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Vietnam joins Multilateral Convention to tackle tax evasion and avoidance

The signing will pave the way for Viet Nam to engage in the exchange of information with 146 other jurisdictions, including all major financial centres. These exchange relationships will be added to over 8 000 exchange relationships already in place under the Convention…

ESAAMLG publishes report on illicit dealings in gold, diamond and rubies and related ML/TF

The report includes a list of risk indicators and case studies that can help the concerned institutions in the ESAAMLG Region to identify and investigate illicit activities in the precious stones and metals markets, and also highlights the importance of rapidly identifying…

Hong Kong SFC consults on proposals to regulate virtual asset trading platforms

The Consultation Paper on the Proposed Regulatory Requirements for Virtual Asset Trading Platform Operators covers (i) licensing and conduct requirements concerning Platform Operators and (ii) AML/CFT requirements applicable to virtual asset service providers (“VASP”)…

FINTRAC on proposed changes to the Canadian AML/CFT regime

The proposed amendments to the regulations would prescribe a formula for FINTRAC to assess the expenses it incurs in the administration of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act against reporting entities, impose AML/ATF obligations on mortgage lending entities…

MONEYVAL Fifth Round Mutual Evaluation Report on Monaco

Moneyval encourages Monaco to “further strengthen measures to combat ML and TF, in particular when it comes to investigating and prosecuting money laundering, confiscating and recovering proceeds of crime as well as strengthening its supervisory system…

 

CBUAE issues new Guidance on AML/CFT for licensed FIs on the use of digital ID for CDD

The Guidance will aid licensed FIs in evaluating risks and carrying out their legal AML/CFT requirements effectively, while considering the standards of the FATF. It covers identity verification, enrollment, and authentication methods with respect to LFIs’ usage of digital ID…

UNODC Myanmar Opium Survey 2022

Myanmar’s farmers are flocking back to opium poppy cultivation amid rising prices for the contraband crop and an economic nosedive that’s wiping out jobs, reversing nearly a decade of declines, according to the latest data from the United Nations…

Methods of laundering money from corruption by PEP using international fund transfers

An examination of international money laundering case studies reveals 5 main methods of laundering the proceeds of corruption. These methods illustrate how public officials use similar money laundering methods as those used by organised crime groups…

 

South Africa passes two key pieces of legislation to prevent greylisting by FATF

The house of parliament have passed two significant pieces of legislation in efforts to tighten the country’s laws on ML, corruption, and terrorism. The primary laws of the AML and CFT amendment bill and the protection of consultation democracy against terrorism will…

AUSTRAC releases Australia’s first national proliferation financing risk assessment

The results of this assessment have found that Australia is primarily targeted by state-based or linked procurement networks that wish to exploit a range of sectors to export restricted, sensitive or dual-use goods and knowledge. Procurement networks targeting Australia …

Corruption Watch reports on beneficial ownership transparency in the South African extractives sector

Establishing a beneficial ownership registry in South Africa will help to improve financial transparency, the transparency of value chains and provide information for companies and the public about companies and who owns and controls them…

 

FINTRAC on Large Cash Transaction Reporting

FINTRAC publishes updated resource documents to help reporting entities prepare for changes to the Large Cash Transaction Report form. It has made minor updates to the draft documents listed on this page to further streamline the new LCTR form, validation rules…