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National Risk Assessments: keeping the complex simple
Financial Action Task Force members now have to develop national assessments of the money laundering and terrorist financing risks they face. Many are hesitating but since the result can only ever be a work in progress they should not expect too..
Online Published Date:
23 August 2013
Appeared in issue:
206 - 21 August 2013
Basel – back in the sights
The central bankers’ bank has been noticeably quiet on money laundering and terrorist financing in recent years but a consultation paper in June confirms that criminal flows are firmly on its agenda. Alan Osborn reports.
The Basel..
Online Published Date:
23 August 2013
Appeared in issue:
206 - 21 August 2013
Seeking resolution – beneficial ownership in the US
The Obama administration knows that absence of an obligation to identify who owns or controls legal structures is a gaping hole in the US AML regime. Alan Osborn investigates when it might be closed.
On the FATF page
The administration of US..
Online Published Date:
23 August 2013
Appeared in issue:
206 - 21 August 2013
£525,000 penalty for “serious and systemic” AML control failings
‘Guaranty Trust Bank (UK)’ is an ironically apt moniker, suggests a UK Financial Conduct Authority fine of £525,000 for egregious anti-money laundering control shortcomings in relation to high-risk customers.
The deficiencies,..
Online Published Date:
23 August 2013
Appeared in issue:
206 - 21 August 2013
UK consults on beneficial owners register
UK private companies would have to identify the beneficial owners of shares with more than 25% of voting rights, or of any block of shares that gave equivalent control, under proposals by the Department for Business Innovation and Skills. [1]..
Online Published Date:
23 August 2013
Appeared in issue:
206 - 21 August 2013
FATF targets financial sanctions
Is there are right way to operate a sanctions regime? Mark Dunn reviews the international best practice benchmark.
The Financial Action Task Force (FATF) held its last plenary under the Norwegian Presidency in Oslo on 19-21 June prior to..
Online Published Date:
23 August 2013
Appeared in issue:
206 - 21 August 2013
Reason free from passion – lawyers at risk
Be it a complex business transaction or simple trust structure, lawyers are sure to be involved, a fact not lost on the criminals but neither on the Financial Action Task Force (FATF), which, after its June plenary, published an extensive study of..
Online Published Date:
23 August 2013
Appeared in issue:
206 - 21 August 2013
Trade finance AML ‘generally weak’in banks, UK regulator finds
Turning a blind eye to where funds come from is “not acceptable”, Martin Wheatley, CEO of the UK Financial Conduct Authority told the FCA Financial Crime Conference on 1 July and individual senior managers will, increasingly, have to..
Online Published Date:
23 August 2013
Appeared in issue:
206 - 21 August 2013
What the papers say – FATF’s latest releases
Government lists of domestic politically exposed persons (PEPs) are firmly off the agenda but a set of “prominent public functions”, which could point to who is a PEP, “would not be overly onerous” for countries to compile..
Online Published Date:
23 August 2013
Appeared in issue:
206 - 21 August 2013
UK regulator turns proactive enforcer
AML compliance in UK financial services is a “serious concern”, the Financial Conduct Authority admits in its first annual report on the subject.[1] The regulator could hardly do otherwise in view of the manifold failures spelt out in..
Online Published Date:
23 August 2013
Appeared in issue:
206 - 21 August 2013
Counter-blast – FATF on proliferation finance
One of a raft of initiatives to emerge from the June 2013 Financial Action Task Force (FATF) plenary in Oslo in June was a new paper on counter proliferation finance [1]. Mark Dunn steps carefully through the text.
Ground work
The revised..
Online Published Date:
23 August 2013
Appeared in issue:
206 - 21 August 2013