24th June 2019
Saudi Arabia has been granted full membership of the Financial Action Task Force (FATF), a global body dedicated to fighting illicit money flows, Saudi Arabia’s monetary authority said on Friday. The kingdom had been previously denied membership after not meeting criteria in anti-money laundering and counter terrorism financing, and its… Read More
24th June 2019
Three European central bankers are claiming oversight over Facebook’s planned virtual currency to ensure it will not jeopardize the financial system or be used to launder money. Facebook drew worldwide interest this week when it announced plans to introduce a cryptocurrency called Libra, part of an effort to expand into… Read More
24th June 2019
The Russian Federation removed identifying information for Crimean companies from its public corporate register on Tuesday, drawing criticism from anti-corruption advocates, the Organized Crime and Corruption Reporting Project (OCCRP) said. The deletions include the names of all domestic and foreign investors and business owners in the region, which Russia formally… Read More
21st June 2019
Cryptocurrencies such as bitcoin are set to be subjected to rules to prevent their abuse for money laundering, a global watchdog will announce on Friday, the first worldwide regulatory attempt to constrain the rapidly growing sector. The Paris-based Financial Action Task Force (FATF), a coalition of countries from the United… Read More
21st June 2019
Britain’s financial regulator, responding to calls by lawmakers to make it easier to open a bank account, said there was no need for banks to ease existing rules. Parliament’s Treasury Select Committee published several recommendations in May on improving access to financial services, including requiring banks to relax their restrictions… Read More
21st June 2019
Guernsey, Jersey and the Isle of Man committed on Wednesday to naming the individuals who own or otherwise control corporations operating in their jurisdictions as part of an effort to meet EU anti-money laundering standards. Beginning in 2021, the islands will interconnect corporate beneficial ownership registers with similar databases in… Read More
20th June 2019
China’s central bank said on Wednesday it would strengthen cooperation with countries including European nations to curb cross-border money laundering activities. The People’s Bank of China (PBOC) said in a statement that cross-border cooperation would focus on anti-money laundering regulation, financial information exchange, and asset recovery among other areas. The… Read More
20th June 2019
British financial institutions are filing high volumes of low-quality suspicious activity reports (SARs) and are in need of further guidance on their compliance obligations, according to a report published Tuesday by the Law Commission. The study, which was conducted at the behest of the UK Home Office, concluded that only… Read More
20th June 2019
A bipartisan group of US senators made their case Tuesday for the passage of a draft bill that would obligate corporate disclosures on beneficial owners and overhaul US Treasury Department efforts to fight money laundering. In an op-ed published on CNBC.com, the lawmakers said that “the United States has become… Read More
19th June 2019
AP — Facebook is getting a taste of the regulatory pushback it will face as it creates a new digital currency with corporate partners. Just hours after the social media giant unveiled early plans for the Libra cryptocurrency, French Finance Minister Bruno Le Maire insisted that only governments can issue… Read More