LEI could be leveraged by FATF in its review of information on payment originators and beneficiaries
As the only established universal entity identifier globally, the legal entity identifier (LEI) is uniquely positioned to play a foundational role in the fight against financial crime according to Clare Rowley, head of business operations at the Global Legal Entity Identifier Foundation (GLEIF). She suggests…
Wolfsberg Group responds to FATF’s consultation on NPOs
The Wolfsberg Group has responded to the Financial Action Task Force (FATF) public consultation relating to non-profit organisations (NPOs) launched two months ago. The association of global banks that aims to develop frameworks and guidance for the management of financial crime risks – particularly with…
IMF urges Uganda to exit FATF grey list or jeopardise correspondent relationships and destabilise the financial system
The International Monetary Fund (IMF) is urging Uganda to step up its efforts to be removed from the Financial Action Task Force (FATF) grey list of jurisdictions under increased monitoring. The IMF is concerned about measures yet to be taken to improve the country’s central…
FATF warns of international transfer scams using its own name
The Financial Action Task Force (FATF) has issued a warning about scams in which its own name is being used for fraudulent purposes. The scams are aimed at those wishing to make international transfers of funds who are allegedly asked by the FATF to pay…
Focus on NPO abuse admits Mongolia to elite club of countries compliant or partially compliant with all FATF recommendations
Mongolia has passed all 40 recommendations set by the Financial Action Task Force (FATF), making the country the first in the Asia Pacific region, and the fifth country in the world to achieve this level of compliance, according to minister of justice and home affairs, Tsendiin Nyambaatar.
Lingering concerns about TBML in the UAE expressed in new FATF report
While the UAE has improved its risk assessment products and systems for implementing a risk based approach in its efforts to remove itself from the Financial Action Task Force (FATF) grey list, a new follow-up report by the task force on these efforts outlines continuing…
Washington issues new advisory on sub-Saharan Africa’s gold sector
Financial institutions in the US should carefully review the risks described in a new advisory focused on the gold sector across sub-Saharan Africa that has been issued by the US treasury and the departments of state, labour, commerce, and homeland security, as well as the US…
Cameroon, Croatia and Vietnam added to FATF grey list, Cambodia and Morocco removed, Russia not listed
Cameroon, Croatia and Vietnam have been added to the Financial Action Task Force (FATF) list of countries under increased monitoring following its latest plenary meeting which ended on Friday. Cambodia and Morocco have been removed from the list, better known as the grey list, for…
Experts respond to FATF report on art and antiquities market
Art market experts have responded to the recently published Financial Action Task Force (FATF) report on money laundering and terrorist financing in the art and antiquities market (Trade-based Financial Crime, 1 March 2023). The report has been generally well received according to experts canvassed by…
US treasury secretary announces international commitment to enhance beneficial ownership transparency
US treasury secretary, Janet Yellen, said on Tuesday that she was launching a commitment by Washington and more than twenty foreign governments and authorities to enhance beneficial ownership transparency. Speaking at the Biden-Harris Administration’s second Summit for Democracy, she said the participants in the project would…
