US treasury issues 2020 strategy for combatting illicit finance
The US treasury department has issued the 2020 National Strategy for Combating Terrorist and Other Illicit Financing, to provide a roadmap to modernise the country’s anti-money laundering/countering the financing of terrorism (AML/CFT) regime to make it more effective and efficient. The strategy identifies key threats,…
Iran blacklisted, Pakistan warned, Korea commended at FATF plenary meetings
Iran has joined North Korea as one of the only two countries on the Financial Action Task Force (FATF) blacklist it was announced at the international money laundering and terrorist financing watchdog’s February plenary meetings. Pakistan meanwhile received a further stern warning from the FATF…
Pakistan publishes TBML and terrorist financing framework
State Bank of Pakistan (SBP) has published a Framework for Managing Risks of Trade Based Money Laundering and Terrorist Financing. The prime objective of the framework is to strengthen Pakistan’s trade related anti-money laundering and counter financing of terrorism (AML/CFT) regime and conserve foreign exchange.
Bahamas tightens beneficial ownership requirements in steps to satisfy FATF
The Bahamas has taken steps towards improving its anti-money laundering and counter financing of terrorism (AML/CFT) framework according to the Financial Action Task Force (FATF). But the Caribbean nation will not be removed from the dozen countries on the FATF grey list until it completes…
EU blacklist of 23 jurisdictions draws US rebuke
The European Union has drawn a sharp rebuke from the US treasury over the European Commission’s recently published list of 23 jurisdictions which it says have strategic deficiencies in their anti-money laundering (AML) and counter financing of terrorism (CFT) frameworks (Trade-based Financial Crime, 22 February…
Biometric testing as Pakistan approaches FATF deadline
Pakistan has embarked on biometric testing to verify that the nation’s bank accounts are genuine in its efforts to meet the requirements of the Financial Action Task Force (FATF) by September this year. Fake bank accounts are seen as a serious threat across several types…
Pakistan’s Federal Board of Revenue fails to report TBML to investigators
The lack of any mechanism to investigate suspected cases of trade-based money laundering (TBML) discovered by Pakistan’s Federal Board of Revenue (FBR) is hindering the country’s attempts to avoid being put on the Financial Action Task Force’s (FATF’s) black list. Pakistan is currently on FATF’s…
TBML features in ING fraud case
Trade-based money laundering (TBML) was unearthed during investigations into ING Bank’s shortcomings in its anti-money laundering and counter financing of terrorism (AML/CFT) systems. Earlier this week ING Bank paid a fine of €775 million (US$900 million) to settle a money laundering case with the Dutch…
Iranian lawmakers move closer to meeting FATF conditions
Iranian lawmakers have started the process of introducing legislation that could remedy deficiencies in the country’s action plan with the Paris-based Financial Action Task Force (FATF). Iran is on the FATF blacklist as a “high-risk jurisdiction”, a status it shares with just one other country,…
Bermuda takes steps towards beneficial ownership transparency
Bermuda has taken several steps over the last year to strengthen anti-money laundering and counter-financing of terrorism (AML/CFT) regulations to meet international transparency standards. The British Overseas Territory is also broadening its beneficial ownership regime as required by Bermuda’s signing of the UK Exchange of…
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