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Archive for November, 2014

Beneficial ownership: what’s the G20′s position?

By ⋅ November 18, 2014 ⋅ Post a comment

At the last G20 summit in Australia, the Anti-Corruption Working Group (ACWG)  reported to Finance Ministers and Central Bank Governors that the ACWG agreed that G20 countries will lead by example by developing G20 High-Level Principles on Beneficial Ownership Transparency that will set out concrete measures G20 countries will take to prevent the misuse of and ensure […]

FCA update: how is money laundering and sanctions risk managed by small banks?

By ⋅ November 17, 2014 ⋅ Post a comment

On 14th November 2014, the Financial Conduct Authority  (FCA – formerly known as Financial Conduct Authority) published a new report on how small banks manage money laundering and sanctions risk. The report follows up the previous review on Bank’s management of high money-laundering risk situations (AML review) carried out by the Fincial Services Authority (FSA) in 2011. […]

Who is your real Beneficial Owner? Comments on the new guidance published by FATF

By ⋅ November 10, 2014 ⋅ One comment

On 24 October 2014, the Financial Action Task Force (FATF) published two guidance, one of those is on the “Transparency and Beneficial Ownership” (“Guidance”). The Guidance is mainly directed to assist law enforcement and other competent authorities in deterring and preventing the misuse of corporate vehicles by money launders. In doing so, the FATF has […]

Money laundering prevention guide a global first for lawyers

By ⋅ November 6, 2014 ⋅ Post a comment

On 05th November 2014, the International Bar Association (IBA) in conjunction with the American Bar Association (ABA) and the Council of Bars and Law Societies of Europe (CCBE) has published a new AML guide aiming to provide lawyers across the world with practical guidance in detecting and preventing money laundering. As stressed in the IBA’s update, a Lawyer’s Guide to Detecting and Preventing […]

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