Washington issues new advisory on sub-Saharan Africa’s gold sector
Financial institutions in the US should carefully review the risks described in a new advisory focused on the gold sector across sub-Saharan Africa that has been issued by the US treasury and the departments of state, labour, commerce, and homeland security, as well as the US…
Information from financial institutions a core function for FIUs says Egmont Group
Analysis of information received from financial institutions is a core function of financial intelligence units (FIUs), particularly in the asset recovery process according to a new report by the Egmont Group of FIUs. The group facilitates and prompts the global exchange of information, knowledge, and…
Banks and institutions cannot be used for AML/CFT to combat virtual assets says Moneyval
Traditional forms of control that banks and institutions have on financial flows and services cannot be used to combat emerging money laundering and terrorist financing risks related to virtual assets according to the Council of Europe’s anti-money laundering and counter financing of terrorism (AML/CFT) watchdog,…
Ministers commit to swift and decisive action to improve compliance and implementation of FATF standards
The ministers of the Financial Actional Task Force (FATF) at their biennial meeting in Washington last week said they “note with concern” that effectiveness of measures in place to fight money laundering, terrorist financing, and proliferation financing, remains insufficient in many countries. They committed to…
Financial crime trends guidance issued by accountants
The International Federation of Accountants (IFAC) and the Institute of Chartered Accountants in England and Wales (ICAEW) have produced an instalment on financial crime trends for their Anti-Money Laundering: The Basics educational series. It looks at the trends in criminal activity that underpin money laundering operations and provides…
UAE publicises improvements in AML/CFT systems
One of the UAE’s most prominent political figures has put his name to an extensive article outlining what appear to be substantial changes to the emirates’ anti-money laundering and counter financing of terrorism (AML/CFT) systems. In 2020 the Financial Action Task Force (FATF) warned the…
UK and UAE launch Partnership to Tackle Illicit Financial
A new Partnership to Tackle Illicit Financial Flows (PTIFF) has been launched by the UK and the UAE. The partnership will focus on targeting organised crime and those financing terrorism.
Art traders likely to become obliged entities in UK’s AML/CFT money laundering act
Art market participants, including freeport operators that store works of art, are likely to become obliged entities in the UK’s key piece of anti-money laundering and counter financing of terrorism (AML/CFT) legislation, the Money Laundering Regulations 2017 (MLRs). The UK has published a consultation paper…
AML/CFT compliance ‘below satisfactory’ in 19 European jurisdictions says Moneyval
There is a serious need to improve the effectiveness of states’ action against money laundering and terrorist financing according to the Council of Europe’s anti-money laundering and counter financing of terrorism (AML/CFT) body Moneyval in its recently released Annual Report for 2020. It finds that…
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…
