UAE added and Pakistan kept on FATF grey list
The UAE is the only new jurisdiction to have been put on the Financial Action Task Force (FATF) ‘grey list’ of countries at the global financial watchdog’s plenary meetings last week. The emirates are now actively working with the task force to address strategic deficiencies…
TBML increasingly a priority for financial institutions in Asia Pacific says new report
New research conducted by RegTech NICE Actimize and Regulation Asia, suggests that countering financial crime could move beyond well-used tools such as suspicious transaction monitoring and sanctions screening and focus on high risk areas, including trade-based financial crime. Other areas considered high risk include fraud…
Singapore responds to Pandora Papers by mulling changes to AML/CFT controls
The Monetary Authority of Singapore (MAS) is consulting with the country’s financial institutions as it mulls possible changes to its anti-money laundering and counter financing of terrorism (AML/CFT) regime in the light of revelations in the so-called Pandora Papers according to finance minister Lawrence Wong….
UAE banks have one month to comply with new transaction monitoring and sanctions screening guidelines
The UAE Central Bank has issued new guidelines to financial institutions on transaction monitoring and sanctions screening. Banks must demonstrate compliance with the central bank’s requirements within one month of 13 September when the guidelines came into effect.
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…
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,…
Australian financial services watchdog issues guide to combat illegal wildlife trade, money laundering and illicit fund flows
The Australian government’s financial intelligence agency that monitors financial transactions to identify money laundering and other financial crimes has issued a guide for financial institutions to combat illegal wildlife trafficking trade by identifying, targeting and reporting suspicious financial activity. The guide issued by the Australian Transaction Reports and…
Global banks engaged in industrial-scale money laundering says ICIJ
Global banks have engaged in industrial-scale money laundering according to secret financial intelligence reports leaked to the BuzzFeed News channel and analysed by the International Consortium of Investigative Journalists (ICIJ). The consortium alleges the leaked reports from the US treasury department’s Financial Crimes Enforcement Network (FinCEN)…
Lack of coordination amongst Namibian agencies charged with curbing IFFs
Lack of coordination and inaction by key financial and law enforcement agencies is hampering Namibia’s efforts to curb illicit financial flows (IFFs) according to an article published in The Namibian newspaper. It says that there are now calls for a centralised government unit to monitor…
Namibia puts on workshop for illicit financial flows and money laundering investigations
The Namibia University of Science and Technology in association with Bank Windhoek and Capricorn Group, has hosted a two-day workshop for journalists and media students on the investigation of illicit financial flows (IFFs) and money laundering in the Namibian capital, Windhoek. The workshop’s aim was to…
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