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FMSB publishes for consultation a transparency draft of a standard for client onboarding, and identifies current inefficiencies within the UK’s Reg.

The draft identifies current inefficiencies within the UK’s regulatory requirements and guidance for ‘Know Your Client’ (KYC) due diligence. The shortcomings highlighted include: The guidance rarely specifies precise data points to be populated or parameters for evidence which firms may accept to conduct satisfactory due diligence…

 

EAG publishes First Follow-up Report on the Russian Federation

Outlines re-rating of Russia of Four Recommendations following progress between October 2019 and July 2023.

Europol releases ‘Sinking Drug Shipments’ podcast exploring Europe’s port and how they are fighting organised crime

Organised crime networks are always adapting their methods, trying to stay one step ahead of law enforcement. This is especially true for their illegal shipments; drugs, counterfeits and other illicit goods are constantly being uncovered and intercepted by law enforcement in unexpected places. One of the key avenues criminals exploit in their logistics is maritime ports….

 

Eurojust supports full-scale action against EUR 2 billion money laundering network via Lithuania

In total 55 places were searched and over EUR 11.5 million in assets and bank accounts have been frozen. Eurojust and Europol played pivotal roles in facilitating and coordinating the international activities.

EPPO uncovers €220m VAT fraud involving Italian alcohol exporters

The investigation uncovered a highly skilled white collar criminal organisation suspected of using false invoices to evade the payment of taxes for exporting large quantities of alcoholic beverages, using an intra-community VAT ‘carousel’ fraud – a complex criminal scheme that takes advantage of EU rules on cross-border transactions between its Member States, as these are exempt from value added tax (VAT).

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

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.

FATF Plenary Outcomes, 21-23 February 2024 – key developments

The key outcomes include introduction of a new risk-based guidance for implementing Rec.25, enhancing transparency in legal arrangements like trusts, public consultation on a range of options for adapting FATF Standards to changes in new payment systems’ business models and messaging standards (Rec.16), final modifications to Rec.8 to safeguard non-profit organisations…

Wolfsberg Group responds to EBA consultation on travel rule guidelines

Offers detailed suggestions on how the Guidelines may be further improved by acknowledging the various roles played by Payment Service Providers n a transfer chain and addressing the potential unintended consequences of the new requirements around batch payments.

MONEYVAL publishes Fifth Round Mutual Evaluation report on Azerbaijan

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

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.

DEA issues letter to E-commerce companies on the sale of pill presses used to make fentanyl pills

In 2023, the Drug Enforcement Administration seized over 79 million fake pills containing fentanyl—a more than 33% increase from the year before. DEA laboratory testing currently indicates that 7 out of 10 pills contain a potentially deadly dose of fentanyl.

FATF sets out methodology for the fifth round of mutual evaluations

The next round of mutual evaluations will be a six-year cycle, significantly shorter than earlier rounds, which lasted 10 years on average. There will be a strenghtened focus on effectiveness and greater emphasis on the major risks and context. Recommendations will also be more results-oriented