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MENAFATF publishes Mutual Evaluation of Algeria

Notes some strengths in the AML framework, although weaknesses remain with respect to insurance, brokerage and DNFBPs, while TF risks and threats from people smuggling are not well understood.

GABAC publishes Mutual Evaluation of Gabon

The evaluation is based on an on-site visit to the country in April 2022, which found a low level of understanding of ML and TF risks.

GABAC publishes Mutual Evaluation of Chad

Identifies numerous ML/TF weaknesses, with threats stemming from aggravated robbery, cattle rustling, corruption, embezzlement of public funds, breach of trust, fraud, forgery, counterfeiting, drug trafficking, arms trafficking, human trafficking, illegal exploitation…

Guernsey regulator updates AML/CFT handbook

The update also adds the requirement to establish an independent audit compliance function, and includes provisions for the transparency and beneficial ownership of legal arrangements, such as trusts and limited partnerships with no legal personality…

OECD launches new report: Tax Transparency in Africa 2023

Presents African countries’ latest advances in tackling the major issue of tax evasion and other illicit financial flows (IFFs) through transparency and exchange of information (EOI) for tax purposes.

MAS Annual Report 2022/23

Report includes section ‘Responsible and Trusted Financial Centre’, which focuses on AML/CFT, enforcement, good culture and conduct, and FOREX and derivatives.

SEBI tightens its definition of beneficial ownership under its AML Guidelines

According to the amended guidelines, any individual or group holding 10% ownership in the client of a ‘reporting entity’ will now be considered a beneficial owner as against the ownership threshold of 25% applicable earlier. These entities were required to maintain KYC…

ESAAMLG completes its mutual evaluation of Angola’s AML/ CFT system

Angola should take necessary steps to collect information necessary to assess and understand the ML/TF scale/magnitude through review of the NRA or any other risk assessment process including risks from VASPs, legal persons and arrangements and NPOs…

HKMA hosts AML Regtech Lab, supporting an agile, coordinated and strategic response to digital fraud and financial crime

The AMLab series helps enhance capabilities in the use of data and technology to respond effectively to the heightened threat of digital fraud and related ML, which increasingly threatens the integrity of our banking system as well as undermines trust in digital financial services…

FATF notes the improvement made by Mexico in relation to its AML/CFT regime and re-rates the country on two recommendations

The country has been re-rated on two recommendations notably: Rec. 18 is upgraded from Partially Compliant to Largely Compliant and Rec.  24 is from Partially Compliant to Largely Compliant. Of the 40 Recommendations, Mexico currently has 10 Recommendations rated…

FINTRAC issues special bulletin relevant to Russia-linked money laundering activities

The content of this Bulletin can be used by reporting entities to identify and assess money laundering and terrorist activity financing risks, apply controls and measures to mitigate these risks, and effectively detect and report suspicious transactions to FINTRAC…

MENAFATF publishes typologies report on the abuse of NPOs in TF activities

The methods and techniques used to commit terrorist crimes associated with the NPO sector represent a challenge for entities which are competent to fight these crimes and pose many challenges for competent entities to combat them, clearly putting the countries’ ability …