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Topic: Money laundering

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Commission overhauls AML and CFT rules

On 20 July 2021, the European Commission published a package of legislative proposals designed to strengthen the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) rules. The legislative package consists of a: Regulation establishing a new EU AML/CFT Authority. In the financial sector, this new European Authority directly supervise financial sector entities that … Continue Reading

Commission sets out proposed Directive as regards access of NCAs to centralised bank account registries through the single access point

On 20 July 2021, the European Commission published a draft Directive as regards access of Member State competent authorities to centralised bank account registries through the single access point. Article 32a of the Fifth Anti-Money Laundering Directive requires Member States to put in place centralised automated mechanisms, such as central registers or central electronic data … 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

Speech at the AML Intelligence Boardroom Series

On 17 May 2021, there was published a speech by Mairead McGuinness (European Commissioner for Financial Stability, Financial Services and the Capital Markets Union) at the AML Intelligence Boardroom series. Key points in the speech include: In May last year the European Commission set out its vision for the EU’s future anti-money laundering (AML) system … Continue Reading

EBA consults on its proposals for a central AML/CFT database

On 6 May 2021, the European Banking Authority (EBA) issued a consultation on draft regulatory technical standards (RTS) on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in the EU. The database will be a key tool for the EBA’s recently enhanced mandate to lead, coordinate and monitor AML/CFT efforts … Continue Reading

FATF Meeting of Private Consultative Forum on Virtual Assets

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

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

Part 6: The changing world of sanctions regimes

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

FATF consults on guidance relating to Proliferation Financing Risk Assessment and Mitigation

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

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

Outcomes of the February 2021 FATF Plenary

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

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

EBA explains how it will use its new power to carry out risk assessments in the fight against money laundering and terrorist financing

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

FATF update on COVID-19 related money laundering and terrorist financing risks

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
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