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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, […]
Ukraine’s corruption: possible solutions to an endemic problem
On 23th September 2014, KyivPost published an article written by Daniel Bilak, who is a Kyiv-based international lawyer, which underlines a few interesting considerations in relation to one of the most serious problems in Ukraine, corruption. Mr Bilak provides his recipe for tackling this issue. This includes adopting reforms in the following three key sectors: 1. Lustration of […]
Commerzbank in U.S. probe over money-laundering allegations
On the 29th September, Market Watch reported that the Manhattan U.S. attorney is investigating Commerzbank AG for alleged violations of money-laundering laws, potentially throwing a wrench in efforts by Germany’s second-largest bank to settle separate allegations that it violated sanctions by doing business with Iran and Sudan. The sanctions probe is more advanced, and Commerzbank had […]
Bosnia and Herzegovina: continued lack of progress in anti-money laundering / counter-terrorist financing legislation
MONEYVAL issued a revised public statement on Bosnia and Herzegovina On 19th September 2014, the Council of Europe’s anti-money laundering body MONEYVAL adopted, at its 45th plenary meeting (15-19 September), a public statement under Step 3 of its Compliance Enhancing Procedures in the light of continued lack of progress on legislation to address MONEYVAL’s concerns. MONEYVAL […]
Solicitors: NCA consent request guidelines
On 23rd September 2014, the Law Society of England and Wales has published general guidelines for completing a NCA consent request. As reported, the guidelines were drafted as a result of discussions held between the Law Society’s Money Laundering Task Force (MLTF) and the NCA regarding common reporting errors and the complexity of NCA guidance in […]
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