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☆ FATF financial crime watchdog adds Kenya and Namibia to its 'grey list'
▼ + stars: | 2024-02-23 | by ( ) www.cnbc.com time to read: +1 min

The Financial Action Task Force (FATF) international crime watchdog on Friday added Kenya and Namibia to its 'grey list' of countries that need increased monitoring, due to inadequate curbs against money laundering and terrorism financing. "At this Plenary, the FATF added Kenya and Namibia to the list of jurisdictions subject to increased monitoring," said the FATF in a statement. Kenya's Treasury had already said earlier on Friday that it had been put on the 'grey list'. A report from the FATF last year said Kenya mainly faced risks from flows of money linked to terrorism financing from both inside and outside its borders, while cryptocurrencies posed further risks. Namibia's Financial Intelligence Centre said earlier on Friday that putting Namibia on the 'grey list' could have negative impacts on Namibia's foreign direct investment.

Persons: Kenya's, cryptocurrencies Organizations: United Arab Emirates, Kenya's Treasury, Namibia's Financial Intelligence Centre Locations: Dubai, United Arab, Kenya, Namibia, Shabaab, Somalia, al Qaeda

☆ Turkey's crypto rules seen addressing licensing, taxation after boom
▼ + stars: | 2023-11-14 | by ( Ezgi Erkoyun | ) www.reuters.com time to read: +5 min

MARKET BOOM"We have been observing that the interest in crypto assets in Turkey is on a continuous rise. There is currently a lack of regulation in this area," said Mucahit Donmez, chief executive of crypto currency exchange Binance Turkey. The government said work on regulation for crypto asset service providers and taxation of digital virtual assets will be on the agenda for 2024. In 2021, authorities banned the use of crypto assets for payments after some local exchanges were investigated for fraud. Onur Altan Tan, board member at Futurance Finance Tech & Fexobit crypto currency platform, said that they are expecting the new regulation to detail out licensing criteria for platforms and bring taxation for users.

Persons: Bora Erdamar, Erdamar, Mehmet Simsek, FATF, Mucahit Donmez, Altan Tan, There's, Ezgi Erkoyun, Jonathan Spicer, Sharon Singleton Organizations: BlockchainIST, Turkey, FATF's, Service, Binance Research, Futurance Finance Tech, Thomson Locations: Turkey, ISTANBUL, Ankara, Paris, United States, India, United Kingdom

☆ Turkey to toughen law on crypto assets - minister
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration taken, May 23, 2022. The Financial Action Task Force (FATF) downgraded Turkey to a so-called grey list in 2021. Addressing a parliamentary commission late on Tuesday, Finance Minister Mehmet Simsek said a FATF report found Turkey fully compliant with all but one of the watchdog's 40 standards. "The only remaining issue within the scope of technical compliance is the work related to crypto assets," Simsek said. After that, there will be no reason for Turkey to stay in that grey list, if there are no other political considerations."

Persons: Dado Ruvic, Mehmet Simsek, Simsek, Nevzat Devranoglu, Huseyin Hayatsever, Simon Cameron, Moore Organizations: REUTERS, Rights, Thomson Locations: Rights ANKARA, Turkey

☆ Explainer: Crypto's role in terrorist financing
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 23 (Reuters) - Cryptocurrency's role in terrorist financing and funding militant groups has come under renewed scrutiny following a deadly attack in Israel by Palestinian militant group Hamas. HOW MUCH CRYPTO IS USED IN TERRORIST FINANCING? The FATF said this year that crypto presents "increasing terrorist financing risks", but that the "vast majority" of terrorist financing still uses regular money. Chainalysis said that terrorist financing "represents a small fraction of the less than 1% of the entire crypto market occupied by illicit activity". Terrorist financing is a small part of the illicit uses of crypto, which include scams, ransomware and theft.

Persons: Dado Ruvic, cryptocurrency, Chainalysis, Elizabeth Howcroft, Tom Wilson, John O'Donnell, Ed Osmond Organizations: REUTERS, Hamas, U.S, United Nations, Bloomberg, North, Thomson Locations: Israel, Palestinian, cryptocurrencies, North Korea

☆ Russia is using bags of cash and diamonds to avoid sanctions and fund its weapons program, expert says
▼ + stars: | 2023-10-07 | by ( Tom Porter | ) www.businessinsider.com time to read: +6 min

Russia is using illicit cash channels to fund covert activities, analysts say. Kremlin is exploiting gaps in sanctions laws, but also using older methods like cash and diamonds. AdvertisementAdvertisementRussia is using covert financial networks to fund its purchases of banned weapons technology, getting round Western sanctions in the process, analysts told Insider. That money, he said, is then placed in accounts in countries such as Turkey and the UAE, where western sanctions are not closely enforced. Under Western sanctions, banks must investigate suspicious transactions to make sure they're not being used to circumvent sanctions.

Persons: —, Pavlo Verkhniatskyi, Verkhniatskyi, Banks, David Lewis, Russia Verkhniatskyi, FATF Organizations: Service, International, University of Exeter, Force Locations: Russia, Ukraine, Russian, Turkey, UAE, Kazakhstan, Armenia, North Korea, Iran, Myanmar

☆ NatWest goof is a boon for sketchy bank clients
▼ + stars: | 2023-07-21 | by ( Liam Proud | ) www.reuters.com time to read: +5 min

LONDON, July 21 (Reuters Breakingviews) - A row between right-wing talking head Nigel Farage and UK bank NatWest (NWG.L) could have much broader consequences. Last November, a reputational risk committee of NatWest’s exclusive private bank Coutts decided to ditch Farage by summer 2023. After closing the Coutts wealth account, NatWest offered Farage a standard one at the parent group instead, for example. But for now the biggest winners from the Farage-Coutts row seem to be sketchy UK bank customers. Briefing papers presented to Coutts’ wealth reputational risk committee said Farage was “considered by many to be a disingenuous grifter”.

Persons: Nigel Farage, Alison Rose, Farage, Coutts, didn’t, Rose, Andrew Griffith, Coutts ’, “, ” Farage, George Hay, Oliver Taslic Organizations: Reuters, NatWest, Conservative, Treasury, Financial Ombudsman Service, Twitter, UK Independence Party, Thomson

The Central American nation urgently needs to exit the watch lists so it can reclaim its place as a financial hub, Deputy Financial Minister Jorge Almengor said in an interview late on Wednesday. In 2019 FATF again placed Panama on its list, saying the country was making too little progress on financial transparency. In 2020, the European Union added Panama to its own list of countries deemed "noncooperative" for tax purposes. The Organization for Economic Co-operation and Development (OECD) has also included Panama on its own watch list. He said the visit should result in Panama's removal from the watch list at an October plenary meeting of FATF.

Persons: Jorge Almengor, Panama's, FATF, Josep Borrell, Laurentino Cortizo, Almengor, Valentine Hilaire, Sarah Morland, Matthew Lewis Organizations: Central American, Union, Organization, Economic Co, Development, Panamanian, EU, Thomson Locations: Panama, Mexico

At the same time, the property price surge and demand for the ultra-high-end segment is stirring memories of old excesses. In 2008, the global financial crisis hit Dubai hard, leading to a flight of capital and people, a crash in property prices and highly leveraged flagship companies known as government-related entities (GREs) struggling to repay debts. Dubai set up a Debt Management Office in 2022, has repaid or restructured some outstanding debt, and announced plans to list government stakes in 10 companies to raise capital and deepen financial markets. 'GLOBAL SAFE HAVEN'The United Arab Emirates' commercial centre, Dubai has shovelled resources into social and business reforms and sectors like digital technology. Average property prices rose 12.8% in Q1, with villa prices up almost 15%, according to property research firm CBRE.

Persons: Knight Frank, Nasser Al Shaikh, GREs, Shaikh, Justin Alexander, Betterhomes, Richard Waind, Philippe Zuber, Beyonce, Rachna Uppal, Yousef Saba, Lisa Barrington, William Maclean Organizations: Reuters, Khalij, GlobalSource Partners, Dubai Media Office, Management, HAVEN, United Arab Emirates, Villa, Dubai Inc, Emirates, Kerzner, Thomson Locations: Ukraine, DUBAI, Dubai, glitzy, Property, Jebel Ali, Abu Dhabi, Gulf, India, Saudi Arabia, UAE

☆ India plans to ask lawyers to report clients' dubious transactions
▼ + stars: | 2023-06-15 | by ( Nikunj Ohri | ) www.reuters.com time to read: +3 min

The authorities believe the plan will help in faster recognition of dubious transactions involving shell companies and money laundering. The plan is to implement recent recommendations of the FATF which require lawyers, notaries, other independent legal professionals and accountants to report suspicious transactions, and maintain a record of transactions undertaken for clients, said the first source. "If lawyers are brought under the money laundering law, it will breach the trust between client and attorney and impact privilege communications," said senior lawyer Hiten Venegaonkar. Other countries such as the United Kingdom and Australia have anti-money laundering requirements for law firms and lawyers, said K.V. India is currently compliant with FATF regulations but even within the compliant category, FATF assigns scores to various countries based on strength of regulations and implementation of these.

Persons: Hiten Venegaonkar, Venegaonkar, K.V, Karthik, Nikunj Ohri, Kim Coghill Organizations: Reuters, Money, Bar, Deloitte Touche, Thomson Locations: DELHI, New Delhi, United Kingdom, Australia, India

☆ Lebanon needs to move 'very fast' on reforms to avoid being added to FATF gray list: Minister
▼ + stars: | 2023-06-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLebanon needs to move 'very fast' on reforms to avoid being added to FATF gray list: MinisterAmin Salam, economy and trade minister of Lebanon, discusses the Financial Action Task Force and says "time is our biggest enemy."

Persons: Amin Salam Organizations: Lebanon, Force Locations: Lebanon

☆ UAE central bank issues AML/CTF guidance for dealing with virtual assets
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

DUBAI, May 31 (Reuters) - The UAE Central Bank has issued new anti-money laundering and counter-terrorism financing guidance for financial institutions when dealing with virtual assets, such as cryptocurrencies and non-fungible tokens, it said on Wednesday. The new guidance discusses the risks arising from dealing with virtual assets and virtual asset service providers, including on due diligence for licensed financial institutions when dealing with these customers and counterparties, the statement said. The guidance, which will come into effect within a month, applies to banks, finance companies, exchange houses, payment service providers, registered hawala providers and insurance companies, agents and brokers. The bank said the guidance takes Financial Action Task Force (FATF) standards into account. The FATF in March 2022 included the UAE on a list of jurisdictions subject to increased monitoring, known as its "grey" list.

Persons: FATF, Clauda Tanios, Lisa Barrington, Sharon Singleton Organizations: UAE Central Bank, Thomson Locations: DUBAI, UAE

☆ Global Financial Watchdog Suspends Russia’s Membership
▼ + stars: | 2023-02-24 | by ( Mengqi Sun | ) www.wsj.com time to read: +4 min

A global financial watchdog, in an unprecedented move, suspended Russia’s membership in the organization, on the first anniversary of the Kremlin’s invasion of Ukraine. FATF said Russia’s war in Ukraine is a violation of the group’s principles to promote security, safety and the integrity of the global financial system and breaks with FATF’s commitment to international cooperation and mutual respect. Russia’s suspension from FATF significantly restrains the country’s influence on any FATF decisions while casting a shadow on its business climate, observers said. Russia, however, remains liable for membership dues if it intends to reapply for membership in the future. “The measure is both an important political statement as well as a recognition of the threats to the global financial system posed by Russia.

☆ Financial crime watchdog FATF suspends Russia's membership over Ukraine war
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

PARIS, Feb 24 (Reuters) - Global financial crime watchdog Financial Action Task Force (FATF) on Friday suspended Russia's membership, saying Moscow's war in Ukraine violated the organisation's principles. "The Russian Federation's actions unacceptably run counter to the FATF core principles aiming to promote security, safety, and the integrity of the global financial system", the Paris-based group said in a statement. "The Russian Federation remains accountable for its obligation to implement the FATF Standards. The Russian Federation must continue to meet its financial obligations," the FATF said. The FATF is an inter-governmental organisation that underpins the fight against money laundering and terrorism financing by setting global standards and checking if countries respect them.

☆ Financial crime watchdog adds South Africa, Nigeria to 'grey list'
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

PARIS/JOHANNESBURG, Feb 24 (Reuters) - International financial crime watchdog the Financial Action Task Force (FATF) said on Friday it was adding South Africa and Nigeria to its so-called "grey list" of countries under special scrutiny to implement standards to prevent money laundering and terrorism financing. Being added to the grey list is a reputational setback for the South African government, which has been trying to address shortcomings identified by the FATF. Analysts say it could also mean South African clients at international financial institutions will be subject to enhanced due diligence checks. It could also complicate South African attempts to access funding and support from multilateral development institutions and official lenders. The watchdog said it places a country on its "grey list" under increased monitoring when the country has "committed to resolve swiftly the identified strategic deficiencies within agreed timeframe."

☆ G20 watchdog homes in on decentralised finance after FTX crash
▼ + stars: | 2023-02-16 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

FSB member countries will now "proactively" analyse vulnerabilities from DeFi as part of regular monitoring of crypto markets, the report said. The collapse of FTX last November exposed vulnerabilities in intermediaries and DeFi, the report said. FSB DeFi Graphic 1SUPERVISION GAPSThe most worrying vulnerability in DeFi relates to "mismatches" in liquidity from different maturities in liabilities and assets, the report said. Until the sharp retreat in bitcoin prices and the FTX crash, regulators had largely focused on cryptoassets rather than related technology. FSB DeFi Graphic 2Reporting by Huw Jones Editing by Helen PopperOur Standards: The Thomson Reuters Trust Principles.

☆ Ukraine urges financial crime watchdog to expel Russia
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

KYIV, Feb 15 (Reuters) - Ukraine issued a new appeal on Wednesday to the global financial crime watchdog the Financial Action Task Force (FATF) to exclude Russia and blacklist it as a high-risk jurisdiction, the finance ministry said. Russia is a member of the Paris-based FATF which will be holding plenary and working group meetings on February 20-24. A year after Russia's invasion of Ukraine, Ukrainian officials have intensified appeals to their Western partners to tighten sanctions on Moscow to limit its ability to finance the war. We must stop Russia to protect not just Ukraine, but the entire global financial system." Ukrainian Central Bank Governor and other government officials issued similar appeals to FATF last year.

☆ Myanmar Joins North Korea and Iran on Global Illicit Finance Blacklist
▼ + stars: | 2022-10-21 | by ( Feliz Solomon | ) www.wsj.com time to read: 1 min

SINGAPORE—A global financial watchdog added Myanmar to its list of countries where businesses and financial institutions are at high risk of exposure to money laundering and terrorist financing, potentially accelerating the country’s economic isolation that was triggered by a military coup last year. The Financial Action Task Force, a Paris-based intergovernmental body whose 39 members include almost all of the world’s major financial centers including the U.S., China and a number of European nations, said on Friday that Myanmar failed to address a large number of deficiencies in its anti-money-laundering and terrorist financing systems. As a result, it said the Southeast Asian country was added to what is informally known as the FATF blacklist.

☆ Pakistan taken off global watchdog's 'grey' list for terrorism financing
▼ + stars: | 2022-10-21 | by ( Gibran Naiyyar Peshimam | ) www.reuters.com time to read: +2 min

ISLAMABAD, Oct 21 (Reuters) - Pakistan has been removed from an international grey list that warrants increased surveillance for terrorism financing, the head of the international money laundering watchdog which makes the list said on Friday. Kumar said a FATF team had visited Pakistan and was satisfied with the implementation of the programme. "Pakistan exiting the FATF grey list is a vindication of our determined and sustained efforts over the years," Prime Minister Shehbaz Sharif said on Twitter. Even though the country had been removed from list, "there is work to be done," Raja said, adding that the FATF encouraged Pakistan to strengthen its monitoring mechanisms. With its removal from the list, Pakistan would essentially receive a reputational boost and get a clean bill of health from the international community on terrorist financing.

ISLAMABAD, Oct 20 (Reuters) - The Financial Action Task Force (FATF), a global money laundering and terrorism financing watchdog, starts a two-day meeting in Paris on Thursday and is expected to take up removal of Pakistan from a list of countries under "increased monitoring". In a meeting in June, the FATF said it was keeping Pakistan on the list - also known as the "grey list" - but said it might be removed after an on-site visit to verify progress. Register now for FREE unlimited access to Reuters.com RegisterHere are some key points:WHAT WOULD IT MEAN FOR PAKISTAN? If removed from the list, Pakistan would essentially receive a reputational boost and get a clean bill of health from the international community on terrorist financing. Removal from the FATF list would provide Pakistan a boost after the country's sovereign credit rating was downgraded by Moody's.

☆ Ukraine wants global financial crime watchdog to expel Russia
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

KYIV, Oct 14 (Reuters) - Ukraine's central bank chief said on Friday he plans to ask the global financial crime watchdog the Financial Action Task Force (FATF) to expel Russia over its invasion of Ukraine. Newly appointed central bank governor Andriy Pyshnyi said on Facebook that he would make the request on behalf of the bank in a letter to the FATF before the organisation's plenary session on Oct. 18-21. Pyshnyi accused Russia of "creating serious threats to the security and integrity of the world's financial system" and demanded that Moscow be made to "feel the price" for its invasion of Ukraine. Russia calls it actions in Ukraine a "special military operation" to demilitarise and "denazify" its neighbour. Register now for FREE unlimited access to Reuters.com RegisterReporting by Max Hunder, Editing by Timothy HeritageOur Standards: The Thomson Reuters Trust Principles.

☆ Сколько стран входит в составленный Молдовой черный список офшоров
▼ + stars: | 2020-12-07 | by ( Mld Media Srl | Степанов Георгий | ) noi.md time to read: +2 min

В составленный Молдовой черный список офшоров входит более 80 стран. Это предусматривает одобренный Нацбанком Молдовы Перечень юрисдикций, не отвечающих международным стандартам прозрачности. Кроме того, учитывался приказ Службы по предупреждению и борьбе с отмыванием денег об утверждении Гида по выявлению и информированию о подозрительных операциях по отмыванию денег. Перечень юрисдикций, не отвечающих международным стандартам прозрачностиАндорраАнгильяАнтигуа и БарбудаАрубаБагамыБахрейнБарбадосБелизБермуда-ДаруссаламКампионеСеверный КипрКоста-РикаДжибутиДоминикаЭквадорОАЭЭфиопияФилиппиныГибралтарГренадаГуамГернсиГаитиГонконгИндонезияАнтильские о-ва (голл.) Бермуды о-ваКаимановы о-ваКука о-ваДжерси о-ваО-в МадейраМэн о-вМарианские о-ваМаршаловы о-ваСейшельские о-ваТуркс и Кайкос о-ваВиргинские о-ваИранКенияЛиберияМакаоМалайзияМальтаМаврикийМикронезияМонсерратМьянмаНауруНигерияНиуиПакистанПанамаПорто РикоКорейская Народно-Демократическая РеспубликаСамоаСан-Томе и ПринсипиСв.

Persons: Ботсвана, Кабо Верде, Бермуды оваКаимановы оваКука оваДжерси оваОв МадейраМэн овМарианские оваМаршаловы оваСейшельские оваТуркс Organizations: Нацбанк, Центробанк, Организация экономическое сотрудничество Locations: Молдова, Андорры, Ангильи, Антигуа, Барбадос, Вьетнам, Йемен, Камбоджа, Куракао, Гана, Острова Фиджи, Остров Лабуан, Мальдивы, Оман, Американское Самоа, Марокко, Монголия, Палау, Таиланд, Тунис, Тринидад, Тобаго, Евросоюз, Кайкос оваВиргинские оваИранКенияЛиберияМакаоМалайзияМальтаМаврикийМикронезияМонсерратМьянмаНауруНигерияНиуиПакистанПанамаПорто РикоКорейская НародноДемократическая РеспубликаСамоаСанТоме

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