Tag Archives: FATF
Treasury updates on NCCTs
Following FATF’s meeting last week, Treasury has issued an update on the list of NCCTs to reflect the FATF conclusions.
FATF plenary updates AML control reviews
At the most recent plenary meeting, FATF as usual reviewed its list of jurisdictions with AML deficiencies. Although still disappointed with Iran’s lack of progress, it has continued the suspension of countermeasures, so that countermeasures apply in relation to North Korea, and EDD on a risk-based approach in relation to Iran. Otherwise, the countries with strategic […]
FATF publishes UK mutual evaluation
FATF has published the long-awaited mutual evaluation report on the UK’s measures to combat money laundering and terrorist financing. The report notes that, because of the exceptionally large funds flow through the UK financial sector and the risks that some of these have links to crime and terrorism, there is a strong understanding of the […]
FATF publishes risk-based guidance for the life insurance and securities sectors
FATF has published Guidance to a risk-based approach (RBA) to AML and CFT in the life insurance and securities sectors. The Guidance: outlines the key elements involved in applying a RBA to AML/ CFT associated with life insurance sets out the types of securities providers that may be involved in a securities transaction and their […]
Treasury updates AML advisory
Treasury has updated its periodic AML advisory notice to reflect the conclusions from the FATF plenary meeting. The notice reiterates the expectation that firms will: apply EDD and countermeasures in respect of North Korea apply EDD in respect of Iran and take appropriate measures to minimise risks in respect of the Bahamas, Botswana, Ethiopia, Ghana, […]
FATF holds plenary
At FATF’s latest plenary meeting, in Paris, the US presidency discussed: streamlining FATF; strategic initiatives, such as further statements on monitoring of terrorist funds, amendments to FATF Recommendations to address regulation of virtual assets and future work on proliferation financing; peer reviews and review of jurisdictions with strategic deficiencies. The UK report is expected to […]
FATF publishes scoresheet
FATF has published its updated consolidated assessment ratings, based on reviews of its members AML/CFT measures after the 4th round of reviews. All countries are graded on methodology and technical compliance. The UK does not yet feature in the table as the 4th round report for it has not yet been published.
FATF reports on Professional Money Laundering
FATF has published its report on the techniques and tools used by professional money launderers – those who launder money for others, for a fee. FATF has identified that many countries do not properly investigate and prosecute complex and third party laundering. The report looks at the characteristics of the professional money launderers and at […]
FATF issues updates
FATF has: reported to the G20 on its current work: highlights of the report include its work on crypto-currencies and assets, improving transparency of beneficial ownership, de-risking, and fintech/regtech and digital identity; published its objectives during its US presidency: it will prioritise work on virtual currencies, as well as the now standard work on CFT […]
FATF/MENAFATF update in plenary
FATF and the Middle East and North African FATF have held their third plenary meeting. The meeting updated on a wide range of issues, including discussion on several typology reports and discussion of mutual evaluation and follow up reports on a number of jurisdictions. The plenary also discussed the progress Iraq and Venezuela have made […]
FATF discusses FinTech and RegTech
FATF has updated on recent discussions with the FinTech and RegTech sectors. It has recently focused on: using digital IDs for CDD. Institutions increasingly use this, and discussions focused on whether there is any need for change or clarification in the FATF recommendations to support the practice; and the regulatory landscape for crypto-assets. Participants stressed […]
FATF reports to G20
FATF has reported on its work and priorities to the G20 Finance Ministers and Central Bank Governors meeting. The report covers its recent and future work on key initiatives, including improving transparency in beneficial ownership information, bank derisking, and the risks and opportunities of fintech, regtech and virtual currencies.
Treasury updates AML advisory
Treasury has published an updated AML advisory notice reminding firms of their obligation to apply EDD for higher risk jurisdictions. It has produced a table of relevant jurisdictions, showing which ones it recommends firms consider as: high risk and apply countermeasures and EDD measures in accordance with the risks (North Korea) high risk and apply EDD […]
Treasury updates AML advisory
On 5 December 2017, HM Treasury published an Advisory Notice on money laundering and terrorist financing controls in higher risk jurisdictions. The Advisory Note follows the Financial Action Task Force (FATF) statements identifying high risk jurisdictions; which was discussed at its plenary meeting held on 3 November 2017. In the Advisory Note, HM Treasury draws […]
FATF updates on NCCTs and developments
FATF has held its plenary meeting in Buenos Aires. Outcomes from the meeting include: an update on the list of NCCTs. FATF’s stance remains unchanged on North Korea and Iran. Countries with Strategic Deficiencies are now listed as Bosnia and Herzegovina, Ethiopia, Iraq, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, Vanuatu and Yemen. Uganda, however, […]
FATF Presidency updates on priorities
FATF has taken the opportunity of a new president (from Argentina), to update on its objectives. Key objectives will include: deepening knowledge and understanding of terrorist methodology and encouraging information sharing; promoting financial inclusion, including looking closely at de-risking and de-marketing; enhancing transparency and integrity of financial flows, with particular focus on beneficial ownership information; […]
FATF consults on information sharing
FATF is consulting on draft guidance on private sector information sharing. The guidance considers the issues faced by financial institutions when sharing information for AML/CFT purposes both within and outside their corporate groups, and where the information is shared cross-border. The draft guidance also gives examples of how data protection and privacy authorities have collaborated with […]
FATF holds plenary meeting
In among the publications heralding MLD4’s implementation, FATF held its latest plenary meeting. Key announcements included: continuing concern over North Korea and a continued call for members to apply effective counter-measures and enhanced scrutiny when dealing with it. It also reminds jurisdictions to take “necessary measures” to close existing branches, subsidiaries and representative offices of […]
FATF updates after plenary session
FATF has held its plenary meeting. Key issues discussed included: work on improving transparency and beneficial ownership: FATF and the Egmont Group are looking at mechanisms used to hide beneficial ownership with a view to assessing how to overcome the challenges of determining it; impact of work on de-risking; updating of list of jurisdictions with […]
FATF sets plenary agenda
FATF will be meeting for a week in Paris from 18 – 24 February. Among the items on its agenda are: further strengthening of measures to counter terrorist finance transparency and beneficial ownership the mutual evaluation of Sweden progress of countries with AML deficiencies the continuing negative impact on AML efforts of derisking by clearing […]
FATF reports on Beneficial Ownership
FATF has reported to G20 finance ministers on how it is progressing its aims on availability and exchange of beneficial ownership information. It plans to focus on progress in its upcoming peer reviews.
MLD4 high risk jurisdiction legislation in OJEU
The Commission Delegated Regulation on identifying high risk jurisdictions for the purposes of MLD4 has been published in the OJEU. The Regulation lists high risk third countries, in line with FATF designations. So North Korea has repeatedly failed to address identified deficiencies, Iran is seeking technical assistance for its high-level political commitment to address its […]