Centre within the department of homeland security to coordinate investigations and information sharing related to cross-border financial crimes, particularly those that concern the US border. The Combating Cross-border Financial…
Transparency International calls for a harmonised EU approach on beneficial ownership access
One year after an EU court ruling on beneficial ownership registers left civil society and journalists in 13 countries encountering obstacles or completely unable to access information regarding companies’ real owners, Transparency International (TI) has published analysis of how different European states have responded by…
Financial institutions may play bigger role uncovering fisheries related crimes
Fisheries related crimes should be considered ‘predicate offences’ for money laundering, according to a new report by the Financial Transparency Coalition (FTC), which focuses on the extensive use of forced labour in the fisheries sectors. If illegal, unreported and unregulated (IUU) fishing and the forced…
FATF amends recommendation that led countries to apply disproportionate measures on NPOs
The Financial Action Task Force (FATF) has released amendments to Recommendation 8 (R8) and its interpretive note to address the misapplication and misinterpretation of this recommendation that had led countries to apply disproportionate measures on non-profit organisations (NPOs). The apparent misuse of R8 used by…
UN wrests control of global rules on tax and IFFs from OECD after bitter opposition from the EU, UK and US
The UN General Assembly has voted overwhelmingly to wrest control of the development of global rules on tax and illicit financial flows (IFFs) from the Organisation for Economic Cooperation and Development (OECD), despite last-minute attempts by the EU, UK and US to derail the plan. Whereas…
NCA issues globally relevant red alert on abuse of gold to evade sanctions on Russia
The UK’s National Crime Agency (NCA) has issued a Red Alert to financial institutions and other members of the regulated sector warning that Russia is using gold as a means to undermine the impact of the UK sanctions regime. The Red Alert is relevant in…
FinCEN’s final rule on beneficial ownership could simplify reporting requirements
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule specifying when companies can use preapproved FinCEN identifiers in lieu of information about an individual beneficial owner. Allowing firms to use FinCEN identifiers could simplify reporting requirements ahead of the 1…
New UK sanctions target Russia’s gold and oil sectors
The UK government has imposed sanctions on 29 individuals and entities that it says are operating in and supporting Russia’s gold, oil and strategic sectors. Those sanctioned include Russia’s largest gold refiner, Russian oligarchs and, perhaps most significantly, international networks propping up the country’s gold,…
Effectiveness of financial crime systems dropping says Basel AML Index 2023
Anti-money laundering and counter financing of terrorism (AML/CFT) systems are becoming less effective, according to analysis of Financial Action Task Force (FATF) data in the 2023 Public Edition of the Basel AML Index. Global money laundering and terrorist financing risks meanwhile just keep on rising,…
