The latest deadly strain of coronavirus emerged, according to the Chinese Center for Disease Control and Prevention, from a market in the city of Wuhan selling everything from rats to wolf pups and civet cats.… Continue Reading
Despite enacting new laws this year aimed at money laundering and terrorist financing, Brazil has again come under fire for apparent weakness in its ability to meet international enforcement standards.… Continue Reading
A central topic to the investigation and prosecution of corruption is the criminal offense of money laundering. In the past years, the intergovernmental Financial Action Task Force or FATFA has noted that Mexico has an adequate system to tackle money laundering and terrorist financing, but should step up efforts in pursuing launderers and confiscating their assets.… Continue Reading
The Financial Action Task Force (FATF) has joined the global regulatory initiatives to combat transnational crypto-crimes by updating its Anti-Money Laundering and Countering Financing of Terrorism (CFT) cross-border risk guidelines for cryptocurrencies, initially published in 2015. … Continue Reading
Since the FATF 40 Recommendations were published in 1990, Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) compliance became one of the most regulated fields. By contrast, anti-corruption compliance is developing under the influence of international soft law.… Continue Reading
This month is the one year anniversary of the Panama Papers, a leak of 11 million documents from the Mossack Fonseca law firm that showed how easy it is for corrupt public officials, money launderers, drug traffickers and other criminals to hide behind anonymous companies and access the global financial system.… Continue Reading
You arrive in a new city on a rainy day and check into your top floor hotel room, only to find the roof is leaking.
When the receptionist comes to check, he looks up and says, “I don’t see what the problem is, madam.… Continue Reading
Singapore demonstrates a strong anti-money laundering and counter financing of terrorism (AML/CFT) legislative framework but despite this, it shows significant weaknesses in its effective implementation, according to a recent review by the Financial Action Task Force. … Continue Reading
The U.S. Treasury Department’s Financial Crimes Enforcement Network sets risk-based compliance obligations of U.S. financial institutions. FinCEN directs counter-measures against the countries with the highest risk and enhanced due diligence against others.… Continue Reading
Japan has not done enough to combat money laundering, an international watchdog said on Friday, urging the government to adopt measures such as legislation that criminalizes terrorist financing.
The Financial Action Task Force (FATF) in Paris referred to its 2008 report on Japan, which highlighted deficiencies such as a lack of internal controls among financial institutions to prevent and detect illicit money transfers, Reuters reported on Saturday.… Continue Reading
Afghan president Hamid Karzai said Wednesday that he signed a key package of legislation aimed at combating financial crime, making it less likely the country will be added to the Financial Action Task Force’s blacklist this week.… Continue Reading