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Moody’s releases financial crime documentary series ‘The Infinite Game: Inside the constantly evolving global battle with financial crime’

March 13, 2024

Spotlights why financial crime countermeasures can never become “set and forget” activities. Each of the three 10-minute episodes highlights the scale of the challenge posed by sophisticated criminal tactics that are carefully designed to grow illegal profits.

INTERPOL publishes its Financial Fraud Assessment: A global threat boosted by technology

March 11, 2024

The assessment on global financial fraud highlights how the increased use of technology is enabling organized crime groups to better target victims around the world. The use of AI large language models and cryptocurrencies combined with phishing- and ransomware-as-a-service business models have resulted in more sophisticated and professional fraud campaigns without the need for advanced technical skills, and at relatively little cost…

UK hosts world leaders for first Global Fraud Summit to explore how law enforcement agencies can work together to enhance the global fight against fraud

March 11, 2024

A key aim of the summit is to increase partnership work between law enforcement agencies, such as the National Crime Agency, the FBI, INTERPOL, Europol and the Japan National Police Agency. Sharing more intelligence, expertise and resources will help turn the tide against fraudsters.

Wolfsberg Group publishes its updated Country Risk FAQs, providing a comprehensive understanding of the implications of country risk in the context of AML/CTF measures, including CDD requirements

March 4, 2024

The updated document specifically highlights: Clearer delineation of country risk within the wider context of CDD and enhanced due diligence EDD; Criminal indicators, political and regulatory factors which should be considered when developing a methodology to evaluate country risk; Sanctions considerations and their impact in the context of AML/CTF country risk; The need for a strong governance enabling an unbiased approach towards country risk; Practical guidance combined with clear roles & responsibilities for financial institutions…

FATF considers revision to Rec.16, its interpretive note and related glossary of specific terms, to adapt them to the changes in payment business models and messaging standards

March 1, 2024

These proposed revisions also aim to help make cross-border payments faster, cheaper, more transparent and inclusive whilst remaining safe and secure; an objective that is part of the G20 Priority Action Plan. Before finalising the revisions however, the FATF is seeking opinions from all interested stakeholders, in particular from the payments industry…

FATF Plenary Outcomes, 21-23 February 2024 – key developments

February 27, 2024

The key outcomes include introduction of a new risk-based guidance for implementing Rec.25, enhancing transparency in legal arrangements like trusts, public consultation on a range of options for adapting FATF Standards to changes in new payment systems’ business models and messaging standards (Rec.16), final modifications to Rec.8 to safeguard non-profit organisations…

FATF sets out methodology for the fifth round of mutual evaluations

February 25, 2024

The next round of mutual evaluations will be a six-year cycle, significantly shorter than earlier rounds, which lasted 10 years on average. There will be a strenghtened focus on effectiveness and greater emphasis on the major risks and context. Recommendations will also be more results-oriented

FATF removes Barbados, Gibraltar, UAE and Uganda from its ‘Grey List’ and these countries will no longer be subject to increased monitoring

February 23, 2024

In order to be removed from FATF monitoring, a jurisdiction must address all or nearly all the components of its action plan. Once the FATF has determined that a jurisdiction has done so, it will organise an on-site visit to confirm that the implementation of the necessary legal, regulatory, and/or operational reforms is underway…

GFI publishes new policy brief on “Leveraging Regional Frameworks for Beneficial Ownership Reforms”

February 21, 2024

Assesses the roles and impact of regional frameworks, notably the East Africa Community (EAC), the Economic Community of West African States (ECOWAS), the Common Market for Eastern and Southern Africa (COMESA), and the Southern African Development Community (SADC).

FATF releases its Annual Report 2022-2023

February 11, 2024

The Report sets out the achievement of the FATF to deliver on its mandate and strategic priorities to prevent criminals, the corrupt and terrorists from abusing the international financial system and strengthen the foundations for sustainable and more inclusive economic development….

OECD publishes 2024 Economic Outlook Interim Report ‘strengthening the foundations for growth’

February 10, 2024

The report highlights that global economic growth stayed strong in 2023, aided by lower energy costs and resolved supply chain issues, quickening inflation’s decline. Although growth is slowing, inflation is expected to hit target levels in most G20 nations by the end of 2025. However, geopolitical tensions and the Middle East conflict could disrupt this progress, posing risks of inflation spikes and market instability…

INTERPOL-led operation targets growing phishing malware and ransomware incidents

February 1, 2024

Some 1,300 suspicious IP addresses or URLs have been identified as part of a global INTERPOL operation targeting phishing, malware and ransomware attacks. Operation Synergia was launched in response to the clear growth, escalation and professionalisation of transnational cybercrime and the need for coordinated action against new cyber threats…

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