FATF issues updated guidance on beneficial ownership and transparency of legal arrangements
The Financial Action Task Force (FATF) has updated its risk-based guidance for its Recommendation 25 on beneficial ownership and transparency of legal arrangements. The guidance explains the requirements to obtain adequate, accurate and up-to-date beneficial ownership information for express trusts and similar legal arrangements and…
Kenya and Namibia enter FATF grey list while Barbados, Gibraltar, Uganda and the UAE exit
The Financial Action Task Force (FATF) last week added Kenya and Namibia to its grey list of jurisdictions subject to increased monitoring the task force announced at its plenary meetings in Paris. At the same time, the global financial watchdog removed Barbados, Gibraltar, Uganda and…
Ukraine reiterates call for FATF to blacklist Russia
Ukraine’s finance ministry and State Financial Monitoring Service (SFMS) are reiterating the country’s call for the Financial Action Task Force (FATF) to blacklist Russia. The ministry and SFMS, which is Ukraine’s financial intelligence unit, are specifically calling on the FATF to curb what they see…
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…
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…
Wolfsberg Group-IIF joint response to the FATF’s public consultation on its risk-based guidance on Recommendation 25
The Wolfsberg Group and the Institute of International Finance (IIF) have submitted a joint response to the public consultation launched by the Financial Action Task Force (FATF) on its draft Risk-based Guidance on Beneficial Ownership and Transparency of Legal Arrangements, otherwise known as ‘Recommendation 25’…
FATF amends recommendation that led countries to apply disproportionate measures on NPOs
The Financial Action Task Force (FATF) has released amendments to Recommendation 8 (R8) and its interpretive note to address the misapplication and misinterpretation of this recommendation that had led countries to apply disproportionate measures on non-profit organisations (NPOs). The apparent misuse of R8 used by…
FATF should tell India to stop ‘weaponising’ counter financing of terrorism laws, say influential NPOs
The Financial Action Task Force (FATF) should call on the Indian government to stop prosecuting, intimidating and harassing human rights defenders (HRDs), activists and non-profit organisations (NPOs) in the country on the pretext of countering terrorist financing, Amnesty International, Charity & Security Network and Human…
FATF focuses on asset recovery, shortens grey list, welcomes Indonesia and continues Russia’s suspension
Asset recovery should be a key pillar of every country’s approach to tackling money laundering and terrorist financing according to a statement issued at the end of the latest plenary of the Financial Action Task Force (FATF) which ended on Friday. The plenary also saw…
Host city of the European anti-money laundering authority to be decided soon
An announcement revealing which of Europe’s financial hubs will host the new European Anti-Money Laundering Authority (AMLA) and its staff is expected soon. Perhaps ambitiously, the authority should be “operational in its seat location by the beginning of 2024”, according to an EU briefing. It…
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