FATF updates guidance on beneficial ownership
The Financial Action Task Force (FATF) has published its updated guidance paper outlining tougher global beneficial ownership rules aimed at preventing criminals from hiding their illicit activities and money behind secret corporate structures. Beneficial Ownership of Legal Persons (Recommendation 24) aims to close loopholes and…
FATF publishes report on money laundering in the art and antiquities markets
The Financial Action Task Force (FATF) has published a new report that includes a list of risk indicators to help entities identify suspicious activities in the art and antiquities markets, and outlines good practices that countries have taken to address the challenges they face managing…
Nigeria and South Africa added to FATF’s grey list, Cambodia and Morocco removed
The Financial Action Task Force (FATF) has placed Nigeria and South Africa on its list of countries under increased monitoring, commonly known as the grey list, after they failed to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing….
Russia’s membership of FATF suspended
The members of the Financial Action Task Force (FATF) have agreed to suspend Russia’s membership of the global financial crime watchdog. They say Russia’s continuing and intensifying war of aggression against Ukraine runs counter to the FATF’s principles of promoting security, safety and the integrity…
Ukraine’s calls for FATF action on Russia countered by Moscow-based financial intelligence official
Ukraine has once more appealed to Financial Action Task Force (FATF) member states to expel Russia from the global financial crime watchdog and include it on its list of high-risk jurisdictions, often referred to as the black list. The appeal comes days before the FATF…
International alignment and business considerations should feature in EBA’s de-risking guidance say Wolfsberg and IIF
The Wolfsberg Group, the association of global banks that aims to develop frameworks and guidance for the management of financial crime risks, and the Institute of International Finance (IIF), the global association of the financial industry, have submitted joint comments in response to the European…
Illegal, unreported and unregulated fishing ignored by FATF and financial community
The financial community, led by the Financial Action Task Force (FATF), should show the same degree of commitment to preventing environmental and ecological damage to the oceans as it does to the charismatic species on land according to researchers at the Royal United Services Institute…
Focus on TBML in FATF report on money laundering linked to trade in fentanyl and synthetic opioids
The Financial Action Task Force (FATF) has published a report that aims to raise awareness about the opioid trade, including the use of precursor chemicals, and the related global financial flows. Money Laundering from Fentanyl and Synthetic Opioids looks at the way proceeds are laundered…
Financial institutions in Singapore reminded to continue to refer to latest FATF statements on DPRK, Iran and Myanmar
Financial institutions in Singapore have been advised by the country’s regulator that they should continue to refer to the Financial Action Task Force (FATF) statement of February 2020 in respect of the Democratic People’s Republic of Korea (DPRK) and Iran as well as the latest…
FATF seeks comments on legal aspects of beneficial ownership
The Financial Action Task Force (FATF) is seeking comments to its updated guidance paper to its Recommendation 24 (R24) on the transparency and beneficial ownership of legal persons. Separately, the task force is seeking comments on its review of Recommendation 25 (R25) and its interpretive…
