FATF
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FinCEN tells firms to revisit jurisdictional risk, FATF adds countries to monitoring list
While urging vigilance, FinCEN cautioned that firms should avoid “wholesale or indiscriminate de-risking.”
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South Korea set to upgrade AML rules around virtual assets transactions
A special taskforce will meet twice monthly and draw up opinions and plans to upgrade the Act on Reporting and Using Specified Financial Transaction Information.
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Crypto poses money laundering threat to EU, watchdog warns
The EU has traditionally taken a cautious approach to crypto and has strong regulations governing the digital assets industry.
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FATF recognizes US progress on AML measures but challenges to BOI linger
US said to be “largely compliant” with a recommendation that countries have rules preventing criminals from hiding dirty money in shell companies.
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HM Treasury launches consultation on effectiveness of Money Laundering Regulations
New proposals aim to reduce ambiguity and lead to a reduction in over-compliance or inconsistent application.
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UAE removed from FATF money laundering, terrorism financing watchlist
But removal of the country from watchdog’s gray list prompts criticism from global anti-corruption groups.
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The mural high ground – money laundering in the art world
As regulators extend their reach to the art world to combat money laundering, businesses and clients bear the brunt of new compliance requirements.
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Global financial watchdog FATF suspends Russia’s membership
Russia the first country to be suspended from membership of intergovernmental body.