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 seeks views of financial institutions in public consultation on its Guidance on proliferation financing risk assessment and mitigation
The Financial Action Task Force (FATF) is seeking views, primarily from financial institutions and designated non-financial businesses and professions (DNFBPs) in its development of Guidance to help both public and private sectors implement new requirements to identify, assess, understand and mitigate proliferation financing risk. The…
Canada issues brief on risks in the precious metal and stones trade
The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) has issued an operational brief providing information and guidance about the factors that expose dealers in precious metals and stones to money laundering and terrorist financing risks. The brief applies to individuals and entities, including…
Iran: sanctions status
The lifting of sanctions on Iran is making progress, but it will be some time before normal banking and trading links are restored. Adoption Day on 18 October was an important milestone, with Iran signing the Joint Comprehensive Plan of Action (JCPOA) with the US,…
