Aggregated News From Investment Management Regulators

FATF

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...

Outcomes FATF Plenary, 14-17 June 2022

The last Plenary of the FATF under the German Presidency of Dr. Marcus Pleyer concluded today, following four days of hybrid meetings in Berlin, Germany. Delegates from over 200 jurisdictions of the Global Network participated in these discussions, with a significant number of participants once again able to travel for on-site meetings. The FATF expressed its deepest sympathies for the people of Ukraine and continues to deplore the huge loss of life caused by the ongoing Russian invasion of Ukraine. As a result of the invasion, FATF agreed to severely limit the Russian Federation’s role and influence within the FATF. The...

FATF Conference on Digital Transformation

Financial Action Task Force (FATF) President Dr. Marcus Pleyer urged the public and private sectors to work together by using new technologies to make efforts to combat money laundering and terrorist financing more efficient and effective. “If we operate in bubbles – a bubble fighting crime – a bubble protecting privacy rights – a bubble for the private sector – a bubble for developing new technology – then we fail to address the real problems we face today. Connecting the dots across our various specialisations lets us see the bigger picture and solve the big problems of today and tomorrow,”...

FATF Plenary, June 2022

Financial Action Task Force (FATF) delegates representing 206 members of the Global Network and observer organisations, including the International Monetary Fund, the United Nations, the World Bank and the Egmont Group of Financial Intelligence Units, will take part in the last Plenary under the two-year German Presidency of Dr Marcus Pleyer from 14-17 June 2022. The German government will host this hybrid event in Berlin, with a significant number of participants taking part in person. During four days of meetings, delegates will finalise key issues including a report to prevent money laundering through the real estate sector and a report that...

AML/CFT Digital Strategy for Law Enforcement Agencies

Law enforcement agencies around the world, regardless of their development and size, have been incorporating different digital tools and technologies to assist their daily work to detect and disrupt illicit financial flows. In May 2022, the FATF completed work that explores how law enforcement agencies can use technology, including advance analytics, to successfully investigate money laundering and terrorist financing, mitigate the risks of these crimes, and share information within the public sector and with the private sector in a secure manner. The full confidential report is available to public authorities, in particular law enforcement agencies. Operational agencies may get in touch...

The United Kingdom’s progress in strengthening measures to tackle money laundering and terrorist financing

Since the 2018 assessment of the United Kingdom'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 the United Kingdom's progress, the FATF has now re-rated the country on Recommendation 13  from partially compliant to Compliant. Today, the United Kingdom is compliant on 24 Recommendations and largely compliant on 15. The country remains partially compliant on 1 Recommendation. The United Kingdom will remain in regular follow...

New FATF Executive Secretary

Violaine Clerc became the Executive Secretary of the Financial Action Task Force (FATF) on 1 June 2022. Ms. Clerc, takes the lead of the Secretariat at an important time, as the FATF works to regulate virtual assets and virtual asset service providers, enhance asset recovery, and ensure countries implement effective beneficial ownership rules to prevent criminals from hiding their dirty money and illicit activities behind anonymous shell companies. As Executive Secretary, Ms. Clerc will lead the FATF Secretariat, advise the FATF President and Vice President and be responsible to the FATF Plenary, the FATF’s governing body, and the FATF President....

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

Since the 2021 assessment of New Zealand'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 New Zealand's progress, the FATF has now re-rated the country on Recommendation 25 (Transparency and beneficial ownership of legal arrangements), from partially compliant to largely compliant. Today, New Zealand is compliant on 8 Recommendations and largely compliant on 21. The country remains partially compliant on 11 Recommendations. New Zealand...

Israel's progress in strengthening measures to tackle money laundering and terrorist financing

Since the 2018 assessment of Israel'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 Israel's progress, the FATF has now re-rated the country on the following Recommendation: 16 - Wire transfers, from partially compliant to largely compliant The report also looks at whether Israel's measures meet the requirements of FATF Recommendations 2 and 15, which changed since their mutual evaluation. The FATF agreed to...

France's measures to combat money laundering and terrorist financing

France has a robust and sophisticated framework to fight money laundering and terrorist financing that is effective in many respects, notably in law enforcement, confiscation areas and international cooperation but needs to do more in areas such as the supervision of professionals involved in the activities of legal persons and the real estate sector. France faces a substantial range of money laundering threats that include tax fraud and drug trafficking. The country also faces a high-level threat of terrorism and terrorist financing since the 2015 terrorist attacks. But France has successfully identified and understood these risks, and adapted its legal...

Mexico's progress in strengthening measures to tackle money laundering and terrorist financing

Since the 2018 assessment of Mexico’s measures to tackle money laundering and terrorist financing and their 2021 follow-up report, the country has taken a number of actions to strengthen its framework. Mexico has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2018 . 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 and subsequent follow-up report. Consequently, to reflect Mexico’s progress, the FATF has now re-rated the country on the following Recommendations: 37 – Mutual legal assistance, from partially compliant to compliant 38 – Mutual...

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 and its 2021 follow-up report, 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 and its subsequent follow-up report. Consequently, to reflect Turkey’s progress, the FATF has now re-rated the country on the following Recommendations: 23 - DNFPBs : Other measures - from partially compliant to compliant 24 -...

Regulator Information

Recent Articles

Proposed Rule Change to Amend FINRA Rule 2231 (Customer Account Statements)

Financial Industry Regulatory Authority, Inc.

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....

ASIC warns super trustees to be transparent in their underperformance communications to members

ASIC today released the findings from its review of superannuation trustees’ communications with their members following the first annual performance test for MySuper products. The...

EBA replies to European  Commission’s call for advice on the Mortgage Credit Directive review

The European Banking Authority (EBA) published today an Opinion and Report in response to the European Commission’s Call for Advice (CfA) on the review of the Mortgage Credit Directive (MCD) .

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