News and analysis of global AML/CFT developments.
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Joined February 2013
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There appears to be a problem with the #MENAFATF website - looked as if the domain was up for renewal last week and now an error message.
The FATF “unintended consequences” report is out.
Of course, that’s only unintended consequences of “misapplication” of the Standards, not that there might be adverse consequences of the Standards themselves, despite their restrictive nature.
Misapplication of FATF standards can lead to negative consequences. The FATF has conducted a study looking at the incorrect implementation of its standards. The FATF will consider ways to prevent and mitigate these issues.
See the findings of the study➡️bit.ly/2ZnZhRB
The official outcomes of this week’s FATC plenary are here. Lots to digest! fatf-gafi.org//publications/…
FATF will “encourage”, not require, public registries of beneficial ownership in proposed amendments to Standards: FATF President
FATF to consult on changes to beneficial ownership requirements in advance of next Plenary in February.
FATF press brief being live-streamed here oecdtv.webtv-solution.com/75…
FATF’s latest business bulletin has lots about what the FATF is and has been doing, but nothing new by way of guidance for businesses. A handy reference, nonetheless.
Our latest business bulletin with news on the FATF's objectives under its German Presidency, forthcoming webinars, recently published reports and more.
👉bit.ly/3fgX2T7
#FollowTheMoney #MoneyLaundering #TerroristFinancing
FATF public consultation on targeted financial sanctions.
Share your views on proposed measures to strengthen the global response to prevent funding for weapons of mass destruction. These measures aim to ensure that countries and the private sector effectively implement targeted financial sanctions. 👉bit.ly/3ifKhKz
FATF has completed a review of the implementation of its revised Standards on virtual assets and virtual asset service providers, 12 months after they were introduced.
Good effort in the current crisis!
fatf-gafi.org/publications/f…
And here is the new President of the FATF, the first who will hold the position for two years, rather than one.
One of his first priorities should be to complete the Strategic Review of the FATF assessment process.
Congratulations to Dr. Marcus Pleyer on becoming the new FATF President. Under the German Presidency, the FATF will focus on a number of areas including:
⚫️Digital transformation
⚫️Ethnically or racially motivated terrorism
⚫️Environmental crime
See more➡️bit.ly/2YO5x2k
Final statement from the outgoing FATF President as China hands over the reins to Germany.
“The challenge many countries face today is not the absence of comprehensive global standards, but the effective implementation of those standards” – on the last day of his term, a statement from FATF President Xiangmin Liu. See more here: bit.ly/2VyT1l8 #FollowTheMoney
Our friends at RUSI have launched a new series of their podcast, the Suspicious Transaction Report. This season's theme is 'High Risk Thinking' and who better to start with than Graham Barrow.
▶️ Episode 1 of #HighRiskThinking is live! Join @keatingetom and @greybrow53 of the @dark_files as they delve into the murky realm of high-risk structures. Listen here 👉 rusi.org/multimedia/season-t… #aml #financialcrime #moneylaundering #Russia #danskebank
Notable that the FATF has given up on any pretence that their institute in Korea was about research as well as training, but here’s an opportunity for those interested running training for the FATF club.
A timely paper from the FATF Secretariat, showing their capacity to act quickly in a crisis. Also contains an Annex with a compendium of actions taken by the authorities in numerous FATF/FSRB member states.
As the world battles COVID-19, a new paper outlines the challenges and policy responses to combat money laundering and terrorist financing risks emerging during the pandemic. The paper contains updates that have been shared with FATF members and partners➡️bit.ly/2W0eMuM
The saga of the EU’s high-risk money laundering list continues: more countries, including Panama, expected to be added this week. reut.rs/3flCmdb
The #UAE faces major illicit finance risks and must act to effectively combat money laundering. This includes pursuing professional launderers, closing loopholes in gold and property markets, and making company structures more transparent. FATF report: bit.ly/3c29xk9 1/5
This is good news, of course, but it would be fascinating to see an analysis of how (if?) these measures are flattening the money laundering curve!
Out of 80 jurisdictions with significant weaknesses in their regimes to tackle money laundering and terrorist financing, 60 have since made vital reforms. The global financial system is only as strong as its weakest link ➡️ bit.ly/2wsNtiA #FATF #FollowTheMoney
