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FATF high-level conference on environmental crime

FATF calls for a global push to take the illicit profits out of environmental crimes involving the public, private, not-for-profit sectors and academia. Environmental crimes generate criminal gains each year and include illegal logging…

FSB misconduct risk report

FSB published its progress report on its work plan of Measures to reduce misconduct risk that it agreed in May 2015. The use of fines and sanctions acts as a deterrent to misconduct, but preventative approaches…

Wolfsberg Group Swift’s guide for screening ISO20022 payments

The Wolfsberg Group endorses the “Guiding principles for screening ISO20022 payments” published by SWIFT and incorporating the input of major users of SWIFT.

FATF cross border payments survey results

The survey results highlight, among others, that lack of risk-based approach and inconsistent implementation of the AML/CFT requirements increases cost, reduces speed, limits access and reduces transparency. Inconsistent national approaches also create obstacles in identifying…

Companies agree to forfeit £29m linked to ML

A Cyprus-based company and a South African law firm have agreed to give up nearly £29 million that was allegedly linked to ML in the UK’s biggest ever forfeiture case. Prosecutors working with the City of London Police said they had reached an agreement…

FATF on proposed revisions to Recommendation 24

The amendments seek to reinforce Recommendation 24 to ensure greater transparency about the beneficial ownership of legal
persons, and take action to mitigate the risks. FATF has analysed the views received from various stakeholders in considering…

FATF issues a call to action to high risk jurisdictions

FATF calls on all members and urges all jurisdictions to apply enhanced due diligence, and, in the most serious cases, countries are called upon to apply counter-measures to protect the international financial system from the( ML/TF/PF) risks emanating from the country…

FATF on the financing of ISIL, Al Qaeda & affiliates 

Proceeds generated from criminal activities remain an important financing source for ISIL. In response to its decreased revenue, ISIL has focused on looting local civilians and businesses, and has generated funds through kidnapping for ransom, extortion of oil networks…

The race to redefine cross-border finance

It is seeking to link instant-payment networks across countries, in order to make transfers seamless. Whoever wins the race to redefine cross-border payments will determine the future shape of the financial system—and who holds sway over…

OECD responds to the ‘Pandora Papers’ leaks 

The ICIJ released information relating to its review of data leaks referred to as the Pandora Papers. As a result of the strong partnerships established through its JITSIC Network, the OECD Forum on Tax Administration (FTA) is well positioned to enable a collaborative approach…

 

How poor countries finance the rich?

Each year hundreds of billions of dollars leave developing countries and land in the coffers of rich countries like Switzerland. This trend “contradicts the neoclassic economic theories, according to which capital should naturally circulate from rich countries to those lacking capital…

ICIJ on the release of the “Pandora Papers”

The leaked records reveal that many of the power players who could help bring an end to the offshore system instead benefit from it – stashing assets in covert companies and trusts while their governments do little to slow a global stream of illicit money…