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Beyond FS releases white paper on ‘Fine Prevention: Why financial crime and regulatory programmes fail and how to fix them’

For financial institutions, the challenge posed by criminal activity such as money laundering, and the regulatory response to it, is constantly evolving. As a result, institutions frequently find themselves having to establish resource-intensive financial crime and regulatory change programmes, including large remediation projects.

Reserve Bank consults on issuing digital cash in New Zealand

The focus of this consultation is the use of digital cash by individuals.

UAE, Gibraltar set to remain on EU’s ‘high risk’ watchlist until September at earliest

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗰𝗼𝗻𝗰𝗲𝗿𝗻𝘀 𝗿𝗮𝗶𝘀𝗲𝗱 𝗯𝘆 𝘁𝗵𝗲 𝗣𝗮𝗿𝗹𝗶𝗮𝗺𝗲𝗻𝘁 𝗿𝗲𝗴𝗮𝗿𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗨𝗔𝗘: Recent reports from credible civil society organisations (CSOs) that have highlighted outstanding deficiencies in the UAE’s AML/CFT framework, Persistent status as one of the primary providers of financial secrecy in the world…

 

UK Govt announces global call to action to tackle illicit finance through increased transparency of company ownership, ahead of World Bank Spring Meetings

Transparency about who owns, controls, or benefits from companies is a cornerstone of preventing and combatting corruption, organised crime, and tax evasion.   The UK is leading the call to action with contributions of £2 million to trust funds managed by the World Bank and the International Monetary Fund (IMF) to tackle corruption, money laundering, and illicit finance…

New research from Moody’s reveals the far-reaching risk of shell companies and their role in financial crimes such as money laundering

Moody’s new research reveals this risk is far-reaching. As of November 2023, more than 21 million risk activity flags have been raised by Moody’s Shell Company Indicator across 472 million companies…

MAS and Mastercard signed an MoU to enhance cooperation in cybersecurity, with the aim to strengthen cyber resilience in the financial services sector in Singapore

The strategic partnership aims to further cement the collaboration between MAS and Mastercard in: bilateral information sharing of cyber threat intelligence to raise cyber situational awareness in the financial services sector; joint analysis of the latest cyber threats impacting the financial services sector to produce actionable insights and recommendations on possible countermeasures; and competency-building activities, such as joint cybersecurity exercises, staff training and study visits…

AML RightSource releases the 2024 Financial Crime Market Outlook: The United Kingdom and Europe

Banks and financial institutions operating in these areas will face increased scrutiny and must take the necessary safeguards to ensure compliance in 2024, including accurate risk assessments and enhanced due diligence measures….

Council of the EU gives green light for EU law on asset recovery and confiscation

The Council adopted a law which sets out EU-wide minimum rules on the tracing, identification, freezing, confiscation and management of criminal property in connection with a wide range of crimes.

OCCPR highlight that Belarusian timber finds its way to EU despite sanctions

The EU banned imports of wood from Russia and Belarus in March 2022, shortly after Moscow invaded Ukraine. Until then, only Belarus exported timber worth around one billion euros annually. But since the ban came into effect, the EU suddenly saw an influx of wood supposedly coming from Kazakhstan and Kyrgyzstan…

FATF publishes Status of implementation of Rec. 15 by FATF Members and Jurisdictions with Materially Important VASP Activity

FATF notes that many countries have yet to fully implement the FATF’s requirements on virtual assets and virtual asset service providers to prevent their misuse for illicit finance. The lack of implementation of these requirements (Rec. 15) leaves significant loopholes globally, that criminals and terrorists exploit.

FIAU Malta publishes guidance document in relation to goAML Rejection Rules

The purpose of this guidance document is to provide an overview of the goAML Rejection Rules following the Web Report validation process. These Rejection Rules serve as an additional automated filter prior to the acceptance stage. This is to ensure that submissions made include as much information as possible to assist with the prompt assessment and prioritisation of reports received by the FIAU.

Europol publishes ground-breaking report uncovering the most significant criminal networks threatening the security of the EU

Describes, in detail, how the most threatening criminal networks are organised, which criminal activities they engage in, and how and where they operate.