The crown dependencies of the Isle of Man, Guernsey and Jersey have put on hold their plans to open up their beneficial ownership registries to the public. The three territories, that are not part of the UK but are self-governing… Read More ›
EU
Top EU court judgment allowing beneficial owners anonymity to general public may hinder AML/CFT compliance processing
The decision of the European Union Court of Justice (ECJ) that beneficial owners of registered companies can remain anonymous to the general public may hinder the ability of financial institutions seeking to quickly and easily obtain beneficial ownership in the… Read More ›
MENA trade-based financial crime reference guide launched
With a long tradition of trade, the Middle East and North Africa (MENA) region shares trade-based financial crime (TBFC) typologies with other global trading hubs, according to a new guide published by the MENA chapter of the Global Coalition to… Read More ›
Cross-border banking scandals prompt EBA calls for more cooperation between supervisors in AML/CFT colleges
The European Banking Authority (EBA) has published a new report that calls for more proactive engagement between supervisors in anti-money laundering and counter financing of terrorism financing (AML/CFT) colleges. This is the authority’s second report on the functioning of AML/CFT… Read More ›
Dutch financial supervisors’ informal warnings miss opportunities to use full range of sanctions
Despite two recent high profile out-of-court settlements involving major Dutch banks, some of the Netherland’s supervisors still heavily rely on informal enforcement actions and warning letters according to the Financial Action Task Force (FATF). In its Mutual Evaluation Report Netherlands-2022,… Read More ›
EU bans Russian gold imports, tightens export controls and restricts shipping
The EU Council has adopted further sanctions against Russia, effectively banning its most significant export after energy – Russian gold. It has also introduced new measures to prevent circumvention of sanctions by ships and extends the list of dual-use and advanced… Read More ›
EU set to join UK, Canada, US and Japan by banning imports of Russian gold
The European Commission (EC) has set out plans to introduce a new import ban on Russian gold to align with the announcement last month that the UK, Canada, US and Japan would do so in an attempt to stem funding for… Read More ›
Financial services providers, importers and exporters could face criminal charges for breaching EU restrictive measures
Providers of financial services such as loans and credit as well as importers and exporters who participate in activities sanctioned or otherwise prohibited or restricted by the European Union (EU) could face criminal charges if a proposal by the European… Read More ›