Martin David’s Post

Grey Listing Low-Income Countries? Not So Fast 🧐 Big news in the AML world: the new FATF President announced that low-income countries might not automatically face grey-listing, provided their financial systems don’t pose significant international risks. 🌍 For those of us in AML, we know that being grey-listed can seriously damage an economy, especially for countries with fewer resources. This new, more balanced approach could help ensure that sanctions are targeted where they’re needed most—without unfairly penalizing vulnerable nations. 💡 This shift could reshape how we assess and support smaller economies in their fight against financial crime. Thoughts? #AML #FATF #GreyList #Compliance #FinancialCrime #RiskManagement #Proportionality https://lnkd.in/d2uz5P4h

DEBATE: #Compliance is the superpower that underwrites the global anti-financial crime #AFC system, writes Ilze Znotina in 'AML Intelligence' today. Her column was prompted by remarks of former #FATF executive secretary David Lewis FRGS who recently asked: "What is the value of compliance?" His comments came in the wake of FATF's recent report on gatekeepers which found only 11 out of more than 200 jurisdictions were fully compliant with the body's standards. One of those countries is #Latvia where Ilze successfully led the #FIU, skillfully keeping the Baltic nation off the so-called "grey list." In her article today Ilze writes: "While sometimes intangible and not immediately obvious, in today’s global geopolitical instability, compliance is our superpower - our foundation for resilience and sustainability . . . the fight against financial crime is not about prosperity; it’s about the economic and also the physical security of our countries." Ilze (pictured) is a lawyer and current head of the European chapter of the Global Coalition to Fight Financial Crime. Read her unmissable report on the 'AML Intelligence' homepage now. #followthemoney #aml #cft #banks #banking #fintech #finreg #regtech #regulators #financialcrime James Treacy Paul O'Donoghue Alisha H. Stephen Rae Tom Downes Elisa de Anda Madrazo Violaine Clerc T Raja Kumar Marcus Pleyer Sujata Dasgupta Mairead McGuinness Sarah Beth Felix European Commission European Parliament European Central Bank European Banking Authority (EBA) European Banking Federation Elżbieta Franków-Jaśkiewicz Alan Ketley

In fight against financial crime, compliance is our superpower

The Financial Action Task Force (FATF), the global watchdog for anti-money laundering (AML), has announced significant changes to the criteria for placing countries on its “grey list.” #philippines #world #industryupdates #financialactiontaskforce #fatf #global #newguidelines #jurisdictions #globalfinancialsystem #greylist #asiacasinonews #acn #trendingnews #acn

Compliance is crucial for global security and resilience. Ilze Znotina's insights in 'AML Intelligence' highlight its role in combating financial crime. Read her full report for deeper understanding. #Compliance #AFC #FATF #AML

FATF Changes Grey Listing Criteria to Focus on High-Risk Countries The Financial Action Task Force (FATF) has introduced significant changes to its criteria for placing countries on the grey list, aiming to focus more on nations that pose higher risks to the global financial system and to alleviate the pressure on least developed countries (LDCs). This reform, effective from the next round of evaluations, will prioritize FATF member countries, high-income nations as classified by the World Bank, and countries with financial sector assets exceeding USD 10 billion. LDCs will no longer be automatically included in the review process unless they pose a considerable risk in areas such as money laundering or terrorist financing. In such cases, LDCs will be given up to two years to address these issues. The FATF’s decision is expected to significantly reduce the number of low-capacity countries on the grey list by half. This change ensures that the focus remains on jurisdictions that represent the greatest threat to the international financial system, while offering more time and support to less-developed countries to strengthen their financial regulations. These new criteria reflect FATF's continued efforts to combat illicit financial flows, which often divert billions of dollars away from essential services such as healthcare and education in low-capacity nations.

Money-laundering of scale is international. To further improve and enhance capabilities to fight financial crime, the EU Commission funded - and via DG Reform - implemented the COBA Project. After more than one and a half years of work, the project has come to an end. Banks are at the very front in the fight against financial crime, but legal restrictions on information sharing limit their powers and do not allow them to use the full artillery. Stepping up and enabling tighter cooperation, both inside the banking sector and between the private and the public sector - domestically as well as internationally - is crucial to enhance and improve our AML/CFT capabilities, so that the fight against financial crime materializes as a joint and forceful effort across countries and sectors. Capitalization on key components and important learnings from the EU COBA Project will hopefully support and benefit all three groups of stakeholders across the EU in this fight. More to come……..

How will the new Financial Action Task Force (FATF) grey list reforms impact low-income countries? In a landmark move, FATF President Elisa de Anda Madrazo announced that low-income nations earning below $10 billion will generally avoid grey listing, easing financial pressure and supporting development. This change could reduce the grey-listed countries by 47%. Head to our website for full details on how these reforms will reshape global financial compliance. Learn more: https://buff.ly/3Yji901 #AML #FATF #FinancialCrime #Compliance #GreyList #Finance #RegTech #GlobalFinance

The World Bank's Inspection Panel, once a beacon of accountability, is under threat. Reforms introduced in 2018 and 2020 aimed at modernizing the Panel have inadvertently complicated its structure. The creation of the Dispute Resolution Service (#DRS) and the Accountability Mechanism Secretariat (AMSec) to manage resources has led to confusion, potential conflicts of interest, and mistrust. AWC is deeply concerned about these developments and has urged the Bank to restore the Panel's full autonomy. A recent external review by experts provides a crucial opportunity to address these issues. We've submitted our input emphasizing the need to restore the Panel's full independence; A "bigger and better" World Bank needs a stronger, independent Inspection Panel !! Read more on our website and join the conversation on preserving the independence of this vital accountability mechanism. #WorldBank #InspectionPanel #AccountabilityMatters Link: https://lnkd.in/ebDxvufS

#London’s status as a #money-laundering hub started with Margaret Thatcher’s deregulation of #financial services in the 1980s and then picked up steam under Tony Blair’s Labour government post-2008 as it chased foreign #investment. Bion Behdin, chief revenue officer at anti-money laundering #software company First AML, said #London remains popular with money launderers due to “large volume of foreign direct investment, high #house prices (great way to launder money) and safe stable currency with a lot of loopholes in current [anti money-laundering] legislation.” #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring #uk #unitedkingdom