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…
European parliament calls for an EU FIU and more funding for AML efforts
The European Commission has presented an ambitious package of four legislative proposals to strengthen the European Union’s (EU’s) anti-money laundering and counter financing of terrorism (AML/CFT) rules, which includes the creation of a new EU authority to fight money laundering (Trade-based Financial Crime, 21 July 202, New…
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…
AML/CFT compliance ‘below satisfactory’ in 19 European jurisdictions says Moneyval
There is a serious need to improve the effectiveness of states’ action against money laundering and terrorist financing according to the Council of Europe’s anti-money laundering and counter financing of terrorism (AML/CFT) body Moneyval in its recently released Annual Report for 2020. It finds that…
Free-trade zones vulnerable to illicit trade and financial crime says RUSI paper
Free-trade zones (FTZs) can be attractive to criminal groups as well as legitimate businesses according to a paper published by the Royal United Services Institute’s (RUSI’s) Centre for Financial Crime and Security Studies. The paper identifies factors that render FTZs vulnerable to illicit trade and…
Asia Pacific banks express concerns over KYC and TBML processes
Banks in the Asia Pacific region have highlighted know your customer (KYC) obligations and trade-based money laundering as key compliance challenges. They are also concerned about striking a balance between financial inclusion and de-risking, most notably in respect of correspondent banking relationships and the money…
