US treasury secretary, Janet Yellen, said on Tuesday that she was launching a commitment by Washington and more than twenty foreign governments and authorities to enhance beneficial ownership transparency. Speaking at the Biden-Harris Administration’s second Summit for Democracy, she said the… Read More ›
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) on Friday published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information reporting requirements taking effect on… Read More ›
Swiss banks UBS and Credit Suisse are among banks under investigation by the US justice department in a probe into whether bankers helped Russian oligarchs evade sanctions, Bloomberg reports, citing unnamed sources. Subpoenas were sent to individual bankers before the… Read More ›
The American Bankers Association (ABA) is urging the Financial Crimes Enforcement Network (FinCEN) to make changes to the form that entities will use to report beneficial ownership information to the registry that FinCEN is creating to store this information. Financial… Read More ›
The US is continuing its blitz of sanctions on third-country entities that Washington believes are helping sanctioned entities to continue doing business in global markets. The latest sanctioning of 39 entities in Hong Kong, Singapore, Turkey and the UAE relate… Read More ›
The Australian Federal Police (AFP) is launching a multi-agency taskforce to target criminals who are laundering tens of millions of dollars in Australia every day to bankroll lavish lifestyles and further crime. Taskforce Avarus will target criminal syndicates involved in,… Read More ›
The Financial Action Task Force (FATF) has published its updated guidance paper outlining tougher global beneficial ownership rules aimed at preventing criminals from hiding their illicit activities and money behind secret corporate structures. Beneficial Ownership of Legal Persons (Recommendation 24)… Read More ›
The African Development Bank (AfDB) and the Coalition for Dialogue on Africa (CoDA) have launched a three-year support project to improve regional coherent and coordinated responses to illicit financial flows (IFFs). The project aims to ensure that policies and practices… Read More ›