On 26 February 2024, the Financial Action Task Force (FATF) announced it is considering revisions to Recommendation 16 (R.16), its Interpretive Note (INR.16) and the related glossary of specific terms, to adapt them to the changes in payment business models and messaging standards.
In the press release, the FATF
On 16 November 2023, the Financial Action Task Force (FATF) updated its best practices on combating the abuse of non-profit organisations (NPOs). The update follows the revisions that the FATF made earlier this year to Recommendation 8 that aim to protect NPOs from potential terrorist financing abuse through the effective implementation
On 16 November 2023, the Financial Action Task Force (FATF) updated its best practices on combating the abuse of non-profit organisations (NPOs). The update follows the revisions that the FATF made earlier this year to Recommendation 8 that aim to protect NPOs from potential terrorist financing abuse through the effective implementation
On 1 November 2023, the Financial Action Task Force (FATF) published a report on crowdfunding for terrorism financing.
The majority of crowdfunding activity is legitimate, but events around the world have demonstrated that it can also be exploited for illegal purposes. This includes terrorists and terrorist groups who exploit fundraising platforms and crowdfunding
On 1 November 2023, the Financial Action Task Force (FATF) published a report on crowdfunding for terrorism financing.
The majority of crowdfunding activity is legitimate, but events around the world have demonstrated that it can also be exploited for illegal purposes. This includes terrorists and terrorist groups who exploit fundraising platforms and crowdfunding
On 20 October 2023, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) issued an updated joint circular on intermediaries’ virtual asset-related activities (Joint Circular) with appendices. This Joint Circular supersedes the previous joint circular of 28 January 2022.
When the SFC formulated
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
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
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
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