Integrity of the global trade system and financial industry under threat from TCOs, collaboration needed says WCO and Egmont Group

The integrity of the global trade system and financial industry as well as both regional and global security are under growing threats posed by transnational criminal organisations (TCOs) and terrorist organisations according to the World Customs Organisation (WCO) and the Egmont Group (EG) of Financial…

WCO, Egmont Group and Interpol successfully conclude first Latin American AML/CFT operation

The World Customs Organisation (WCO), Egmont Group of Financial Intelligence Units (FIUs) and Interpol have successfully concluded their first anti-money laundering and counter financing terrorism financing (AML/CTF) joint investigation in the Western Hemisphere. Operation Tentacle-Latin America revealed extensive illicit movements of gold, silver, diamonds and…

Wolfsberg Group publishes paper advocating public-private partnerships for effective AML/CFT and KYC

Financial institutions should participate actively in public-private information-sharing frameworks to foster a more effective anti-money laundering and counter financing of terrorism (AML/CFT) programme according to a paper published by the Wolfsberg Group. The association of global banks that develops frameworks and guidance for the management…

New Wolfsberg Group statement on financial institutions demonstrating effectiveness of AML/CFT programmes

The Wolfsberg Group has published a statement setting out how financial institutions can assess risk in defined priority areas and demonstrate their anti-money laundering and counter financing of terrorism (AML/CFT) programme effectiveness. The Wolfsberg Group Statement on Demonstrating Effectiveness document builds on previous effectiveness statements…