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Topic: Money laundering

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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

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

“Suivez le chef de file en matière de lutte contre le blanchiment d’argent” – Le registre canadien de la propriété effective dans un contexte mondial

Le lancement du nouveau registre canadien de la propriété effective est prévu pour 2023, mais les détails à son sujet demeurent vagues. Pour se préparer à ces changements, les sociétés peuvent déjà jeter un coup d’œil au mode de fonctionnement de registres similaires d’autres territoires. La faiblesse relative du régime canadien de lutte contre le … Continue Reading

“Follow the (AML) Leader” – Canada Fast-Tracks its Beneficial Ownership Registry, Part 1

The Canadian federal government is bolstering Canada’s anti money laundering (AML) regime by bringing forward plans to introduce a beneficial ownership registry in 2023. A beneficial ownership registry would require corporations to register and verify the identity of companies’ beneficial owners, making it more difficult to use shell companies to conceal criminal activity. The need … 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

Latest FATF papers

 On 1 July 2021, the Financial Action Task Force (FATF) published: A stocktake report that examines commercially available or emerging technologies that facilitate advanced anti-money laundering / countering the financing of terrorism (AML/CFT) analytics within regulated entities or collaborative analytics between financial institutions, while respecting data privacy and protection. A report that highlights the necessary … Continue Reading

New papers from FATF and Wolfsberg Group

On 30 June 2021, there was published: Report from the Financial Action Task Force (FATF) on ethnically or racially motivated terrorism financing. The report, which is based on inputs from around 30 jurisdictions, focuses on the funding behind ethnically or racially motivated terrorism, also referred to as extreme right-wing terrorism. The report highlights the challenges … Continue Reading

FATF guidance on proliferation financing risk assessment and mitigation

On 29 June 2021, the Financial Action Task Force (FATF) published guidance on proliferation financing risk assessment and mitigation. The guidance seeks to develop a common understanding about the impact of the changes that FATF made in October last year to Recommendation 1 and its Interpretative Note to require countries and private sector entities to … Continue Reading

Recent FATF papers

On 28 June 2021, the Financial Action Task Force (FATF) published: A press release concerning the outcomes of the FATF Plenary held on 20-25 June 2021. The press release for the plenary reports that delegates finalised work in a number of important areas. These include a report that details the financial flows linked to environmental … Continue Reading

Part 7: The Biden Presidency and new and improved anti-money laundering tools

2021 Financial crime Outlook series Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance … Continue Reading

Public consultation on FATF draft guidance on a risk-based approach to virtual assets and virtual asset service providers

On 19 March 2021, the Financial Action Task Force (FATF) issued a public consultation on proposed revisions to its 2019 guidance on the risk-based approach to virtual assets (VAs) and virtual asset service providers (VASPs). The FATF is proposing to update its guidance in order to: Clarify the definitions of VA and VASP to make … Continue Reading

Mitigating the unintended consequences of the FATF Standards

On 18 March 2021, the Financial Action Task Force (FATF) announced that in February it had launched a new project to study and mitigate the unintended consequences resulting from the incorrect implementation of the FATF Standards. The project will look at four areas: De-risking. Financial exclusion. Suppression of non-profit organisations (NPOs) or the NPO sector … Continue Reading

The FATF and Egmont Group publishes updated trade-based money laundering risk indicators

On 11 March 2021 the Financial Action Task Force (FATF) and Egmont Group published a joint report on trade-based money laundering (TBML) risk indicators. This follows on from a report published in December last year by the same bodies highlighting pertinent trends and developments with respect to TBML for market participants to be aware of. … Continue Reading

Part 5: The increasing emphasis of RegTech and FinTech in combating financial crime

2021 Financial crime Outlook series Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance … Continue Reading

FATF publish guidance to support global supervisors in implementing a risk-based approach to AML/CTF supervision

On 4 March 2021 the Financial Action Task Force (FATF) released new guidance aimed at supporting the application of a risk-based approach to anti-money laundering (AML) and counter terrorist financing (CTF) supervision. This builds on previous guidance released in 2015, but widens the scope of the guidance to enhance applicability to more recently AML regulated … Continue Reading

Part 4: The Growing Importance of the Money Laundering Reporting Officer

2021 Financial crime Outlook series Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance … Continue Reading

Part 3: The expansion of virtual currencies – Are virtual assets businesses ready for regulators?

Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance specialists, located in the UK, … Continue Reading

Financial Crime Outlook: 2021 and beyond

Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Norton Rose Fulbright’s financial crime compliance specialists, located in … Continue Reading

Financial Crime Outlook: 2021 and beyond

Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Norton Rose Fulbright’s financial crime compliance specialists, located in … Continue Reading

FATF October 2020 plenary: impacts of Covid-19 on AML and CTF; considerations for near-term future FATF assessments; and focus on the financing of the proliferation of weapons of mass destruction

On 21 to 23 October 2020, the Financial Action Task Force (FATF) held its final quarterly plenary of 2020 as a virtual event. The discussions over three days mostly focussed on Strategic Initiatives reacting to the Covid-19 pandemic and progress made on country specific processes. The FATF also provided an update on their strategic focus … Continue Reading
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