Offshore structures have not disappeared — but they are transforming to survive amid the implementation of international financial transparency standards.
The Philippines aims to launch a business beneficiaries registry in 2025 to avoid being placed again on the 'gray list' of the Financial Action Task Force on Money Laundering (FATF). This was reported by BusinessWorld.
Iranian Economy Minister Abdolnasser Hemmati expressed optimism about advancing Iran’s compliance with the Financial Action Task Force (FATF) during a recent meeting with journalists, as reported by Intellinews. The minister highlighted efforts to pursue alternative legal routes to align with the FATF’s international standards, which are seen as vital to Iran's economic interests.
Norway has launched a register of beneficial owners of companies, but it will not be publicly accessible for now. Businesses that do not disclose the details of their ultimate owners will be fined starting next year.
The new draft of the Anti-Money Laundering Law (Amended) was submitted to the Standing Committee of the National People's Congress of China for a second review in September 2024, WilmerHale reports.
The Irish government has drafted legislation that will replace the current Limited Liability Partnership Act 1907 and the Registration of Business Names Act 1963 when it comes into force. It will expand the registrar's powers and introduce additional reporting and disclosure requirements, Irish Legal News reports.
Three-quarters of national jurisdictions surveyed by the Financial Action Task Force on Money Laundering (FATF) are partially or completely non-compliant with anti-money laundering guidelines for regulating virtual assets. This is stated in the Group's report.
The Grand Duchy of Luxembourg is creating a special department to combat money laundering. The corresponding decision was made by the country's parliament. This is reported by the Luxembourg Times.
The Financial Action Task Force on Money Laundering (FATF) may return the United Arab Emirates to the list of jurisdictions subject to enhanced monitoring, also known as the “grey list”. This was reported by Infolibre.
The Financial Action Task Force on Money Laundering (FATF), at its plenary meeting held in Singapore, made decisions on the status of Monaco, Venezuela, Turkey and Jamaica.
On June 26, 2024, the regulation establishing the EU Anti-Money Laundering Authority (AMLA) officially came into force. Reuters reports this.
AMLA's two main objectives will be EU-wide anti-money laundering supervision and support to national financial intelligence units in European countries.
The Financial Action Task Force on Money Laundering (FATF) plans to remove Turkey from its “grey list” of jurisdictions subject to enhanced monitoring. Report news agency writes about this with reference to the Turkish publication Hurriyet.
The Crown Court of Southwark (London, UK) fined NatWest (formerly Royal Bank of Scotland) £ 264 million for failing to prevent money laundering in the total amount of about £ 365 million. This case was the first of its kind in modern British history.
The US Treasury Department has proposed creating a special registry that will help close loopholes that allow organized crime, terrorists and corrupt officials to launder dirty money through shell companies.
The Pandora Archive has drawn the attention of regulators to the financial and crypto industries. The crypto exchanges have been branded as accomplices of money laundering and have been accused of having trouble with unregulated forex brokers in the Caribbean.
Following the 5th Directive, which significantly strengthened existing anti-money laundering provisions, the 6th Directive aims to enable financial institutions and authorities to further expand AML control by expanding the scope of existing legislation clarifying some regulatory details, and tightening up criminal sanctions in the EU.
The five largest banks in the Netherlands have created a transaction data exchange system - Transaction Monitoring Netherlands, which will allow tracking money laundering schemes in the early stages.
At the meeting of the Financial Action Task Force on Money Laundering, the meeting participants voted to add Malta and Romania to the gray list. Gray listing can have far-reaching implications for a country's economy, affecting banking services, the ease of doing business and the island's attractiveness to foreign investors.
The Ministry of Finance of the Netherlands has published a draft law on the registration of beneficial owners of trusts and similar legal arrangements. The requirement to register beneficial owners of trusts and similar organizations is defined by the EU Anti-Money Laundering Directive (AMLD5).
