Aggregated News From Investment Management Regulators

FATF

Japan’s progress in strengthening measures to tackle money laundering and terrorist financing

Since the 2021 assessment of Japan's measures to tackle money laundering and terrorist financing, the country has taken a number of actions to strengthen its framework. In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since their mutual evaluation. Consequently, to reflect Japan's progress, the FATF has re-rated the country on Recommendation 2  from Partially Compliant to Largely Compliant. Today, Japan is compliant on 4 Recommendations and largely compliant on 25. The country remains partially compliant on 9 Recommendations. Japan will remain in enhanced follow up and will continue to inform...

FATF and INTERPOL intensify global asset recovery

Experts examine mechanisms to prioritize cross-border tracing, seizure and confiscation of criminal assets The Financial Action Task Force (FATF) and INTERPOL have launched a joint initiative to deprive criminals of their dirty money, marking a turning point in global efforts to recover illicit assets. While asset recovery should be a key pillar of a country’s approach to combating money laundering and terrorist financing, countries intercept and recover less than one per cent of global illicit financial flows, according to estimates by the United Nations Office on Drugs and Crime. Stolen assets are often moved out of countries quickly and channeled to...

Germany's measures to combat money laundering and terrorist financing

Germany has implemented significant reforms in the last five years to strengthen its system and more effectively combat money laundering and terrorist financing. Some of these new measures are already delivering results but Germany needs to continue to implement reforms and take steps to make sure that there is resourcing and prioritization at the operational level to combat illicit financial flows. As the 4th largest economy in the world, the largest in the EU, and with a high number of global interconnections, Germany faces significant money laundering and terrorist financing risks. German authorities have a good understanding of these risks...

Webinar on Beneficial Ownership Transparency of Legal Persons

A panel of experts with a global and domestic focus on enhancing beneficial ownership transparency will discuss FATF's recent revision to Recommendation 24 on beneficial ownership of legal persons, which aims to help stop criminals from hiding their illicit activities and dirty money behind secret company structures. The panel includes experts who helped shape the FATF work in this area and will focus on the following topics: New FATF obligations on beneficial ownership (BO) transparency - objectives and rationale; National experiences, challenges, and lessons-learnt in conducting collecting BO information and developing appropriate mitigation strategies; and Role of private sector –...

The Netherlands’ measures to combat money laundering and terrorist financing

The Netherlands’ measures to combat money laundering and terrorist financing are delivering good results, but the country needs to do more to prevent legal persons from being used for criminal purposes, strengthen risk-based supervision, and ensure sanctions for money laundering and terrorist financing offences are proportionate and dissuasive. The Netherlands’ main money laundering risks are related to fraud and drug related offences, which represent 90% of all Dutch proceeds of crime. The country faces terrorist financing risks from religious extremism such as ISIL and other UN designated groups, but also from extreme right-wing terrorism. The Netherlands has a good understanding...

Risk-Based Approach Guidance for the Real Estate Sector

Risk-Based Approach for the Real Estate Sector Download pdf ( 2,787kb) Real estate is a popular choice for investment, but it also attracts criminals who use real estate in their illicit activities or to launder their criminal profits. It allows criminals networks to thrive and grow using the profits of their illegal activities, which impacts society and undermines the rule of law. In some countries, these practices also contribute to driving up the prices of real estate, making housing inaccessible to many as well as further incentivizing the criminal activity. FATF assessments show that the real estate sector often has poor understanding...

Partnering in the Fight Against Financial Crime: Data Protection, Technology and Private Sector Information Sharing

A single financial institution has only a partial view of transactions and sees one small piece of what is often a large, complex puzzle. Criminals exploit this information gap by using multiple financial institutions within or across jurisdictions to layer their illicit financial flows. As a result, it is increasingly difficult for individual financial institutions to detect these illicit activities. By using collaborative analytics, bringing data together, or developing other sharing initiatives in responsible ways, financial institutions seek to build a clearer picture of the puzzle, to better understand, assess, and mitigate money laundering and terrorist financing risks. This report aims...

FATF President at the G20 Finance Ministers and Central Bank Governors’ Meeting, 15-16 July 2022

Sri Mulyani, Minister of Finance of Indonesia, and FATF President T. Raja Kumar at the G20 Finance Ministers and Central Bank Governors meeting Remarks by T. Raja Kumar FATF President As delivered  Thank you, Chair. I am delighted to join you today as the new FATF President. Under the Singapore presidency, FATF will continue supporting the G20 in dealing with the challenges facing the global economy. For example, FATF contributes to making the global economy safer and more secure by tackling issues related to digitalisation and crypto-assets. Our efforts help strengthen financial stability and economic development. Let me touch specifically on crypto assets. Even though FATF introduced the...

Webinar on Money Laundering and Terrorist Financing Risks arising from Migrant Smuggling

Migrant smuggling is a global issue. Criminals take advantage of the sometimes desperate plight of individuals seeking a better life and often have little regard for the migrants’ safety. The proceeds generated by migrant smuggling are estimated to exceed USD10 billion every year. Countries should do more to “follow the money” and strengthen international cooperation in order to make this crime unprofitable and prevent the human loss from migrant smuggling. The FATF will organise a webinar on 13 July, 13:00-14:00 CEST which will bring together civil society, public and private sector, and academia to discuss key findings from the recent FATF report...

Objectives for the FATF during the Singapore Presidency (2022-2024)

FATF President T. Raja Kumar presented his objectives for the coming Plenary period (July 2022 - June 2024) to the June 2022 Plenary During the Singapore Plenary years, the FATF will prioritise work in the following areas: Strengthening Asset Recovery Countering Illicit Finance of Cyber-Enabled Crime Increasing Effectiveness of Global AML Measures Reinforcing FATF Partnerships with FSRBs During the Singapore Presidency the FATF will continue its core work of identifying and analysing money laundering and terrorist financing methods and trends, developing and refining the FATF Standards, and evaluating and supporting the assessments of countries within the Global Network. More on: FATF Presidency This news...

Targeted Update on Implementation of FATF’s Standards on VAs and VASPs

FATF has produced a targeted update on implementation of its Standards on virtual assets (VAs) and virtual asset service providers (VASPs), with a focus on FATF’s Travel Rule. This report comes three years after FATF extended its anti-money laundering and counter-terrorist financing (AML/CFT) measures to VAs and VASPs to prevent criminal and terrorist misuse of the sector. The report builds on the FATF’s previous two reviews on implementation by providing a short update on the latest country compliance with FATF’s Recommendation 15 and its Interpretative Note (R.15/INR.15). The report places a specific focus on FATF’s Travel Rule to respond to...

Revision of Recommendation 25 – White Paper for Public Consultation

The Financial Action Task Force (FATF) is conducting a review of Recommendation 25 (R.25) on the transparency and beneficial ownership (BO) of legal arrangements. The FATF’s objective is to improve R.25 and its Interpretive Note to better meet its stated objective to prevent the misuse of legal arrangements for money laundering or terrorist financing. FATF’s work in this area is ongoing, and will benefit from hearing views from stakeholders, including trustees, financial institutions, designated non-financial businesses and professions (DNFBPs), and non-profit organisations. The FATF would welcome comments in particular on the questions highlighted below: I. Scope of Legal Arrangements, risk...

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