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FATF Plenary Outcomes, 2-4 March 2022

The Plenary approved key work including tougher Beneficial Ownership rules to tackle money laundering, risk-based Approach Guidance for the Real Estate & how FATF can mitigate the unintended consequences of FATF’s…

 

UK Overseas Territories & sanctions against Russia

The UK and other countries introduced sanctions against Russia in response to its military action against Ukraine, targeting its financial sector and assets held by Russian politicians and oligarchs.

Ghana: Recover Proceeds From Economic Crime

Ghana creates new economic crime board in the hope of recovering proceeds of crime. The Board is expected to formulate policies necessary for the EOCO to be able to prevent and detect organised crime as well as to facilitate the confiscation of the proceeds of crime…

HMT fact sheet on the Register of Overseas Entities 

The new register ‘Register of Overseas Entities’ will require anonymous foreign owners of UK property to reveal their real identities to ensure criminals cannot hide behind secretive chains of shell companies, setting a global standard for transparency…

FATF Public Statement on revisions to R.24

The revisions to R.24 will require countries to follow a RBA and consider the risks of legal persons in their countries. They must assess and address the risk posed by legal person, not only by those created in their countries, but also by foreign-created persons which have…

FATF risk-based guidance to the real estate sector 

This Guidance is aimed at professionals working in and involved with the selling and buying of real estate, generally known in this guidance as real estate professionals, to include real estate agents as well as other well as those professionals…

GRECO Fifth Round Evaluation Report on Greece

GRECO has made public its Fifth Round Evaluation Report on Greece which deals with preventing corruption and promoting integrity in central governments (top executive functions) and law enforcement agencies and its Second Follow-up..

EU report on the fight against oligarch structures

EU Parliament publishes report on the fight against oligarch structures and the protection of EU funds from fraud and conflict of interest. It has been calling on the Commission to take prompt action and to remedy the alarming misuse of EU funds by politically prominent wealthy…

AUSTRAC proceedings in Federal Court against Crown

AUSTRAC will commence civil penalty proceedings in the Federal Court against Crown Melbourne and Crown Perth for alleged serious and systemic non-compliance with Australia’s (AML/CTF) laws..

NCA on electronics haul concealed £5m of cocaine

NCA investigation results in prosecution of an individual that concealed £5m of cocaine in an electronic shipment. This cocaine would have fuelled exploitation and violence in the UK and we will continue our work with partners to tackle class A drug trafficking….

UK Government to further clamp down on ‘dirty money’

The new legislation will help the NCA prevent foreign owners from laundering their money in UK property and ensure more corrupt oligarchs can be handed an Unexplained Wealth Order (UWO). Anonymous foreign owners…

Bermuda inclusion on the EU ‘greylist’

Bermuda has already fulfilled all the commitments related to the required exchanges of information recommended by the OECD for Harmful Tax Practices (FHTP) and looks forward to the OECD…