The Central Bank of The Bahamas has announced that it will host along with The Group of Financial Services Regulators of The Bahamas, The 2018 National AML/CFT Risk Management Conference. The Governor of the Central Bank of The Bahamas in making the announcement stated that “We at the Central Bank of The Bahamas are pleased … Read More
AML
EU Council on Money Laundering and Terrorist Financing
The Council has agreed its negotiating stance on strengthened EU rules to prevent money laundering and terrorist financing. Today the Permanent Representatives Committee, on behalf of the Council, asked the incoming presidency to start talks with the European Parliament. The draft directive pursues two main objectives: (a) preventing the financial system being used for the … Read More
Equipping Lawyers in Fight Against Corruption
The OECD has joined forces with the [International Bar Association](http://www.ibanet.org/) (IBA) to form a task force to develop professional conduct standards and practice guidance for lawyers involved in establishing and advising on international commercial structures and recommended actions for governments. The OECD-IBA Task Force on The Role of Lawyers and International Commercial Structures is expected … Read More
Measures to Combat Money Laundering and the Financing of Terrorism and Proliferation in Switzerland
The FATF has concluded an assessment of Switzerland’s anti-money laundering and counter-terrorist financing (AML/CFT) system, based on the 2012 FATF Recommendations. This assessment reviews both the level of effectiveness of Switzerland’s AML/CFT regime as well as its level of technical compliance with the FATF Recommendations. Overall, Switzerland’s AML/CFT regime is technically robust and has achieved … Read More
European Council Adopts Directive on Access to Beneficial Ownership Information
The Council today adopted a Directive granting access for tax authorities to information held by authorities responsible for the prevention of money laundering. According to a release from the EU, the Directive will require member states to provide access to information on the beneficial ownership of companies. It will enable tax authorities to access that … Read More
European Parliament – Automatic Exchange of Bank Account Information
Members of the European parliament (MEPs) [have approved plans](http://www.europarl.europa.eu/news/en/news-room/20161117IPR51550/tax-evasion-meps-back-automatic-exchange-of-bank-data-to-track-account-owners) to allow European tax authorities to automatically share certain information about bank account holders in order to prevent tax evasion and other financial crimes. Changes to a 2011 directive on “administrative cooperation” in tax matters come into force immediately, and must be implemented by member states … Read More
FATF October Plenary
The first Plenary meeting of Plenary year FATF-XXVIII was held in Paris on 19-21 October, under the Spanish Presidency of Mr. Juan Manuel Vega-Serrano. The Plenary dealt with a number of issues, including: * Work on Terrorist Financing * FATF Work to Improve Transparency and Access to Beneficial Ownership Information * Correspondent Banking Relationships *(Guidance … Read More
FATF Report to G20 Finance Ministers and Central Bank Governors
The Financial Action Task Force (FATF) has published its report to G20 Finance Ministers and Central Bank Governors which sets out its on-going work to improve the implementation of international standards on transparency, including on the availability and exchange of beneficial ownership information, to prevent the misuse of companies, trusts, and other corporate vehicles. Improving … Read More
FATF Plenary Meeting
The Financial Action Task Force (FATF) held its fourth meeting of the FATF-XXVII Plenary Year in Busan, Korea June 22-24 – under the Korean Presidency of Mr. Je-yoon Shin. The main issues dealt with were: * Work on terrorist financing * Two public documents identifying jurisdictions that may pose a risk to the international financial … Read More
The Fight Against Illicit Financial Flows
The OECD says the issue of illicit financial flows (IFFS) is at the forefront of the international agenda. Both the OECD and the [High Level Panel](http://www.uneca.org/iff) on IFFS from Africa have focused attention on this problem – and have identified ways in which to tackle it. In the wake of recent revelations in the media … Read More
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