Clamp down expected on UK registered shell companies favoured by Russia and other ex-Soviet actors
The UK government has published its proposals to clamp down on the use of anonymous or fraudulent shell companies and partnerships that provide criminals with a veneer of legitimacy to help commit a range of crimes, from money laundering and grand corruption to fraud and…
FACT Coalition “applauds” proposals for revised US beneficial ownership reporting
A non-partisan alliance of more than 100 US and international organisations working toward a fair tax system has “applauded” the proposal by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) for revised rules on beneficial ownership information reporting requirements (Trade-based Financial Crime, 30 December…
Difficult to assess FinCEN’s beneficial ownership reporting proposals say US banks
The American Bankers Association (ABA) has responded to the proposal by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) for revised rules on beneficial ownership information reporting requirements (Trade-based Financial Crime, 30 December 2020). The association says it supports the creation of the registry…
Unregulated art financiers vulnerable to money laundering says new US treasury report on high-value art trade
The US treasury department has published a study on the facilitation of money laundering and the financing of terrorism through the trade in works of high-value art. The study found that banks that regularly transmit payments for the art market have developed tailored policies, procedures…
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….
FinCEN seeks comments on modernisation of US AML/CFT regulatory regime
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a request for information (RFI) seeking comments on ways to streamline, modernise and update the country’s anti-money laundering and counter financing of terrorism (AML/CFT) regime. As part of a formal review process, FinCEN says…
Financial institutions’ critical role in combatting wildlife trafficking outlined in new FinCEN report
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has released a Financial Threat Analysis on wildlife trafficking threat patterns and trend information identified in Bank Secrecy Act (BSA) data. The report aims to further inform efforts to combat wildlife trafficking and the associated movement…
FinCEN issues specific instructions to banks in response to upward trend in environmental crimes
Financial institutions in the US have been given specific suspicious activity report (SAR) filing instructions in a new notice issued by the US treasury’s Financial Crimes Enforcement Network (FinCEN) to pay more attention to an upward trend in environmental crimes and associated illicit financial activity….
FinCEN reminds US banks to comply with new FATF country risks but beware wholesale de-risking
The Financial Action Task Force (FATF) recently updated its list of jurisdictions that have strategic deficiencies in their anti-money laundering, counter financing of terrorism and combatting weapons of mass destruction proliferation financing (AML/CFT/CPF) regimes (Trade-based Financial Crime, 22 October 2021). As a result of this,…
Draft reports, regulations and studies central to US trade-based financial crime compliance due from FinCEN before year end
A report on trade-based money laundering (TBML), regulations regarding anti-money laundering and counter financing of terrorism (AML/CFT) requirements for the antiquities trade and a study on money laundering and the art trade are amongst 22 reports, regulations or studies to be published by the US…
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