Our extensive knowledge at your fingertips

Latest editions

Search

The Global Governance Project publishes an interview with Elisa de Anda Madrazo, FATF President discussing the critical role of FATF in combating ML/TF

November 25, 2024

Robust measures in combating illicit finance are vital for countries to achieve their macroeconomic objectives and to safeguard integrity, stability and growth…

UN achieves a historic milestone (Aug 2024) by approving its first legally binding cybercrime instrument, strengthening global efforts to tackle digital-age crimes

November 20, 2024

This landmark agreement aims to strengthen global efforts against digital-age crimes by enhancing international cooperation, bolstering law enforcement initiatives, and advancing technical assistance and capacity-building for cybercrime prevention. From terrorism financing to trafficking and fraud, this treaty emphasizes the critical role of tech in both enabling and combating financial crime.

FSB outlines steps it has taken to address current and emerging vulnerabilities in latest annual report

November 18, 2024

Key priorities include addressing lessons from the March 2023 banking turmoil; enhancing the resilience of NBFI; addressing financial risks from climate change; improving cross-border payments; responding to technological innovation; and enhancing the resolvability of central counterparties.

OECD publishes latest secretary-general tax report to G20 leaders

November 18, 2024

This report sets out recent developments in international tax reform, including on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy. It also covers progress made on the implementation of the BEPS minimum standards and tax transparency, as well as updates on tax policy, tax and inequality and tax administration.

FATF publishes its Money Laundering National Risk Assessment (NRA) Guidance, drawing on insights from over 90 countries within the FATF Global Network

November 16, 2024

The key sections include: 1. NRA Preparation and Setup: This section identifies the prerequisites to a successful NRA. It covers such key foundational parts of the NRA such as political commitment, an inclusive NRA mechanism, objective setting, and the acquisition of information and data. 2. Assessing and Understanding Money Laundering Risks: Offers a flexible yet structured methodology for analysing threats, vulnerabilities, and risks, allowing countries to implement a coherent methodology that is adapted to their capacity and unique risk and context. 3. Post-NRA Actions: Recommends follow-up actions, including aligning mitigation measures with identified risks, communicating findings, and refining the NRA process

FATF proposed changes to Recommendation 1, emphasises simplified measures for lower risk scenarios

November 15, 2024

The proposed updates focus on promoting proportional measures for lower-risk individuals and small businesses. While FATF has consistently required enhanced due diligence for higher-risk cases, 𝗴𝘂𝗶𝗱𝗮𝗻𝗰𝗲 𝗳𝗼𝗿 𝗹𝗼𝘄𝗲𝗿-𝗿𝗶𝘀𝗸 𝘀𝗰𝗲𝗻𝗮𝗿𝗶𝗼𝘀 has been less robust. The revisions propose 𝗿𝗲𝗽𝗹𝗮𝗰𝗶𝗻𝗴 𝘁𝗵𝗲 “𝗺𝗮𝘆 𝗱𝗲𝗰𝗶𝗱𝗲” 𝗹𝗮𝗻𝗴𝘂𝗮𝗴𝗲 𝘄𝗶𝘁𝗵 𝗮 𝗰𝗹𝗲𝗮𝗿 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝘁𝗵𝗮𝘁 “𝗰𝗼𝘂𝗻𝘁𝗿𝗶𝗲𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗮𝗹𝗹𝗼𝘄 𝗮𝗻𝗱 𝗲𝗻𝗰𝗼𝘂𝗿𝗮𝗴𝗲 𝘀𝗶𝗺𝗽𝗹𝗶𝗳𝗶𝗲𝗱 𝗺𝗲𝗮𝘀𝘂𝗿𝗲𝘀”, paving the way for more inclusive financial ecosystems that better serve low-income consumers…

FATF updates its Consolidated Assessment ratings

November 15, 2024

This table provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance (last updated on 7 November 2024). These should be read in conjunction with the detailed Mutual Evaluation Reports, which are available on this website.

GFI examines how opacity in vessel ownership and international trade creates facilitates illicit trade

November 14, 2024

Recommends that, given ‘these clusters of opacity’, the entire trade ecosystem – the goods, the pricing and the delivery – should be under scrutiny by the international community.

UNODC launches new Issue Paper on ‘Organised Fraud’ shedding light on the rising complexity of these crimes, leveraging technology, including AI

November 14, 2024

The Paper presents several notable findings: Sophistication of Fraud Schemes: Organized fraud schemes are becoming increasingly sophisticated, often involving advanced technology and cross-border operations. Economic Impact: The financial losses from organised fraud are substantial, affecting individuals and businesses globally. Victim Profiles: Organized fraud victims come from diverse backgrounds, highlighting the need for tailored support and protection measures…

The Wolfsberg Group appoints its new Executive Secretary J. Edward Ned Conway, effective 1st November

November 13, 2024

Conway the new Executive Secretary of the Wolfsberg Group was formerly responsible for Financial Crime Compliance at Banco Santander. His career includes roles at the US Department of Defense, PwC, and Barclays, with expertise in financial crime prevention and global training. Conway also chairs the UN’s Private Sector Dialogue on financial crime related to environmental issues and serves on the ACAMS Advisory Board…

AML RightSource hosts a webinar on ‘How Adverse Media Monitoring Can Enhance Your KYC and EDD Effectiveness’

November 10, 2024

Effective KYC and EDD processes are crucial to managing risk in financial services and corporate organizations. These activities can be very labor intensive, so automated internal information gathering is very valuable. So, it is essential to understand what your customers or vendors are doing outside their relationship with you. Adverse Media Monitoring is a critical tool in this effort. Our expert panel will discuss the state of AMM tools, how to deploy them, and the benefits of adding them to your risk management workflows.

Kroll’s insights on ‘How Technology is transforming AML?’