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FATF summarises outcomes of the first FATF Plenary, led by Mexico’s President, Elisa de Anda Madrazo, held from Oct 23-25

October 29, 2024

Members agreed to release for public consultation proposed revisions to the standards related to FATF’s ongoing focus on financial inclusion. FATF also adopted new guidance on national risk assessments to support countries to understand the illicit finance risks they face…

FATF consults on proposals to change FATF standards to better promote financial inclusion

October 28, 2024

These proposed revisions aim to better promote financial inclusion through increased focus on proportionality and simplified measures in the risk-based approach, and to give countries, supervisors, and financial institutions greater confidence and assurance when implementing of simplified measures.

The Egmont Group launches a newly developed Tackling Trade-Based ML (TBML) & Service-Based ML (SBML) Training Video to combat complex forms of fincrime

October 24, 2024

TBML involves manipulating trade transactions—such as over- or under-invoicing and using shell companies—to conceal illicit funds. Its detection is challenging for financial institutions due to limited knowledge of trade practices and cross-border operations. • TBTF uses trade transactions to secretly fund terrorism, often avoiding detection. Warning signs include unusual trade patterns and connections to high-risk jurisdictions. SBML exploits legal and professional services to obscure illicit funds through complex structures. Detection is complicated by the intangible nature of services and potential misuse of client confidentiality…

INTERPOL global crackdown on illegal Football Gambling uncovers links to human trafficking, money laundering and fraud, seizing over USD 59m in illicit proceeds

October 22, 2024

The operation, code-named SOGA X was designed to tackle illegal online football gambling during the UEFA 2024 European Football Championship, which was predicted to generate a surge in betting turnover, and lucrative profits for criminal organizations. The illegal gambling market is worth a staggering USD 1.7 trillion globally, according to research by the Asian Racing Federation, and is closely tied to other criminal enterprises…

FATF revises its ‘grey listing’ criteria to place a stronger emphasis on risk assessment, adding Algeria, Angola, Côte d’Ivoire, and Lebanon, while removing Senegal from the list

October 22, 2024

The FATF has revised its listing criteria to reduce the burden on least developed countries and prioritize high-risk jurisdictions. These changes target countries that pose the greatest risks to the international financial system, while providing added support to low-capacity nations. The reforms could cut the number of low-capacity countries on the list by half in the upcoming cycle…

FATF updates its procedures for AML/CFT/CPF mutual evaluations, focusing on targeting high-risk jurisdictions and supporting low-capacity nations

October 21, 2024

The FATF amended its assessment procedures and methodology in 2022. The FATF commenced its 5th round of evaluations in 2024, using these revised Procedures.

FATF issues call to action with respect to the high-risk jurisdictions of Iran and DPRK

October 20, 2024

FATF urges all jurisdictions to apply effective countermeasures against Iran, in line with Recommendation 19, noting the country’s failure to enact the Palermo and Terrorist Financing Conventions. Countries are also advised to properly assess and account for increased proliferation financing risk with respect to DPRK.

A UNODC survey reveals that Colombia’s potential cocaine production increased by 53% in 2023

October 18, 2024

Although no new hotspots of coca cultivation were recorded as of December 2023, coca enclaves remain a major challenge: 39 per cent of the potential coca leaf production comes from productive enclaves that occupy only 14 per cent of the territory where coca is planted. (Link to executive summary in Spanish)

GCFCC releases Consultation Draft on enhancing AML/CTF Supervisory Effectiveness – 10 Key Enablers and 40 takeaways with Explanatory Notes

October 17, 2024

Effective supervision is not an exact science & cannot be strictly defined, or considered as something that can be taken “off the shelf” and is expected to work and operate effectively, repeatedly and without many years & cycles of operation. It is for most countries a journey, which starts with legacy regulators & regulations, updated to reflect AML/CTF global standards, new rules & regulations…

GCFCC publishes paper on ‘Fighting financial crime & protecting data privacy through responsible data sharing: A path forward’

October 16, 2024

The paper sets out a multi-disciplinary explanation of the intersection between fighting financial crime (“FFC”) and data protection and privacy (“DPP”) along with 4 important recommendations for the adoption of international regulations, standards and measures to fight financial crime while still providing protection for individual’s data privacy. Achieving a balance between FFC and DPP is not a zero sum game, with only winners and losers. Where differences arise as they will, resolution will only come from a better understanding of why and how activities are undertaken, and why and how these can be carried out consistent with the aims of FFC as well as safeguarding rights for DPP…

UNODC ‘Transnational Organised Crime’ report exposes escalating threat of organised crime in the Pacific

October 11, 2024

The report reveals that foreign crime syndicates, primarily from Asia and the Americas, are exploiting the Pacific’s strategic location to traffic illicit drugs and other contraband. The region’s isolation, once considered a barrier, now provides these groups with opportunities to operate in less-patrolled waters, facilitating large-scale shipments through ship-to-ship transfers…

FATF’s update on Kuwait’s AML/CFT measures shows investigative progress but emphasise the need for better case understanding, prosecution, and asset-freezing enforcement