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MAS on misconduct reporting requirements

MAS seeks views on the revised notices on misconduct reporting requirements – consultation on Revised Notices on Misconduct Reporting Requirements under the Financial Advisers Act, Insurance Act and Securities and Futures Act…

China’s banking regulators issue warning against NFTs

Three Chinese banking watchdogs have issued a warning against non-fungible tokens (NFTs). While NFTs are an innovative application of blockchain technology that can enrich the digital economy, they could potentially be used for ML, speculation, illegal financial activities…

Malta FIAU issues Guidance Note on MLRO

The FIAU trusts that this Guide will enhance subject persons’ understanding of the importance of this role and ensure that anyone appointed as MLRO or holding the said position is able to exercise the associated functions in an effective manner…

EC removes the Bahamas from AML blacklist

The Bahamas was removed from the European Commission’s List of Third-country Jurisdictions which have strategic deficiencies in their AML/CFT Regimes (AML Blacklist). This decision was finalized after The Bahamas was assessed under…

Japan to Tighten Crypto Rules for Preventing Sanctions Evasion

Japan is planning to make stricter rulings on cryptocurrency exchanges, as the country announced plans to amend its Foreign Exchange and Foreign Trade Act, intended to crack down on any loophole that allows sanctioned countries like Russia to evade sanctions through cryptos…

GIABA report on ML risks of casinos and gambling sector in West Africa

The key focus of this project is the development of a detailed vulnerabilities study on the risks of the casinos sector in West Africa, including risks of money laundering and other forms of illicit financing in the sector…

Nigerian amends ML Act, banks to report deposits to EFCC

The Senate passed a bill to amend the Money Laundering Act 2011, which makes it mandatory for Deposit Money Banks and other financial institutions to report to the Special Control Unit Against ML under the Economic and Financial Crimes Commission…

Argentina includes crypto firms in AML regulations

Argentina’s ML regulator is working to add service providers in the cryptocurrency ecosystem to its list of entities subject to reporting and recording customer transactions. Crypto firms will have to implement KYC procedures and report suspicious transactions with digital assets…

TI Madagascar’s plan to pull rosewood stockpiles out of CITES

Madagascar will propose a new approach to managing its extremely valuable rosewood stockpiles at the 74th meeting of the Standing Committee (SC74). TI and EIA believe this approach will lead to laundering and a lack of transparency and accountability…

MAS announces first Singaporean Presidency of FATF

At the Financial Action Task Force (FATF) Plenary that ended on 4 March 2022, the Plenary officially selected Mr. T. Raja Kumar as its next President, to replace Dr. Marcus Pleyer. Mr. Raja will assume office on 1 July 2022 for a fixed two-year term…

Ghana: Recover Proceeds From Economic Crime

Ghana creates new economic crime board in the hope of recovering proceeds of crime. The Board is expected to formulate policies necessary for the EOCO to be able to prevent and detect organised crime as well as to facilitate the confiscation of the proceeds of crime…

AUSTRAC proceedings in Federal Court against Crown

AUSTRAC will commence civil penalty proceedings in the Federal Court against Crown Melbourne and Crown Perth for alleged serious and systemic non-compliance with Australia’s (AML/CTF) laws..