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Money Laundering & Terrorist Financing

Over 20 years of articles and reference material

A page dedicated to global, regional, UK and US anti-money laundering developments and initiatives.

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FATF issues call to action to high-risk jurisdictions

October 27, 2023

Applies to the Democratic People’s Republic of Korea, Iran and Myanmar.

New UK Economic Crime and Corporate Transparency Act 2023 (ECCTA) receives Royal Assent

October 26, 2023

The Act brought the most substantial changes in preventing the abuse of the register, new ‘failure to prevent fraud’ offence and enhanced law enforcement powers…

The Bank of England releases ‘feedback statement’ based on its recent industry consultation with updated viewpoints on AI and Machine Learning

October 26, 2023

The document emphasises a balanced approach, aiming to encourage innovation in AI and ML while maintaining robust regulatory measures. It also highlights the need for responsible implementation to ensure stability, security, and ethical considerations in the financial industry…

APGML publishes follow-up report to the Mutual Evaluation of Cambodia

October 25, 2023

Cambodia is re-rated on Recommendation 7, which relates requires countries to implement targeted financial sanctions to comply with the United Nations Security Council Resolutions (UNSCRs) relating to the prevention, suppression and disruption of proliferation of weapons of mass destructions (WMD) and its financing.

APGML publishes follow-up report to the Mutual Evaluation of Myanmar

October 25, 2023

As a result of this progress, Myanmar has been re-rated on Recommendation 14, which relates to MVTS.  However, insufficient progress has been made to justify a re-rating of R.7, R.8,
R.24 and R.26.

NCA releases podcast which unearths the murky world of serious and organised crime

October 25, 2023

The first three episodes released will reveal how some of the UK’s most notorious criminals were captured and put behind bars, including drug smuggler, Robert Dawes, prolific paedophile, Matthew Falder, and weapon trafficker, Harry Shilling.

Jersey FSC updates its AML/CFT/CPF Handbook with revised appendices on high-risk countries and territories

October 24, 2023

This update likely includes changes to the list of jurisdictions considered high risk in terms of ML/TF and other financial crimes, providing financial institutions and stakeholders with current information to strengthen regulatory compliance measures…

FATF publishes follow-up report on the Mutual Evaluation of Finland

October 24, 2023

Finland has nine Reommendations rated Compliant,  28 rated Largely Compliant, 3 Recommendations rated Partially Compliant and none rated Non-Compliant.

RUSI publishes report on “AML Supervision of the professions in the UK: four key challenges and how to address them”

October 24, 2023

The report highlights the challenge in regulating diverse professional sectors, inconsistency in AML regulations across different professional domains, limited resources for supervising AML practices within professional sectors and adaptation of technology…

 

 

EY experts provide their insights on the impact of ESG on sustainability-related choices within the insurance sector

October 24, 2023

The summary includes insights on how organisations can navigate and manage ESG-related risks effectively within the regulatory framework, which involve integrating sustainable practices, disclosure requirements, and compliance strategies…

New guidance on detecting and preventing money mules

October 23, 2023

The FCA published key findings from its multi-firm review of payment account providers’ systems and controls against money mule activity, outlining examples of good practice, areas for improvement and how firms manage the risks…

APGML publishes report on protecting NPOs from terrorist finance

October 23, 2023

Provides a detailed regional analysis of implementation of FATF Standards on protecting NPOs from terrorism financing abuse. It includes a heat map
of strengths and weaknesses for each criterion used to evaluate technical compliance with Recommendation 8.

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