Archive for the ‘Anti-Money-Laundering Organizations’ Category

Seychelles to chair AML meeting in August 2018

Friday, January 19th, 2018

Seychelles is gearing up to hold this year’s Eastern and Southern Africa Anti-Money Laundering Group meeting in August while also preparing to take up the presidency of the group, the jurisdiction’s finance minister said.

To prepare for the high-level meeting, Seychelles’ Ministry of Finance is holding frequent meetings with all involved parties to ensure the event goes smoothly from start to finish.

The Seychelles’ Minister for Finance, Trade and Economic Planning, Peter Larose, said: “It is important that we plan ahead. I had to call on a number of parties to be able to assist as this is about Seychelles. We need to showcase Seychelles’ style of management, governance system and show the world that we are a capable, responsible and accountable government”. He said that the guests will have the opportunity to witness the competitive edge of Seychelles as part of the global village. Minister also noted that discussions in this year’s meeting will focus on our compliance with international best practices including preventing money-laundering, tax evasion and combatting the financing of terrorism. “It is part and parcel of our commitment to share information within the group and Africa, and with the rest of the world,” said Larose.

The aim of the group is to combat anti-money laundering by implementing recommendations of the Financial Action Task Force on Money Laundering (FATF). The organisation sets standards and promotes effective application of AML legal and regulatory measures.

EU signs agreement with IOTA to fight Tax Evasion

Friday, July 29th, 2016

An Agreement for Cooperation has been signed by the Intra-European Organisation of Tax Administrations (IOTA) with the European Commission to allow them to work more effectively towards the common goals of the two bodies – particularly, cracking down on tax evasion.

According to an announcement made by IOTA on July 26, the main areas of collaboration under the agreement include cooperating in the fight against tax fraud, information exchange, providing mutual assistance, supporting tax authorities to improve taxpayer compliance rates, and supporting capacity building.

The agreement between IOTA and the Taxation and Customs Union Directorate General (DG TAXUD) of the European Commission was signed during IOTA’s General Assembly on July 7 in Bucharest by IOTA’s President, Octavian Deaconu, and Caroline Edery, Head of Unit, Tax Administration and Fight Against Tax Fraud, DG TAXUD.

IOTA is a non-profit intergovernmental organization based in Budapest that is aimed at promoting best practices in tax administration and more effective cooperation between its 46 member tax authorities.

Singapore Authority sets up AML department

Monday, June 13th, 2016

The Monetary Authority of Singapore (MAS) has announced establishing a dedicated anti-money laundering department aimed to combat illicit financial activities.

The regulator will set up a dedicated supervisory team in order to monitor illicit financing risks as well as carry out onsite supervision of how financial institutions manage these risks.

Before, these functions were carried out by different departments in MAS. Now, the new structure is to enhance supervisory focus.

Ravi Menon, Managing Director of MAS, said: “We will strengthen our supervision of financial institutions’ controls to combat money laundering and illicit financing. And we will enhance our enforcement capability to deter poor controls or criminal behaviour in the industry”.

Belize to enhance Anti-Money Laundering

Sunday, May 22nd, 2016

To strengthen the jurisdiction’s safeguards against financial crime, Belize’s Financial Intelligence Unit and Belize Police have signed a memorandum of understanding.

The memorandum will strengthen the existing cooperation and facilitate the analysis and investigation of suspected money laundering, associated offenses, and the financing of terrorism. Implementation of the document is expected to increase the potential sources of information available to both the Financial Intelligence Unit and the Police in their fight against crime. Also, joint operations between the authorities will be possible.

The Financial Intelligence Unit is the Belizean authority dealing with the enforcement and implementation of all anti-money laundering and counter-terrorism financing regulations and the prevention of domestic tax evasion.

FATF grants Israel observer status

Friday, February 26th, 2016

The Financial Action Task Force (FATF) has announced that Israel will join the organization as an observer starting June 2016.

The admission is a significant step in the application process for joining the prestigious group, which sets the global rules for combating money laundering and terror financing. Joining the authority will allow Israel to participate in shaping global policy and position it as one of the leading countries in the international fight against money laundering and terror financing. Also, the announcement is to support the Israeli economy by providing the country an unofficial stamp of approval for its financial sector.

Israel’s Money Laundering and Terror Financing Prohibition Authority chief Dr. Shlomit Wagman-Ratner said: “The decision to accept Israel into the FATF – an important, prestigious, and influential group – reflects the contribution of Israel to the global fight against money laundering and terror financing and signals that Israel is a leading country with expertise in the sector.”

Angola removed from Money Laundering Blacklist

Saturday, February 20th, 2016

The Financial Action Task Force (FATF) has removed Angola from its blacklist of jurisdictions that fail to meet international standards.

The FATF added this southern African country to the list in 2010. The Angolan central bank said the FATF’s decision came after the country implemented reforms that included licensing of banks and setting up a Financial Intelligence Unit, which collects information on suspicious or unusual financial activity.

The removal is expected to improve the credit quality and financial institutions of Angola.

Last year, the risk of financial crime and difficulty in monitoring clients forced Standard Chartered to announce it had ended its dollar-clearing operations with commercial banks in Angola. Bank of America also stopped selling Angolan banks the greenback from the beginning of December 2015.

Australia considers tighter AML rules for real estate and gems

Monday, January 25th, 2016

Australia is considering tightening its anti-money laundering regulations to include real estate agents and precious stone dealers, following red flags from a global watchdog over potential illicit cash entering the country.

While tighter regulations would not be aimed at inflows from any one country, Australian authorities are reacting following a surge of cash from wealthy Chinese buyers looking for a safe haven away from the market turmoil of their home markets. Purchases of pink diamonds by Chinese have increased. About 70% of Chinese real estate buyers pay in cash.

According to the Financial Action Task Force (FATF), a lack of scrutiny by Australian authorities in the property and precious stones sectors was “an increasing high risk” in the global fight against money laundering and financing of extremists.

Australia’s Attorney General’s Department, responsible for the country’s law and justice framework, is reviewing its rules to address those concerns, people familiar with the plans said. The rules already cover banking, remittance and gaming.

US regulator tells Scotiabank to fix AML Deficiencies

Saturday, November 14th, 2015

US regulators are compelling Bank of Nova Scotia, Canada’s third-largest bank by assets, to overhaul its anti-money- laundering (AML) controls to correct “deficiencies” in the lender’s compliance program.

Toronto-based Scotiabank has entered into a written agreement with the Federal Reserve Bank of New York and the New York State Department of Financial Services to fix problems ranging from oversight to the monitoring of suspicious activity.

The written agreement released by the New York Fed did not include any monetary penalties against the bank.

It should be noted that the enforcement action comes at a time when Canadian banks are facing increased pressure from global regulators to root out potential sources of money laundering and terrorist financing from their operations.

Scotiabank spokesman Andrew Chornenky said that the bank has a strong risk-management culture. He added: “Scotiabank is firmly committed to global Anti-Money-Laundering standards and serious about fixing the issues identified by the Federal Reserve Bank of New York.”

As part of its agreement with the New York Fed, Scotiabank has agreed to start a review of its New York agency’s wire- transfer activity over a period spanning July 1, 2014, to December 31, 2014. The purpose of the review is to “determine whether suspicious activity involving high risk customers and transactions at, by, or through the Agency was properly identified and reported in accordance with applicable suspicious activity reporting regulations,” the agreement stated.

Money laundering to become difficult in next 1-2 years, Indian Finance Minister says

Thursday, November 5th, 2015

According to Arun Jaitley, Minister for Finance, Corporate Affairs, Information, and Broadcasting in the Government of India, tax evasion and money laundering will become extremely difficult in the future. He warned lawbreakers that real-time global automatic exchange of information system will come into effect.

Indian finance minister said: “I am quite certain that the activity is going on in that direction and the next 1-2 years are also going to bring significant results because with almost real-time exchange of information, lives are going to become extremely difficult as far as lawbreakers in that regard are concerned,” the minister said in his inaugural speech at international conference on ‘Networking the Networks’.

Jaitley noted that tax evasion and stashing away illegal money anywhere in the world is becoming increasingly difficult after a G20 initiative that is being taken up by various international institutions.

The initiative, firmed at the Australia summit of G20 last November, is a new global arrangement under which countries will begin automatic exchange of tax information in stages beginning April 1, 2017. India, one of the early adopters, will begin sharing from the first date. Also, the OECD has recently announced the rules for the Base Erosion and Profit Shifting (BEPS) framework, which seeks to ensure that trans-nationals pay tax at least at some place.

AML/CFT Workshop to be held in Seychelles

Friday, August 1st, 2014

The Centre for Legal Business Studies (CLBS) with the support of the Seychelles’ Financial Services Authority (FSA), will be hosting an Advanced Workshop on Anti-Money Laundering and Counter Terrorist Financing. The event will be held on August 11-12, 2014 at the Le Meridien Fishermen’s Cove Hotel, Bel Ombre, Seychelles.

As Anti-money Laundering & Counter Financing (AML/CFT) compliance has become increasingly complex, level of examiner expectations has become corresponding. AS a result, there is a need for seasoned compliance personnel to learn and to know how to put in practice.

The workshop will provide an up to date, current regulatory information, particularly in the areas of risk assessments, suspicious activity surveillance, customer due diligence, impact from emerging products/services, vendor management, and increasing Anti-money Laundering and Counter Financing program expectations.