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…
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.
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…
Pakistan and, despite concerns, Nicaragua off FATF grey list
Pakistan and Nicaragua have been removed from the Financial Action Task Force (FATF) ‘grey list’ of jurisdictions under increased monitoring according to a statement issued at the end of the global financial watchdog’s plenary meetings in Paris last week. Pakistan, which has been on the…
Gazprombank and Russian diamonds in line for EU sanctions
Gazprombank could be a prime target in a new batch of European Union (EU) sanctions on Russia expected in response to Moscow’s mobilisation decree to conscript 300,000 reservists into the Russian army and referendums in areas the union sees as Ukrainian sovereign territory. Imports of…
Whitepaper: Sanctions advisories for the maritime industry
Practical challenges and recommendations for financial institutions regarding the monitoring of AIS outages and suspicious vessel activity. Executive summary
Information sought for new project on mitigating the unintended consequences of the FATF standards
The Financial Action Task Force (FATF) is asking for input to inform a newly launched project to study and mitigate the unintended consequences – including de-risking, financial exclusion, suppression of non-profit organisations (NPOs) and threats to human rights – resulting from the incorrect implementation of…
Crackdown on illicit finance to be cornerstone of Biden administration
US President-elect Joe Biden is expected to make a crackdown on illicit finance – both domestically and internationally – a cornerstone of his administration. Earlier this year Biden stated his position on corruption and illicit finance in an essay for Foreign Affairs, and those…
Prosecute money launderers to stamp out terrorism and corruption
The best way to stamp out terrorism and corruption is to prosecute money launderers according to an expert at a US think-tank focused on national security and foreign policy. Emanuele Ottolenghi, a senior fellow at the Washington-based Foundation for Defence of Democracies, underlines that groups…
Trade finance gap widening, compliance costs partly to blame
BNY Mellon, with support from the International Chamber of Commerce, has conducted a global survey entitled Overcoming the Trade Finance Gap: Root Causes and Remedies. It found that the trade finance gap is widening and the trend for banks in less developed economies to be…
