Featured Terrorism Financing

Luxembourg Falls Further Behind EU AML Rules As Companies Fail To Disclose Ownership

Luxembourg has approved a further delay for companies to register their beneficial ownership details after 53% of affected entities failed to do so by the initial deadline. More than 68,000 companies had not provided the required information by the August 31 deadline and they have now been given a further… Read More

Moneyval: Malta must step up investigation and prosecution of money laundering

In a report published today, the Council of Europe’s anti-money laundering body MONEYVAL calls on the Maltese authorities to strengthen their practical application of their measures to combat money laundering and financing of terrorism. The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is… Read More

New U.S. Powers Help Target Terrorist Financing, Treasury Official Says

The U.S. plans to use expanded counterterrorism powers to target foreign financial institutions that facilitate terrorist financing, leaders of terrorist groups and those participating in terrorist training over the internet, a U.S. Treasury Department senior official said. “Foreign financial institutions should be on notice that the U.S. government will fully… Read More
12th September 2019
Australia’s anti-money laundering regulator disclosed a $252,000 infringement notice against Compass Global Holdings Pty Ltd for failing to report international transactions as required by a 2006 law. The Australian Transaction Reports and Analysis Centre, or AUSTRAC, said the cross-border transactions occurred in 2018 and 2019. Under the Anti-Money Laundering and Counter-Terrorism Financing… Read More
12th September 2019
The anti-money laundering body of the Council of Europe, Moneyval, said on Wednesday that Moldovan authorities need to fully and consistently use the legislative framework in order to combat money laundering. Moldova should also increase the effectiveness of confiscation of proceeds, in particular regarding extended confiscation, the Council of Europe said… Read More
12th September 2019
His Highness the Amir Sheikh Tamim bin Hamad al-Thani on Wednesday issued Law No. 20 of 2019 to issue a law on combating money laundering and terrorism financing. The law is effective starting from the day following the date of its publication in the official gazette. Qatar Central Bank (QCB)… Read More
11th September 2019
The global anti-money laundering watchdog is closely monitoring developments on Facebook’s planned Libra cryptocurrency, its new head told Reuters on Tuesday, in the latest sign of growing regulatory scrutiny of the project. The Facebook-led Libra project is mooted for launch by June next year. Regulators’ and politicians’ concerns range from… Read More
10th September 2019
Britain’s new system of banker accountability has led to a “tangible” improvement in culture but modest changes are still needed, UK Finance said on Tuesday. The trade body for banks in Britain published the sector’s first major appraisal of the senior managers and certification regime (SMCR) introduced in 2016 as… Read More
10th September 2019
Pakistan on Monday submitted detailed answers to 125 questions posed by the Financial Action Task Force (FATF) on moves taken by it to strengthen anti-money laundering and combat financing of terrorism, as Islamabad seeks to move out of the FATF Greylist. The report was submitted by Pakistan’s Minister for Economic… Read More
10th September 2019
When Lafarge, one of the world’s leading producers of building materials, acquired a cement plant in the north Syrian town of Jalabiya in 2007, it was with the hope of expanding into the Middle Eastern markets. The French company—which became LafargeHolcim after merging with a Swiss firm in 2015—spent over… Read More
9th September 2019
The European Union must either centralise its anti-money laundering (AML) and counterterrorist financing (CFT) supervision or take further “evolutionary” steps if it is to fight financial crime effectively, an official said Thursday.  In remarks delivered to the Economic and Monetary Affairs Committee, European Banking Authority (EBA) Chairman Jose… Read More
6th September 2019
Money laundering is a complex type of a white-collar crime. It has far-reaching negative effects upon the economy of any country. What is money laundering? The Financial Action Task Force (FATF) identifies it as the processing of criminal proceeds to disguise their illegal origin. FATF being watchdog of governments’ financial… Read More
5th September 2019
The Trump administration on Wednesday imposed sanctions on an elaborate shipping network that Iran uses to sell oil, and unveiled a $15 million reward to anyone with information that disrupts the scheme, stepping up its effort to exert pressure on the Iranian economy. The sanctions were the latest in a… Read More