AML Corner
Archive for October, 2014
De-risking: FATF clarifies what the best approach to take is
Today, FATF has issued a press release on the topic of the first day of the FATF Plenary meeting, the issue of de-risking. There are few considerations which can be drawn. Firstly, the FATF defines what is generally accepted as “de-risking” : It refers to the phenomenon of financial institutions terminating or restricting business relationships […]
Luxembourg drops bank secrecy rules
On 14th October 2014, Reuters reported that Luxembourg agreed to end its bank secrecy rules from 2017, yielding to a decade of pressure from Germany and the United States and marking a breakthrough in global efforts to reduce tax evasion. Luxembourg, whose banks hold deposits worth 10 times the nation’s annual economic output, said it would adopt an international standard […]
The Cayman Islands: national money laundering assessment launched
Today, Compass Cayman has reported that the Cayman Islands has launched a national assessment of its money laundering and terrorist financing risks with a series of workshops organized jointly by the Cayman Anti-Money Laundering Unit and the World Bank this week. A team from the World Bank visited the Cayman Islands from Oct. 13 to […]
The great British money launderette
Following our previous post on the Russia Laundromat, the Independent has published today an exclusive joint investigation with the Organised Crime and Corruption Reporting Project, a NGO. What has been defined as “the great British money launderette” has identified dozens of firms in a global web spreading from Birmingham to Belize. Front companies in the UK are […]
Japan drafts anti-money laundering bills under pressure from FATF
Oct 10 2014 – Reuters reported that Japan’s cabinet approved bills on Friday aimed at tightening rules against money laundering and terrorist financing in a bid to avoid getting on an international watchdog’s list of high-risk and non-cooperative jurisdictions. The move came months after the Financial Action Task Force (FATF), a global standard setter for […]
Myanmar takes global lead on company ownership transparency
On 09th October 2014, Global Witness published a report in which 25 oil and gas companies in Myanmar have set a global precedent by publishing who their real owners are. “People need to know who is buying up their most valuable assets – this is a global first in one of the places you might […]
Singapore: new cash transactions report threshold soon implemented for Precious Stones and Metals Dealers
Precious stones and metals dealers will have to report cash transactions exceeding S$20,000 or its equivalent from Oct 15, as part of new rules aimed at preventing money laundering, the Government said on Wednesday (Oct 8). “Precious stones and metals are portable, highly valuable, and can be easily bought and sold. These characteristics make it […]
Guyana must toughen law against money laundering, bank group says
The Caribbean Association of Banks is urging Guyana’s legislature to approve an amendment to the country’s 2009 Anti-Money Laundering and Combating the Financing of Terrorism Act. “The passage of the AML bill is not only about Guyana, but also about the international financial sector as a whole in order to protect all financial systems, within […]
Ukraine: the Parliament approves anti-corruption law
As reported by the Global Post, the Ukrainian parliament on Tuesday approved in the first reading a package of laws aimed at preventing and combating corruption in governmental bodies. A total of 256 lawmakers of 272 present at the assembly voted for the landmark anti-corruption strategy of Ukraine for 2014-2017, which includes setting up a […]
Ukraine: Parliament’s action needed on anti-corruption law
Following our previous post last week, today Transparency International and its partner in Ukraine has called on the Ukrainian parliament to pass a series of anti-corruption laws in a vote tomorrow that would create a strong framework for tackling the systemic corruption that has crippled social well-being and economic growth in Ukraine. In a special session, […]
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