Asia

Topic: Money laundering

Subscribe to Money laundering RSS feed

FSB publishes IMF-FSB synthesis paper: Policies for crypto-assets

On 7 September 2023, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) published a joint synthesis paper on policies for crypto-assets. The report synthesises the IMF’s and FSB’s policy recommendations and standards. The report illustrates macroeconomic and financial stability implications of crypto-asset activities, how they may interact, and how the IMF and … Continue Reading

FATF consults on the revision of Recommendation 8 and its interpretive note

On 30 June 2023, the Financial Action Task Force (FATF) launched a public consultation on the revision of Recommendation 8 and its interpretive note. The FATF is considering proposals for draft amendment text to Recommendation 8 of the FATF Standards and its interpretive note (R.8/INR.8), which aims to protect non-profit organisations (NPOs) from potential terrorist … Continue Reading

Targeted update on implementation of the FATF standards on virtual assets and virtual asset service providers

On 27 June 2023, the Financial Action Task Force (FATF) published a report, Targeted update on implementation of the FATF standards on virtual assets and virtual asset service providers. In October 2018, the FATF updated Recommendation 15 (R.15) to extend anti-money laundering / countering the financing of terrorism (AML/CFT) requirements to virtual assets (VAs) and … Continue Reading

FATF publishes plenary outcomes

On 26 June 2023, the Financial Action Task Force (FATF) published the outcomes from the FATF Plenary, which took place on 21-23 June 2023. Delegates from over 200 jurisdictions of the Global Network and observers from international organisations participated in these discussions at the FATF headquarters in Paris. The outcomes of the discussions included the … Continue Reading

Singapore toughens laws to combat financial crime and money laundering

On 9 May 2023, the Singapore Parliament passed amendments to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 (CDSA) which will introduce significant new offences of rash and negligent money laundering. Under the current law, the successful prosecution of money mules (i.e., those who assist with the transfer of illicit funds … Continue Reading

Wolfsburg Group publishes updated ABC programme guidance

On 17 April 2023, the Wolfsburg Group published an updated version of its anti-bribery and corruption compliance programme guidance. The publication is designed to provide guidance to the financial services industry on how to develop, implement and maintain an effective anti-bribery and corruption (ABC) compliance programme, and should be read in conjunction with applicable legislation, … Continue Reading

FATF updates Recommendations on international standards on combatting money laundering and the financing of terrorism proliferation

On 10 March 2023, the Financial Action Task Force (FATF) published updated Recommendations which were adopted at its plenary on 15 February 2023. The FATF has reviewed and updated the FATF Recommendations, in close co-operation with the FATF-Style Regional Bodies (FSRBs) and the observer organisations, including the International Monetary Fund, the World Bank and the … Continue Reading

FATF publishes report on countering ransomware financing

On 14 March 2023, the Financial Action Task Force (FATF) published a report on countering ransomware financing. The report analyses the methods that criminals use to carry out their ransomware attacks and how payments are made and laundered. The report highlights that criminals are almost exclusively using crypto, or virtual assets and have easy access … Continue Reading

FATF updates Guidance on Beneficial Ownership of Legal Persons

On 10 March 2023, the Financial Action Task Force (FATF) published updated guidance that focuses primarily on Recommendation 24 (beneficial ownership transparency of legal persons). In March 2022, the FATF agreed on tougher global beneficial ownership standards in its Recommendation 24 by requiring countries to ensure that competent authorities have access to adequate, accurate and … Continue Reading

FATF publishes Plenary outcomes

On 24 February 2023, the Financial Action Task Force(FATF) published the outcomes of its Plenary on 22-24 February 2023. On 24 February 2023, the second Plenary of the FATF under the Presidency of T. Raja Kumar of Singapore concluded. Delegates from over 200 jurisdictions of the global network participated in these discussions at the FATF … Continue Reading

Wolfsberg Group publishes updated Correspondent Banking Due Diligence Questionnaire

On 10 February 2023, the Wolfsberg Group published version 1.4 of the Correspondent Banking Due Diligence Questionnaire (CBDDQ) and version 1.2 of the Financial Crime Compliance Questionnaire (FCCQ), along with updated supporting Guidance, Glossary and FAQs documents. The CBDDQ update includes a new section on fraud and additional questions related to whistleblower policy, virtual bank … Continue Reading

FATF consults on guidance on beneficial ownership

On 26 October 2022, the Financial Action Task Force (FATF) launched a public consultation on its guidance on beneficial ownership. At the March 2022 Plenary, the FATF adopted amendments to Recommendation 24, and agreed to immediately start the work to update guidance on beneficial ownership with a view to help support the implementation of the … Continue Reading

FATF consults on the revision of Recommendation 25 and its interpretive note on the transparency and beneficial ownership of legal arrangements

On 26 October 2022, the Financial Action Task Force (FATF) launched a public consultation on Recommendation 25 and its interpretive note (R.25/INR.25) on the transparency and beneficial ownership of legal arrangements. The FATF is also considering amending the definition of beneficial ownership in the glossary to provide more clarity regarding legal arrangements. The FATF’s objective … Continue Reading

Wolfsberg Group best practice guidance on transaction monitoring RFIs

On 23 August 2022, the Wolfsberg Group published best practice guidance on requests for information (RFIs) initiated as a result of transaction monitoring. An RFI is used when a correspondent (or any other provider of payment services) is seeking to understand the background of a transaction that has been processed through an account or relationship … Continue Reading

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

On 20 July 2022, the Financial Action Task Force (FATF) issued a report intended to help jurisdictions enhance, design and implement information collaboration initiatives among private sector entities in accordance with data protection and privacy (DPP) rules so that the risks associated with increased sharing of personal data are appropriately taken into account. The report … Continue Reading

FATF targeted update on implementation of standards on VAs and VASPs

On 30 June 2022, the Financial Action Task Force (FATF) issued a targeted update concerning the implementation of its Standards on virtual assets (VAs) and virtual asset service providers (VASPs), with a focus on FATF’s Travel Rule. The FATF has found that many countries need to strengthen understanding of money laundering / terrorist financing risks … Continue Reading

Coming soon – The new Hong Kong VASP licensing regime

Introduction In May 2021, following a 3 month consultation, the Financial Services and the Treasury Bureau (FSTB) issued its consultation conclusions for a new licensing regime for virtual assets services providers (VASPs) in Hong Kong. Recently, further steps were taken to make the new licensing regime for VASPs a reality with the Hong Kong Government … Continue Reading

Anti-money laundering: Regulation Around the World

In the latest instalment of our Regulation Around the World series, financial services partners in 13 jurisdictions provide an update on anti-money laundering developments. Our global updater is accompanied by further analysis and insights in our Regulation Around the World podcast which is available now to stream and download. The podcast features speakers from the … Continue Reading

Outcomes FATF Plenary, 14-17 June 2022

On 17 June 2022, the Financial Action Task Force (FATF) published the outcomes of its plenary on 14 to 17 June 2022. Delegates from over 200 jurisdictions participated in the plenary and the FATF expressed its deepest sympathies for the people of Ukraine, and as a result of Russia’s invasion, the FATF agreed to severely … Continue Reading

Wolfsberg Group FAQs on negative news screening

On 11 May 2022, the Wolfsberg Group published FAQs on how undertaking screening for negative news and other forms of adverse information can enhance a financial institution’s awareness of potential financial-crime risk posed by both existing and prospective customers. The Wolfsberg Group recognises that there is no universally agreed and accepted definition of negative news. … Continue Reading

Report on the state of effectiveness and compliance with the FATF standards

On 19 April 2022, the Financial Action Task Force (FATF) published a report providing an overview of the state of global efforts to tackle money laundering, terrorist and proliferation financing. The report finds that in terms of laws and regulations, 76% of countries have now satisfactorily implemented the FATF’s 40 Recommendations. This is a significant … Continue Reading

FATF public statement on revisions to Recommendation 24

On 7 March 2022, the Financial Action Task Force (FATF) issued a public statement regarding amendments it had adopted to Recommendation 24 and its Interpretative Notes on 4 March 2022. The Recommendation requires countries to prevent the misuse of legal persons for money laundering or terrorist financing and to ensure that there is adequate, accurate … Continue Reading

Research shows huge increase in use of DeFi protocols for money laundering

Blockchain analytics firm Chainalysis have recently published the results of research showing that there has been a huge increase in the use of decentralised finance (DeFi) protocols to launder money over the last year. DeFi is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. In 2021, there was … Continue Reading

A draft framework for money laundering/terrorist financing risk assessment of a remittance

On 13 December 2021, the International Monetary Fund (IMF) and the World Bank published a report setting out a draft framework and methodology for risk assessment in remittance corridors having the potential of being identified as “safe remittance corridors”. At its October 2020 Finance Ministers and Central Bank Governors meeting, the G20 endorsed the Roadmap … Continue Reading
LexBlog