Aggregated News From Investment Management Regulators

FATF

FATF High-Level Conference on Environmental Crime

  Chairman's summary Financial Action Task Force (FATF) President Dr. Marcus Pleyer calls for a global push to take the illicit profits out of environmental crimes, at a high-level FATF conference involving the public, private, not-for-profit sectors and academia. Environmental crimes generate around USD 110 to USD 281 billion in criminal gains each year and include illegal logging, illegal mining, waste dumping and other crimes. “Tackling money laundering linked to environmental crime is an often overlooked part of a much larger solution to helping save our climate,” said Dr. Pleyer in his opening remarks. “At the moment, far too often, criminals and...

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

Since the 2019 assessment of Turkey’s measures to tackle money laundering and terrorist financing, the country has taken a number of actions to strengthen its framework. Turkey has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2019. In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since its mutual evaluation. Consequently, to reflect Turkey’s progress, the FATF has now re-rated the country on the following Recommendations: 6 – Targeted financial sanctions related to terrorism and terrorist financing, from partially compliant to largely compliant 7 – Targeted financial sanctions...

Career opportunity: FATF Executive Secretary

The FATF is looking for its Executive Secretary to lead the FATF Secretariat, advise the FATF President, and be responsible to the FATF Plenary as its governing body, for delivering the FATF Work Plan in accordance with the FATF Mandate agreed by the Ministers of its member jurisdictions. The FATF Secretariat provides advice and supports a diverse membership, including all G20 member countries and most OECD member countries, on a range of highly complex and politically sensitive matters of global security at the top of the international agenda. The FATF Secretariat currently comprises approximately 70 staff, made up of several teams...

Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers

The virtual asset sector is fast-moving and technologically dynamic, which means continued monitoring and engagement between the public and private sectors is necessary. In October 2021, the FATF updated its 2019 Guidance for a Risk-Based Approach for Virtual Assets and Virtual Asset Service Providers (VASPs). This updated Guidance forms part of the FATF’s ongoing monitoring of the virtual assets and VASP sector. The FATF standards require countries to assess and mitigate their risks associated with virtual asset financial activities and providers; license or register providers and subject them to supervision or monitoring by competent national authorities. VASPs are subject to the same relevant FATF...

Digital Transformation of AML/CFT for Operational Agencies

Financial intelligence units, law enforcement, and other operational agencies around the world, regardless of their development and size, have been incorporating different digital tools to assist their daily work to detect and disrupt illicit financial flows. In October 2021, the FATF and the Egmont Group of Financial Intelligence Units completed a project to explore how financial intelligence units can leverage technology to strengthen their operations. The report focuses on how to find the right tools and when to use them, how to optimise these tools for AML/CFT purposes, and how to overcome practical and operational challenges. The full report is available...

Cross Border Payments – Survey Results on Implementation of the FATF Standards

Faster, cheaper, more transparent, and more inclusive cross-border payment services, that are safe and secure can facilitate economic growth, international trade, global development and financial inclusion. Enhancing cross-border payments is a key priority of the G20. In October 2020, G20 Finance Ministers and Central Bank Governors endorsed the Roadmap for Enhancing Cross-border Payments, which comprises 19 Building Blocks. The FATF initiated an industry survey in consultation with the Basel Committee on Banking Supervision (BCBS) to identify areas where divergent AML/CFT rules or their implementation cause friction for cross-border payments. The survey results highlight, among others, that lack of risk-based approach and inconsistent...

Outcomes FATF Plenary, 19-21 October 2021

The fifth Plenary of the FATF under the German Presidency of Dr. Marcus Pleyer took place on 19-21 October. Delegates representing the 206 members of the Global Network and observer organisations, such as the IMF, the United Nations and the World Bank met for three days of meetings.  After five completely virtual Plenary events due to the COVID-19 pandemic, this Plenary meeting took place in a hybrid format, allowing the limited number of delegates who could travel to meet face-to-face, while the remaining delegations connected virtually. Around the world, many countries are re-opening and focusing on rebuilding economies that have...

FATF Plenary, October 2021

Under the German Presidency of Dr Marcus Pleyer, delegates representing 205 members of the Global Network and observer organisations, including the International Monetary Fund, the United Nations and the Egmont Group of Financial Intelligence Units, will take part in a hybrid meeting of the FATF Plenary. Virtually connected delegates will join those that are able to travel to Paris for three days of meetings, during which they will discuss key issues to strengthen global action against the financial flows that fuel crime and terrorism. The FATF will finalise key reports, including the revised guidance on virtual assets and their service providers...

South Africa’s measures to combat money laundering and terrorist financing

South Africa has a solid legal framework to fight money laundering and terrorist financing but has significant shortcomings implementing an effective system, including a failure to pursue serious cases. The International Monetary Fund staff-led assessment comprehensively reviews the effectiveness of South Africa’s measures to combat money laundering and terrorist financing, and their level of compliance with the FATF Recommendations as at the time of the on-site visit in November 2019. The FATF adopted this report at its June 2021 Plenary meeting. This was a joint assessment with the Eastern and Southern Africa Anti-money Laundering Group (ESAAMLG) which also adopted the...

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

Since the 2019 assessment of Finland’s measures to tackle money laundering and terrorist financing, the country has taken a number of actions to strengthen its framework. Finland has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2019. In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since its mutual evaluation. Consequently, to reflect Finland’s progress, the FATF has now re-rated the country on Recommendations 34 (Guidance and Feedback), from partially compliant to compliant. The report also looks at whether Finland’s measures...

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

Since the 2019 assessment of China’s measures to tackle money laundering and terrorist financing, the country has taken a number of actions to strengthen its framework. China has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2019 . In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since its mutual evaluation. Consequently, to reflect China’s progress, the FATF has now re-rated the country on the following Recommendations: 3 – Money laundering offence, from partially compliant to largely compliant 8 – Non-profit organisations, from partially compliant to largely compliant 16 – Wire...

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

Since the 2016 assessment of Canada’s measures to tackle money laundering and terrorist financing, the country has taken a number of actions to strengthen its framework. Canada has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2016. In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since its mutual evaluation. Consequently, to reflect Canada’s progress, the FATF has now re-rated the country on the following Recommendations: 12 – Politically exposed persons (PEPS), from non compliant to largely compliant 16 – Wire transfers, from partially compliant to largely...

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