Tag Archives: FATF

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FATF is consulting on draft guidance on private sector information sharing.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  The draft guidance also gives examples of how data protection and privacy authorities have collaborated with […]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 […]