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IMF publishes detailed assessment report on AML/CFT in the British Virgin Islands

February 27, 2024

Analyses the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of VI’s AML/CFT system and provides recommendations on how the system could be strengthened.

MONEYVAL publishes Fifth Round Mutual Evaluation report on Azerbaijan

February 26, 2024

Notes that conversion from intelligence obtained through suspicious transactions reports (STRs) and other reports into case investigations and ultimately prosecutions is insufficient. The absence of a beneficial ownership framework is also remarked upon.

CFTAF publishes Mutual Evaluation Report on the British Virgin Islands

February 26, 2024

Finds that the overall understanding of ML/TF risks is “fair and narrow”, although most prosecutions comprise simple cases of possession of cash proceeds derived for drug trafficking.

FINTRAC updates guidance related to the ministerial directive on financial transactions associated with Russia

February 23, 2024

This guidance is related to the Ministerial Directive issued by the Minister of Finance that was published in the Canada Gazette and came into force on February 24, 2024.

Singapore’s biggest money laundering case tests city’s weak property market

February 22, 2024

A mass sale of prized real estate seized in Singapore’s biggest money-laundering case is set to provide a key test of demand for a niche part of the financial hub’s property market. More than a dozen so-called shophouses, each worth millions of dollars, have been put on sale as the nation’s largest bank, DBS Group Holdings, steps up efforts to reduce…

UAE banks limit payments with Russia over secondary sanctions threat

February 19, 2024

Major lenders in the UAE have begun to close bank accounts belonging to Russian nationals as a response to the threat of secondary sanctions from the US. These warnings had already led to banks in China and Turkey to restrict accounts of Russian nationals…

Hong Kong Customs detects largest money laundering case on record involving about $14 billion

February 16, 2024

Hong Kong Customs mounted an enforcement operation codenamed “Daybreak” and successfully dismantled a large-scale transnational money laundering syndicate which had laundered about $14 billion through transnational trade activities, as well as a money laundering operation centre…

The White House releases notice on the continuation of the national emergency with respect to the situation in Burma

February 13, 2024

The situation in and in relation to Burma, and in particular the February 1, 2021 coup, in which the military overthrew the democratically elected civilian government of Burma and unjustly arrested and detained government leaders, politicians, human rights defenders, journalists, and religious leaders, thereby rejecting the will of the people of Burma as expressed in elections held in November 2020…

The White House issues notice on the continuation of the national emergency with respect to the widespread humanitarian crisis in Afghanistan and the potential for a deepening economic collapse

February 13, 2024

The widespread humanitarian crisis in Afghanistan including the urgent needs of the people of Afghanistan for food security, livelihoods support, water, sanitation, health, hygiene, and shelter and settlement assistance, among other basic human needs and the potential for a deepening economic collapse in Afghanistan continue to pose an unusual and extraordinary threat to the national security…

Moneyval calls on Azerbaijan to step up investigations and prosecutions of money laundering and improve supervisory arrangements

February 12, 2024

MONEYVAL’s evaluation report on Azerbaijan notes that the country demonstrates a fair understanding of ML/TF risks, according to which domestic corruption, tax related crimes, smuggling and drug trafficking are the main ML predicate offences.

GAFILAT publishes enhanced follow-up report and technical compliance re-rating of Costa Rica

February 11, 2024

Note minor deficiencies in the implementation of the requirements in Recommendations 17, 22 and 28 and these have been re-rated.

GAFILAT publishes Mutual Evaluation Report on Boliva

February 8, 2024

Finds a good understanding of ML/TF risks, but a comparatively limited enforcement environment.