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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…

Global Initiative conducts assessment of illicit financial flows (IFFs) in the Western Balkans confirming how corruption, rise of criminal organisations, TBML and tax evasion continue to facilitate IFFs

January 30, 2024

The assessment confirms how widespread corruption, the rise of criminal organisations, trade-based money laundering and tax evasion continue to facilitate IFFs. In an effort to address these shortcomings and to enhance awareness and knowledge of IFFs in the region, the GI-TOC will launch an online IFFs toolkit as part of the project ‘Countering Illicit Financial Flows in the Western Balkans’…

Interpol White Paper highlights emerging Metaverse crimes and policing challenges

January 18, 2024

Interpol’s White Paper outlines key challenges in the Metaverse, such as grooming and cyber-attacks, and the complexities of policing digital crimes involving assets like cryptocurrencies, while noting opportunities for law enforcement advancements…

UNODC publishes report on ML threats from casinos, underground banking and transnational organised crime in East and Southeast Asia

January 15, 2024

According to UNODC, Tether USD (USDT) is the most used crypto to wash money related to illicit activities.

Wolfsberg Principles publishes revised guidance on Swift Relationship Management Application (RMA) due diligence

January 11, 2024

Changes have been made to keep pace with technical changes occurring as the industry moves to the ISO20022 standard (specifically the fact that, unlike MT messages, the new “MX” messages must all be signed and will therefore all require an RMA). The updated Guidance also provides a clearer, more risk-based approach to RMA due diligence.

Interpol arrested 3,500 people and seized $300m in a huge international online financial crime operation

December 19, 2023

Interpol’s six-month operation entitled HEACHI IV (July-December 2023) targeted online scams of many types leading to 3,500 people arrested and $300m seized across 34 countries for money laundering, bribery and other offences…

IOSCO publishes decentralised finance (DeFi) policy recommendations including 9 policy recommendations