The Philippines is preparing to launch its own register of company beneficiaries

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.

Iran on track for FATF compliance amid gloabal Isolation

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.

Register of beneficiaries launched in Norway

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.

China Prepares Anti-Money Laundering Reform

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.

Ireland set to reform limited partnership register rules

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 jurisdictions studied by FATF do not comply with anti-money laundering requirements in the field of virtual assets

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.

Luxembourg creates special anti-money laundering office

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.

FATF may return UAE to its gray list

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.

FATF has made major changes to its gray list

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.

The EU Anti-Money Laundering Office has opened and is looking for a head

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.

FATF to remove Turkey from its “grey list” in the coming days

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.

Frankfurt wins competition to host pan-European anti-money laundering agency

Frankfurt (Germany) has become the leader in the competition to locate the headquarters of the EU Anti-money laundering authority (AMLA).

UAE may be removed from FATF's 'grey list' in the coming days

The United Arab Emirates could be removed from the Financial Action Task Force on Money Laundering (FATF) grey list in the next few days.

British bank fined £ 264m for possession of laundered money

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 authorities have proposed to create a special register of companies to fight againstmoney laundering and terrorist financing

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.

Pandora's Archives, 6 AMLD and AMLA. Three main anti-money laundering events of the year

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.

Swedish financial supervisory authorities have claims against Danske Bank

The Swedish financial regulator (Finansinspektionen) criticized Danske Bank for "failing" to overcome problems with the anti-money laundering system.

Hong Kong strengthens anti-money laundering legislation

The Hong Kong Securities and Futures Commission has revised its AML / CFT guidelines.

FATF Changes Canada's Anti-Money Laundering Assessment

The FATF has moved Canada from enhanced to regular monitoring, thereby agreeing to improve the jurisdiction's rating.

The sixth EU Anti-Money Laundering Directive (6AMLD) has been accepted

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.

Malta has developed a plan to exit the FATF gray list

The Government of Malta believes that full implementation of the plan may take a period until 2023.

Dutch banks join forces to fight money laundering

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.

Malta and Romania under threat of being included in the FATF gray list

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 Netherlands has published a bill to register beneficiaries for trusts

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).