UAE launches assessment of proliferation financing risks as FATF ‘grey list’ decision looms
The UAE has launched a comprehensive assessment of proliferation financing risks as it strives to avoid being placed on the Financial Action Task Force (FATF) ‘grey list’ of countries with strategic deficiencies in their anti-money laundering and counter financing of terrorism (AML/CFT) regimes. In April…
Wholesale de-risking of correspondent relationships irrespective of banks’ individual AML/CFT efforts says EBA report
Correspondent banking relationships have been terminated because financial institutions are de-risking due to anti-money laundering and counter financing of terrorism (AML/CFT) rules according to a report published by the European Banking Authority (EBA). Respondent banks that contributed to the EBA report on de-risking and its…
FATF seeks financial institution and other stakeholder views as it mulls changes to international standards on beneficial ownership
The Financial Action Task Force (FATF) is seeking the views of financial institutions and a range of other organisations and experts on its newly published white paper for public consultation on the transparency and beneficial ownership of legal persons. The FATF’s objective is to strengthen…
RUSI outlines five areas for FATF to review to protect and promote financial inclusion
The Royal United Services Institute (RUSI) has published a policy brief outlining five areas within the Financial Action Task Force (FATF) framework that require revision, not only to achieve the primary desired outcome of tackling financial crime but also to prioritise the protection and promotion…
Transnational criminals observed in TBML activities in New Zealand but customs sharpening focus says FATF
Transnational organised crime groups have been detected in trade-based money laundering (TBML) activities in New Zealand while customs operations are gearing up to focus more sharply on TBML operations according to the Financial Action Task Force (FATF). In its newly released Mutual Evaluation Report New Zealand-2021,…
UAE restricts trade in precious metals and stones and tightens suspicious banking reporting requirements
Gold hub UAE is to restrict the movement of precious metals and stones and tighten suspicious banking reports in measures aimed at stemming criminal financial activities according to the recently established Executive Office to Combat Money Laundering and Terrorist Financing. Financial institutions, businesses, and non-financial…
Transparency International says FACTI should focus on three reforms to curb IFFs
Transparency International (TI) says it believes that the High Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI) would do well by prioritising three key reforms to address what it describes as the pernicious impact of illicit financial flows…
FATF adds Serbia to its grey list and removes Bosnia and Herzegovina
As part of its continuous review of compliance with the anti-money laundering and counter financing of terrorism (AML/CFT) standards, the Financial Action Task Force (FATF) announced in Paris in February a new list of countries with strategic AML/CFT deficiencies. Serbia has been added to the…
