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This section include AML/CTF initiatives by FATF, OECD, Basel, Wolfsberg Group, Egmont Group, IMF, Interpol, UN, World Bank among others.
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INTERPOL global financial crime operation makes record 5,500 arrests and seizes over $400M in virtual assets and govt-backed currencies
The five-month Operation HAECHI V targeted seven types of cyber-enabled frauds: voice phishing, romance scams, online sextortion, investment fraud, illegal online gambling, business email compromise fraud and e-commerce fraud. Member countries were alerted to the โUSDT Token Approval Scamโ which allows fraudsters to access and control victimsโ cryptocurrency wallets. The two-step approach first lures in victims using romance baiting techniques, instructing them to buy popular Tether stablecoins (USDT Tokens) via a legitimate platform…
Joint INTERPOL-AFRIPOL operation arrests 1,006 suspects and dismantles over 134,000 cyber threats, preventing nearly USD 193M in financial losses
Operation Serengeti targeted criminals behind ransomware, business email compromise (BEC), digital extortion and online scams – all identified as prominent threats in the 2024 Africa Cyber Threat Assessment Report. Private sector partners, including Internet Service Providers, also played a vital role by sharing intelligence, supporting analysis and disrupting criminal activities. They provided on-site support and offered round-the-clock remote assistance to patch vulnerabilities and secure critical infrastructure for the participating member countries…
Egmont Group publishes a report detailing the critical role of FIUs in the National Risk Assessment process
It highlights the challenges FIUs face, including resource constraints and data analysis complexities, and underscores the importance of collaboration and information sharing. Successful strategies involve strengthening partnerships, improving technology, and maintaining flexible frameworks. The report aims to equip FIUs with the tools and knowledge to effectively assess risks and enhance their AML/CFT efforts…
Wolfsberg Group unveils 33 FAQs on ‘Defining Digital Assets’, to help FIs better understand digital Assets, assess ML/TF Risks, and develop robust policies to address emerging threats
Key highlights from the FAQs include: Clarification of terminology related to digital assets, including definitions of cryptocurrencies, tokens, and distributed ledger technology (DLT); Guidance on applying existing anti-money laundering (AML) and counter-terrorist financing (CTF) controls to digital asset activities; Recommendations for due diligence processes when engaging with digital asset customers or counterparties. Financial institutions should review these FAQs to enhance their understanding of digital assets and strengthen their financial crime compliance frameworks accordingly…
The Global Governance Project publishes an interview with Elisa de Anda Madrazo, FATF President discussing the critical role of FATF in combating ML/TF
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
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
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
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
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
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, ๐ด๐๐ถ๐ฑ๐ฎ๐ป๐ฐ๐ฒ ๐ณ๐ผ๐ฟ ๐น๐ผ๐๐ฒ๐ฟ-๐ฟ๐ถ๐๐ธ ๐๐ฐ๐ฒ๐ป๐ฎ๐ฟ๐ถ๐ผ๐ has been less robust.ย The revisions propose ๐ฟ๐ฒ๐ฝ๐น๐ฎ๐ฐ๐ถ๐ป๐ด ๐๐ต๐ฒ โ๐บ๐ฎ๐ ๐ฑ๐ฒ๐ฐ๐ถ๐ฑ๐ฒโ ๐น๐ฎ๐ป๐ด๐๐ฎ๐ด๐ฒ ๐๐ถ๐๐ต ๐ฎ ๐ฐ๐น๐ฒ๐ฎ๐ฟ ๐ฟ๐ฒ๐พ๐๐ถ๐ฟ๐ฒ๐บ๐ฒ๐ป๐ ๐๐ต๐ฎ๐ โ๐ฐ๐ผ๐๐ป๐๐ฟ๐ถ๐ฒ๐ ๐๐ต๐ผ๐๐น๐ฑ ๐ฎ๐น๐น๐ผ๐ ๐ฎ๐ป๐ฑ ๐ฒ๐ป๐ฐ๐ผ๐๐ฟ๐ฎ๐ด๐ฒ ๐๐ถ๐บ๐ฝ๐น๐ถ๐ณ๐ถ๐ฒ๐ฑ ๐บ๐ฒ๐ฎ๐๐๐ฟ๐ฒ๐”, paving the way for more inclusive financial ecosystems that better serve low-income consumers…
FATF updates its Consolidated Assessment ratings
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 detailedย Mutual Evaluation Reports, which are available on this website.
GFI examines how opacity in vessel ownership and international trade creates facilitates illicit trade
Recommends that, given ‘these clusters of opacity’, the entire trade ecosystem โ the goods, the pricing and the delivery โ should be under scrutiny by the international community.