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World Bank issues report on lessons learned from the First Generation of Money Laundering and Terrorist Financing Risk Assessments

October 19, 2023

This report aims to guide the policy makers in World Bank client jurisdictions in continuously improving their assessments and understandings of money laundering and terrorist financing risks in their jurisdictions. The report attempts to draw lessons mainly from…

Wolfsberg Group publishes updated Payment Transparency Standards

October 19, 2023

The challenges associated with payment transparency cannot be resolved solely by payment and compliance specialists within banks, but rather require agreement among all payments stakeholders – including competent authorities, the PMIs within their countries…

Wolfsberg Group responds to consultation on UK AML/CTF supervisory regime

October 6, 2023

Of the four models for reform outlined by HM Treasury, we believe that a public body Single Professional Services Supervisor (SPSS), i.e. ‘Model 3’, is best suited to address inconsistencies and systemic weaknesses in supervision, as it would: a. Enhance information sharing…

IMF calls for greater crypto oversight

September 29, 2023

IMF calls for greater oversight on crypto and proposes new risk assessment matrix. IMF released a working paper last week seeking to tackle the rapidly changing crypto market and highlight significant macro-financial risks they believe have yet to be fully addressed…

FATF updates consolidated assessment ratings

September 26, 2023

Provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance (last updated on 27 September 2023).

Financial Stability Board identifies frictions from data frameworks that pose challenges to enhancing cross-border payments

September 25, 2023

The Financial Stability Board (FSB) today published its stocktake of international data standards relevant to cross-border payments. The stocktake looks at national and regional data frameworks relevant to the functioning, regulation and supervision of cross-border payment arrangements. It takes forward one of the priority actions under the G20 Cross-border Payments Roadmap, to enhance the interaction between data frameworks and cross-border payments.

FATF-INTERPOL announces details of their second global roundtable

September 20, 2023

Over 200 law enforcement, prosecutors, asset recovery, policy and regulatory experts, from both the public and private sectors, attended the two-day FATF-INTERPOL Roundtable Engagement (FIRE 2) to discuss asset recovery issues and practical solutions to deprive criminals of their illicit assets and contribute to a safer society.

UNODC releases report examining the Hawala service, sometimes referred to as the “underground banking” or “alternative remittance system”

September 11, 2023

Drug traffickers, migrant smugglers, and other criminal actors capitalize on characteristics of the system to transfer illicit funds and store proceeds from illegal activities. The report finds that hawaladars (individuals who operate Hawala services) often don’t scrutinise the source of funds or the purpose of transactions, making it an attractive option for those engaged in illegal activities.

UNODC publishes report on Methamphetamine trafficking in and around Afghanistan

September 10, 2023

Finds that evidence of a twelvefold increase in seizures of the methamphetamine in five years from 2.5 tons in 2017 to 29.7 tons in 2021, amid the drug ban introduced by the Taliban targeting heroin trade.

OECD publishes general tax report to G20 leaders

September 8, 2023

This report sets out the latest developments in international tax reform since November 2022.

FSB and IMF outline comprehensive approach to identify and respond to macroeconomic and financial stability risks associated with crypto-assets

September 7, 2023

Paper describes how the policy and regulatory frameworks for crypto-assets developed by the IMF and the FSB (alongside standard-setting bodies) fit together and interact with each other.

IMF and FSB coordinate a Synthesis Paper: Policies for Crypto-Assets