Financial Action Task Force

Anti-Money Laundering

Wolfsberg Group Publishes Guidance on Customer Tax Evasion

By Editors | 15/05/2019

Financial institutions should be able to leverage existing financial crime compliance, conduct and tax (including tax transparency regimes) procedures and controls, to address the risks of customer tax evasion.

Anti-Money Laundering

Japan to Halt Overseas Transfers that Bypass Bank Accounts

By Editors | 06/05/2019

In preparation for this year’s FATF review, Japanese banks will reportedly terminate counter services for overseas remittances that bypass bank accounts.

Anti-Money Laundering

FATF Releases Mutual Evaluation Report on China

By Editors | 19/04/2019

Some of the gaps identified relate to an insufficient focus on non-financial businesses and professions, difficulties identifying beneficial ownership, and an inadequate sanctions framework.

Anti-Money Laundering

FATF to Adopt ‘Open-ended’ Mandate Starting in 2020

By Editors | 17/04/2019

The new open-ended mandate recognises FATF’s leadership role and strengthens its capacity to respond to threats facing the financial system.

PEPs & Sanctions

Southeast Asia Vulnerable to North Korea Crypto Activity

By Editors | 15/04/2019

New RUSI research reveals how North Korea can exploit cryptocurrency, particularly in Southeast Asia, to circumvent international sanctions.

Anti-Money Laundering

UN Security Council Resolution Targets Terrorism Financing

By Editors | 01/04/2019

The UN Security Council has adopted a resolution calling on member states to beef up efforts to identify, prosecute and penalise those directly or indirectly financing terrorism.

Anti-Money Laundering

FATF Gets Tough on Virtual Assets and Their Service Providers

By ComplyAdvantage | 27/02/2019

If the FATF Interpretive Note is adopted, virtual assets and their service providers could fall under the same level of regulatory scrutiny as seen in traditional banking, says ComplyAdvantage.

Anti-Money Laundering

FATF Consults on Risk-Based Approach for Professional Services

By Editors | 27/02/2019

The FATF is consulting on draft guidance on the application of a risk-based approach to AML/CFT in the legal, accountancy, and trust and company service providers sectors.

Anti-Money Laundering

FATF Commends China, Sri Lanka; Watchlists Cambodia

By Manesh Samtani | 26/02/2019

The Financial Action Task Force has marked the end of its fourth round of mutual evaluations with an announcement of its latest plenary session last week.