Delfina FRANCO’s Post

African Development Bank, Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) Combat Money Laundering and Terrorism Financing in Africa Through New Project - African Development Bank Group & Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) launch a 3-year initiative to combat money laundering & terrorism financing in West Africa. Backed by a $5M grant, this project aims to strengthen anti-money laundering regimes & build capacity in member states. https://lnkd.in/dhdjqE5b #Africa #MoneyLaundering #TerrorismFinancing

🌍 Positive Progress for South Africa in Global Financial Compliance! 🌍 The Financial Action Task Force (FATF) has recognised South Africa’s significant strides in strengthening its frameworks to combat money laundering and terrorist financing since its 2021 assessment and 2023 Follow-Up report. 🚀 In this latest review, FATF has upgraded South Africa’s compliance ratings on three key recommendations (2, 6, and 15), moving from partially compliant to largely compliant! South Africa now boasts: ✅ Compliance with 5 recommendations ✅ Largely compliant with 32 ✅ Partially compliant with only 2 As South Africa continues on this path, the country is expected to tackle remaining improvements in its upcoming 5th-round mutual evaluation. For more details, check out the Notice and 3rd Enhanced Follow-Up Report. https://lnkd.in/gEcQkTnm #FATF #SouthAfrica #Compliance #AML #FinancialIntegrity #greylist #AML Erica B. Kashnie Naidoo - CSb (SA), CAMS, ACAMS SA Board Member and Regulatory Activist Natércia Faustino Tania Lee

♠ 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝗧𝗲𝗿𝗿𝗼𝗿𝗶𝘀𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴(𝗧𝗙), 𝗧𝗵𝗲 𝗦𝘁𝗲𝗽𝘀 𝗮𝗻𝗱 𝗛𝗼𝘄 𝘁𝗼 𝗖𝗼𝗺𝗯𝗮𝘁 𝗶𝘁 ♠ 𝗧𝗲𝗿𝗿𝗼𝗿𝗶𝘀𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴 💰 ☠ involves the collection or provision of funds with the intention that they may be used to support terrorist acts or organizations some of the well known groups are Al-shabab, Boko Haram, JNIM e.t.c. In-order to efficiently combat TF, it's vital to understand its dynamics. The process of TF can be summarized in 3️⃣ steps: 𝟭. 𝗥𝗮𝗶𝘀𝗶𝗻𝗴 𝗳𝘂𝗻𝗱𝘀 𝟮. 𝗠𝗼𝘃𝗶𝗻𝗴 𝗳𝘂𝗻𝗱𝘀 𝟯. 𝗨𝘀𝗶𝗻𝗴 𝗳𝘂𝗻𝗱𝘀 Terrorist groups need money to sustain themselves and carry out terrorist acts such as purchasing food, ammunition e.t.c ➡ Organized crime is notably their main source of funds, however funds can also come from legitimate sources. some examples of these organized crimes are: 𝗲𝘅𝘁𝗼𝗿𝘁𝗶𝗼𝗻, 𝗶𝗹𝗹𝗲𝗴𝗮𝗹 𝗺𝗶𝗻𝗶𝗻𝗴, 𝗵𝘂𝗺𝗮𝗻 𝘁𝗿𝗮𝗳𝗳𝗶𝗰𝗸𝗶𝗻𝗴, 𝘄𝗶𝗹𝗱𝗹𝗶𝗳𝗲 𝗰𝗿𝗶𝗺𝗲s. The Enhancing Africa's Response to Transnational Organized Crime(𝗘𝗡𝗔𝗖𝗧) organized crime index 📊 for Africa 🌍 offers insight into criminal markets, criminal factors and the state of resilience Africa. 𝗥𝗲𝗽𝗼𝗿𝘁 - https://lnkd.in/dT8tDisD 𝗘𝗡𝗔𝗖𝗧 𝗶𝗻𝗱𝗲𝘅 𝘁𝗼𝗼𝗹 - https://lnkd.in/dvqiU2Pu Some of the ways corporates aid in countering of terrorist financing: -Implementing AML/CFT policies measures(conducting proper customer due diligence and ensuring records are well kept, screening, investing in technology, filing of quality STRs/SARs related to terrorist financing e.t.c) -Public, Private partnerships. the public and private sector should work hand in hand ensuring data and intelligence is shared in a timely manner. - Capacity building. #globalinitiative #finance #antimoneylaundering #terroristfinancing

Financial Crimes Enforcement Network, US Treasury has issued an important alert for financial institutions aimed at #identifying and #preventing the financing activities of Hizballah, the Iran-backed #terroristorganization. The goal is to help detect the financial flows supporting Hizballah and prevent funds from being used for #terrorism. Key Points: 1. Hizballah was designated as a Foreign Terrorist Organization (#FTO) in 1997 and as a Specially Designated Global Terrorist (#SDGT) in 2001. In addition to its military and political activities, #Hizballah is deeply involved in illicit global operations to finance its objectives. 2. Global Revenue Generation: Hizballah raises funds through #illicitactivities such as #smugglingoil and #luxurygoods, #moneylaundering, and #armstrafficking. Its networks extend from the Middle East, where it collaborates with other terrorist groups, to Africa and Latin America, exploiting #frontcompanies and #blackmarkets to generate funds. 3. #RedFlag Indicators for spotting suspicious activities linked to Hizballah:   🚩 Transactions with sanctioned entities: Financial movements involving individuals or companies designated by the Office of Foreign Assets Control ("#OFAC") for their ties to Hizballah.    🚩 Operations in high-risk regions: Transactions involving countries such as Lebanon, the Tri-Border Area (Argentina, Brazil, Paraguay), or West Africa, known for #terroristfinancing and money laundering activities.    🚩 Use of #frontcompanies: Businesses with opaque ownership structures or shared addresses with other firms, often used to disguise illegal activities.    🚩 Falsified invoices and documents: Discrepancies in commercial documents, such as inflated or undercharged invoices for goods (e.g., electronics or used cars) shipped to high-risk areas, especially when intermediaries are linked to Hizballah. 4. Suspicious Activity Reports (#SARs): Financial institutions are urged to report any #suspicioustransactions related to Hizballah immediately. FinCEN requests the use of specific codes to help identify and track these activities, enabling faster intervention.

MENAFATF 2024: Iraq Shows Strong Commitment to Combating Financial Crime.  The Middle East and North Africa Financial Action Task Force (MENAFATF) recently approved their mutual assessment report on Iraq.  This report recognizes Iraq's significant progress in implementing international standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). The MENAFATF report highlights: - Strong understanding: Iraqi authorities demonstrate a clear grasp of money laundering and terrorist financing risks. - Effective implementation: Iraq has established and enforces measures to combat these crimes, including: > International cooperation > Confiscation of criminal proceeds > Investigations and prosecutions A collective achievement: This positive outcome is a testament to the dedicated efforts of: - The Iraqi Prime Minister and President of the Judicial Council - The Anti-Money Laundering and Combating the Financing of Terrorism Council - The Anti-Money Laundering and Terrorist Financing Office - Judicial and government bodies - The Central Bank of Iraq Looking ahead: This is a significant step forward for Iraq's financial system. As a business consultant, I'm optimistic that this enhanced AML/CFT framework will foster trust and transparency for businesses operating in Iraq.   Kadhum Jabbar Business Consultant Masar Consulting Services www.KadhumJabbar.com #Kadhum_Jabbar #Consulting #MasarServ #Economy #Business #Iraq #MENAFATF #AML #CFT #FinancialCrime

Council of Europe experts have released a follow-up report commending Gibraltar's progress in tackling money laundering and terrorist financing. The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) found that Gibraltar has aligned its legislation with international agreements, as required by the Financial Action Task Force (FATF) Recommendation 36. This improvement led to a re-rating from "Partially Compliant" to "Largely Compliant" for this recommendation. Out of 40 FATF recommendations, Gibraltar has: 23 rated "Compliant" 17 rated "Largely Compliant" This report highlights Gibraltar's commitment to strengthening its financial crime prevention framework and demonstrates its progress in aligning with international standards. #AML #Gibraltar https://lnkd.in/ddp-KGau

🇰🇼New FATF Report on Kuwait’s Evaluation 8 October 2024, Paris – The new joint evaluation report by the Financial Action Task Force (FATF) and Middleeast and North Africa Financial Action Task Force (MENAFATF) on #Kuwait’s measures to combat #MoneyLaundering and #TerroristFinancing has been published. While Kuwait has an adequate legal and supervisory framework, the report highlights significant shortcomings in achieving effective outcomes, particularly in understanding, investigating, and prosecuting money laundering and terrorist financing cases. The report notes that Kuwait, despite being a high-income country with low levels of violent #crime, faces risks of money laundering linked to #fraud, #corruption, and crimes committed abroad, as well as terrorist financing risks from groups operating outside the country. Kuwaiti authorities are encouraged to enhance their understanding of these risks, especially in the #nonprofit sector and among #VirtualAssetServiceProviders. Additionally, the country needs to strengthen its legal framework for #TargetedFinancialSanctions against terrorist financing and the proliferation of weapons of mass destruction. #aml #compliance #dirtymoney #follothemoney

What is FRAUD? .Does Artificial Intelligence (AI) have the potential to prevent FRAUD, and help multinational organizations, multilateral institutions, small, mid and large business companies save millions, billions, and even trillions of dollars? 1) Does Generative Artificial intelligence (GenAI) have positive impact on Forensic Audit? 2) What is Policy? How to use AI in Policy Formulation and Implementation? 3) Has illicit Finance threatened the integrity of the global financial systems? 4) How to safeguard the Capital Markets? 5) How to assess organizational readiness and preparedness for Digital Transformation? Find out how highly successful tech-savvy executives and talented high-tech experts leverage technologies and harness artificial intelligence to transform global challenges into great opportunities. As a successful global servant leader with world-class experience and digital acumen, I take pride in serving and making a positive difference through cutting-edge science and technology. Together, we can close digital divides, bridge digital skills gaps, unlock human potential and unleash productivity.

The FIC published the National Treasury’s media statement regarding “FATF greylisting” on South Africa’s progress in addressing its action plan June 2024. The Financial Action Task Force (FATF) continues to monitor jurisdictions with strategic deficiencies in countering money laundering, terrorist financing, and proliferation financing. These jurisdictions are actively working with FATF to address these issues within agreed timeframes. As of 28 June 2024, the jurisdictions under increased monitoring include South Africa The media statement notes that the FATF published the latest update on South Africa’s progress in addressing the Action Items in its Action Plan on 28 June 2024, following the conclusion of the June 2024 FATF Plenary meetings in Singapore. South Africa’s progress update is listed on the progress for “Jurisdictions under Increased Monitoring – 28 June 2024” For more information and the full statement, please visit the FATF website https://lnkd.in/gvkem26e Kashnie Naidoo - CSb (SA), CAMS, ACAMS SA Board Member and Regulatory Activist Tania Lee Erica B. Natércia Faustino

The United Kingdom (UK) committed USD 1.25 million to phase III of the IMF’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) thematic fund. By renewing its support to this fund, the UK confirms its longstanding support for capacity development efforts to enhance the integrity of the financial sector and broader economy. Significant results are being attained in Phase III through the implementation of 46 capacity development projects (i.e., country specific, thematic, and analytical), which are supporting around 60 countries, notably:   1- Countries supported during the AML/CFT TF Phase III that were removed from the Financial Action Task Force’s International Cooperation Review Group’s (ICRG) grey list include Cambodia, Jordan, Pakistan, Uganda. Jamaica is expected to exit in June 2024;   2- Through the project on preventing the misuse of COVID-19 emergency-related spending and safeguard the misuse of IMF emergency financing, the adoption and implementation of regulations requiring the publication of beneficial ownership information of companies awarded procurement contracts in 11 countries (Benin, Chad, Comoros, Costa Rica, Equatorial Guinea, Gabon, Guinea-Bissau, Haiti, Mali, Mauritania, and Uganda);    3- The publication of two flagship research books on Counter-Terrorism Financing (CFT) and Transparency in Beneficial Ownership (TBO), demonstrating the flexibility of the thematic fund in responding to emerging areas. Both books highlighted significant deficiencies in these important areas of AML/CFT reforms, lead to launching new capacity development tools in the form of thematic projects and benefited and AML/CFT community at large; We thank the UK and the other development partners of the AML/CFT thematic fund (Canada, France, Germany, Japan, Korea, Luxembourg, Netherlands, Qatar, Saudi Arabia, and Switzerland) for their support to this effort. Foreign, Commonwealth and Development Office   Chady El Khoury Daniela T. Steve Dawe Franck Bousquet Peter Kunzel Rhoda Weeks-Brown Katerina Evzona Teresa Curristine