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FINTRAC imposes an administrative monetary penalty on Global West Realty Limited, a real estate broker in Mississauga, Ontario

Global West Realty Limited was found to have failed to:
ensure that an appointed person be responsible for implementing a compliance program;
develop and apply written compliance policies and procedures;
assess and document money laundering or terrorist activity financing risks;
develop and maintain a written ongoing compliance training program; and
institute and document the prescribed review of its policies and procedures, risk assessment and training program.

FATF examines Jamaica’s progress in tackling AML/CTF in the 6th follow-up report to most recent Mutual Evaluation

The country is re-rated on Recommendations 22, 23 and 28 (partially compliant to largely compliant) and Recommendation 24 (partially compliant to compliant).

FATF/GAFILAT mutual evaluation highlights that Brazil has a deep understanding of ML risks, in particular for ML arising from corruption, organised crime, tax crime, drug trafficking, and environmental crimes

Despite progress since the last evaluation in 2010, key challenges remain, including the need for enhanced cooperation and coordination among authorities, particularly the Police, Prosecution Authority, and Tax Office.

MENAFATF publishes outcome of the Mutual Evaluation of Lebanon

Lebanon scored acceptable results on technical compliance in thirty four recommendations out of the FATF forty recommendations whereby “Compliant” or “Largely Compliant” ratings were achieved. In the six other recommendations where improvements are needed, Lebanon received “Partially-Compliant” ratings, thus necessitating some legislative amendments.

China sanctions five US arms manufacturers over Taiwan weapons sales

The countermeasures consist of freezing the properties of those companies in China, including their movable and immovable property, and prohibiting organisations and individuals in China from transactions and cooperation with them. The US arms sales to China’s Taiwan region, seriously harm China’s sovereignty and security interests…

HKMA and FSTB propose stablecoin regulatory regime and introduce sandbox arrangement

The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) in Hong Kong are consulting on a legislative proposal to regulate fiat-referenced stablecoin issuers, incorporating a licensing regime and a sandbox arrangement to manage risks and align with international standards in the Web3 and virtual asset ecosystem…

Seychelles FSA consults on proposed framework for the regulation of Virtual Assets and Virtual Asset Service Providers

The framework has been developed with a view to encouraging innovation and supporting the growth of the VA industry in a responsible and sustainable manner, whilst also importantly addressing and safeguarding against the potential financial crime risks associated with the misuse of VA products and VASP services offered in or from the Seychelles.

FINMA publishes its report on the Credit Suisse crisis

Analyses the development of Credit Suisse between 2008 and 2023 with regard to its strategy, business performance, management decisions, risk management and preparation for crises.

FATF re-rates Germany on two Recommendations from the 2022 Mutual Evaluation

The country has been re-rated on Recommendations 6 and 7, covering sanctions relating to terrorist financing and proliferation.

APGML publishes 2023 typologies report

Report devised to assist governments and other stakeholders to better understand the nature of existing and emerging ML and TF threats in the Asia-Pacific region and pursue effective strategies to address those threats.

TI Russia releases research on ‘Ten years of UK-Russian trade-based money laundering: A collection of long stories’

TI Russia (in exile) analyses the cases of illegal transfer of funds by trade operations from Russia to the UK over the last ten years. The research focuses on Russian court decisions under articles 193 and 193.1 of the Russian Criminal Code for illegal currency transactions…

FCN publishes financial crime dashboard for South Africa

The FCN South Africa Dashboard offers a concise analysis of financial crime, covering threats, vulnerabilities, and responses, with 150 data points including key risk and performance indicators…