FATF’s “current oligarchy” of full membership nations should be dissolved, RUSI roundtable concludes
Marginal and regular reforms aimed at improving transparency could be the best way forward for the Financial Action Task Force (FATF) according to participants at a recent roundtable at the Royal United Services Institute (RUSI) who have called for the dominant role played by the…
Enhanced high-net-worth due diligence for banks and luxury goods traders targeted in new EU AML directive
Financial and credit institutions will have to undertake enhanced due diligence on high-net-worth individuals under a new anti-money laundering (AML) directive provisionally agreed by the European Council of Ministers and the European Parliament that also targets dealers in a wide range of luxury goods. The…
Wolfsberg Group publishes revised guidance on Swift RMA due diligence
The Wolfsberg Group has published updated guidance for Swift Relationship Management Application (RMA) due diligence. The association of 12 global banks which aims to develop frameworks and guidance for the management of financial crime risks says the changes have been made to keep pace with…
Egmont Group accepts ‘substantial donation’ from FATF grey-listed UAE
The Egmont Group of Financial Intelligence Units (FIU) has accepted a “substantial donation” from the UAE, which is currently on the Financial Action Task Force (FATF) ‘grey list’ of jurisdictions under increased monitoring. The donation from the UAEFIU for an undisclosed amount is to help…
Master of trade-based money laundering released in US-Venezuela prisoner swap
Colombian-born businessman Alex Saab, described as Venezuelan President Nicolás Maduro’s main dealmaker, has been released as part of a prisoner swap between the US and Venezuela, according to White House officials. Washington has also announced the return of convicted Malaysian defence contractor Leonard Francis, also…
Foreign financial institutions in Washington’s sights for Russia-related sanctions evasion
Foreign financial institutions (FFIs) that facilitate significant transactions relating to Russia’s military-industrial base may expose them to US sanctions, according to a stern new executive order (EO) issued by US President Joe Biden. Under the new EO, the US treasury department’s Office of Foreign Assets…
New US beneficial ownership information access rule will not put additional burden on banks
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has released a final rule outlining procedures for accessing beneficial ownership information (BOI) reported under the Corporate Transparency Act (CTA). This final ‘Access Rule’ does not create a new regulatory requirement for banks to access BOI…
Canada’s international financial crime regime includes counter-TBML weaknesses
Weaknesses in Canada’s international financial crime regime have made the country a destination of choice for global financial crime where its perpetrators can operate with impunity, according to a new book. Dirty Money, Financial Crime in Canada contains two chapters that specifically explore weaknesses in…
Banking channels used in US$65 million TBML diamond scam
The customs departments of India and Hong Kong have collaborated to uncover a network of trade-based money-laundering (TBML) schemes involving the misrepresentation of synthetic diamonds as real diamonds. The scam was orchestrated to remit money out of India against the purported imports of these synthetic…
Germany outlines shape and timetable for new federal authority to combat financial crime
Germany’s new Financial Crime Prevention Act (Finanzkriminalitätsbekämpfungsgesetz (FKBG)) came into force on 1 January 2024. This law introduces a federal authority, the Federal Office to Combat Financial Crime (Bundesamt zur Bekämpfung von Finanzkriminalität – BBF), set to be established in 2024 and operational by 2025.
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