On 19 April 2021, the Joint Money Laundering Steering Group published revisions to Sector 15 (Trade Finance) in Part II of its Guidance. The deadline for comments on the proposed revisions is 18 June 2021.… Continue Reading
On 20 April 2021, the Financial Action Task Force (FATF) hosted a meeting of its private consultative forum to discuss its ongoing work streams concerning virtual assets. The meeting was organised in two main sessions: the first session was focused on money laundering (ML) and terrorist financing (TF) risks in virtual assets, and the second … Continue Reading
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
On 31 March 2021, the UK’s Financial Conduct Authority (FCA) published a Policy Statement which expands the scope of its annual financial crime data return (REP-CRIM) to almost three times as many firms from circa 2,500 to circa 7,000. New firms will be obliged to participate in REP-CRIM from 30 March 2022 onwards. Firms now … Continue Reading
On 24 March 2021, HM Treasury published an updated advisory notice concerning money laundering and terrorist financing controls in higher risk jurisdictions. The advisory notice notes that Regulation 33(3) of the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 provides that a high-risk third country means a country which has been identified by the European … Continue Reading
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
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
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
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
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
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
FATF consults on guidance relating to Proliferation Financing Risk Assessment and Mitigation On 2 March 2021, the Financial Action Task Force (FATF) launched a consultation aimed at private sector stakeholders in relation to guidance which the FATF is developing regarding risks associated with the financing of proliferation of weapons of mass destruction (proliferation financing). This … Continue Reading
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
The first quarterly Financial Action Task Force (FATF) plenary of 2021 took place over 22, 24 and 25 February 2021 to discuss developments with respect to anti-money laundering (AML) and counter terrorist financing (CTF). Delegates discussed a number of initiatives relating to FATF’s strategic priorities as well as the AML/CTF frameworks of specific jurisdictions. The … Continue Reading
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
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
On 14 January 2021, the Joint Money Laundering Steering Group (JMLSG) issued a note concerning the impact of the end of the Brexit transition period on its guidance. The note explains that the JMLSG guidance is based on The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) (as … Continue Reading
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
On 17 December 2020, the European Banking Authority (EBA) published a methodology for carrying out risk assessments under Article 9a of the revised EBA Regulation. These risk assessments are part of the EBA’s new role to lead, coordinate and monitor the fight against money laundering and terrorist financing (ML/TF) in all EU Member States. The … Continue Reading
On 16 December 2020, the Financial Action Task Force (FATF) published a paper providing entities with additional information on COVID-19 related money laundering and terrorist financing risks. The paper covers both changes in predicate offences and changes in money laundering and terrorist financing activity. It provides selected case studies, displaying criminal activity that has occurred … Continue Reading
On 17 December 2020, the UK Government published its 2020 UK National Risk Assessment (NRA) of money laundering and terrorist financing. The report follows on from the previous UK NRA published in 2017. The 2020 NRA reflects on the positive outcomes achieved by the UK in the Financial Action Task Force (FATF) Mutual Evaluation conducted … Continue Reading
On 15 December 2020, the European Banking Authority (EBA) published its first report on progress made by competent authorities with the setting up of colleges to enhance supervisory cooperation for anti-money laundering and countering the financing of terrorism (AML/CFT) purposes. The EBA’s work on monitoring colleges is part of its new role to lead, coordinate … Continue Reading
On 11 December 2020, the European Banking Authority (EBA) published an opinion that focuses on the provision of information to depositors linked to a deposit guarantee scheme (DGS) pay-out based on real-life experiences of DGS interventions where there were anti-money laundering / counter the financing of terrorism (AML/CFT) concerns. Although the EBA is aware of … Continue Reading
On 7 December 2020, the European Commission adopted a Delegated Regulation amending Delegated Regulation 2016/1675 supplementing the Fourth Anti-Money Laundering Directive, as regards deleting Mongolia from the table in point I of the Annex. The explanatory memorandum to the Delegated Regulation explains that the Commission has concluded that, at this stage, Mongolia no longer has … Continue Reading
