UAE in danger of inclusion on FATF grey list
The UAE is in danger of being added to the Financial Action Task Force (FATF) grey list of jurisdictions with “strategic deficiencies” in their anti-money laundering and counter financing of terrorism (AML/CFT) regime according to a report by the Bloomberg news agency. Inclusion on the…
FinCEN issues proposed rule on beneficial ownership information reporting requirements
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a proposed rule on beneficial ownership information reporting requirements that would implement key provisions of the Corporate Transparency Act, which was enacted earlier this year as part of the Anti-Money Laundering Act of 2020….
Establish central beneficial ownership registries and outlaw bearer shares US senator tells FATF
The lead author of the US’ anti-money laundering (AML) act of 2020, senator Sheldon Whitehouse, is urging the Financial Action Task Force (FATF) to strengthen its standards for countries to gather important data in the fight against money laundering. The FATF is currently updating its…
FATF publishes survey results on cross-border payments and the implementation of its standards
The Financial Action Task Force (FATF) says it has published its final report on its survey to identify areas where divergent anti-money laundering and counter financing of terrorism (AML/CFT) rules or their implementation cause friction for cross-border payments. Cross-border Payments – Survey Results on the…
FATF seeks views on combatting corruption through shell companies
In response to the Pandora Papers, the Financial Action Task Force (FATF) is asking for views on proposed rules for a new strategy for combatting corruption through shell companies or other anonymous entities Countries would be required to establish registries listing who actually owns a…
GFI survey includes TBML amongst four key financial crimes in Latin America and the Caribbean
Trade-based money laundering (TBML) is one of four types of financial criminality examined in a comprehensive survey of 250 financial crime experts in Latin America and the Caribbean published by Global Financial Integrity (GFI). The Washington-based non-profit focused on illicit financial flows says its survey…
UN commission links TBML with South Sudanese funds misappropriated to buy London properties – no comment from banks involved
The UN Commission on Human Rights in South Sudan has published a conference room paper in which it concludes that activities “consistent with trade-based money laundering” (TBML) were used to effect purchases of residential properties in London. The commission says it has “reasonable grounds to…
Pandora Papers leak sharpens focus on art and antiquities trade, fortifies case for worldwide beneficial ownership transparency
The Pandora Papers leak of almost 12 million documents revealing hidden wealth and tax avoidance by some of the world’s rich and powerful also underlines the apparent ease with which the trade in art and antiquities has been used to launder the proceeds of stolen…
GCFFC states its position on beneficial ownership transparency
All actors fighting financial crime should have instant access to high quality, highly usable beneficial ownership data according to the Global Coalition to Fight Financial Crime (GCFFC). In a newly published position paper, GCFFC states its views on beneficial ownership transparency and its objectives to…
Rely less on banks and DNFPBs in beneficial ownership standards TI tells FATF
Reliance on banks has been hindering investigations into financial crime according to Transparency International (TI), which is calling for five key fixes to ensure that the new Financial Action Task Force (FATF) global standard on beneficial ownership transparency is effective. The anti-corruption organisation is responding…
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