The ministers of the Financial Actional Task Force (FATF) at their biennial meeting in Washington last week said they “note with concern” that effectiveness of measures in place to fight money laundering, terrorist financing, and proliferation financing, remains insufficient in… Read More ›
Most countries have yet to make sufficient progress on preventing legal persons and arrangements from being abused for money laundering and terrorist financing according to a landmark report published by the Financial Action Task Force (FATF). Report on the State… Read More ›
Analysis of “long-concealed SWIFT data” to detect where money has been rerouted to should be used in efforts by newly established task forces to sanction Russian oligarchs and companies according to the Tax Justice Network (TJN). It says efforts to… Read More ›
The American Bankers Association (ABA) has responded to the proposal by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) for revised rules on beneficial ownership information reporting requirements (Trade-based Financial Crime, 30 December 2020). The association says it supports… Read More ›
The lead author of the US’ anti-money laundering (AML) act of 2020, senator Sheldon Whitehouse, is urging the Financial Action Task Force (FATF) to strengthen its standards for countries to gather important data in the fight against money laundering. The… Read More ›
The Financial Action Task Force (FATF) says it has published its final report on its survey to identify areas where divergent anti-money laundering and counter financing of terrorism (AML/CFT) rules or their implementation cause friction for cross-border payments. Cross-border Payments… Read More ›
In response to the Pandora Papers, the Financial Action Task Force (FATF) is asking for views on proposed rules for a new strategy for combatting corruption through shell companies or other anonymous entities Countries would be required to establish registries… Read More ›
All actors fighting financial crime should have instant access to high quality, highly usable beneficial ownership data according to the Global Coalition to Fight Financial Crime (GCFFC). In a newly published position paper, GCFFC states its views on beneficial ownership… Read More ›