Pietro Odorisio’s Post

Türkiye and Jamaica have been removed from FATF grey list! ➡ Türkiye is no longer on the FATF (Financial Action Task Force) “gray list.” This decision came as a significant vote of confidence for the country during its economic turnaround efforts. Previously, Turkey was downgraded to the gray list in 2021 due to concerns about money laundering and terrorist financing. However, the recent progress in strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) regime led to its removal from the list. ➡ Jamaica was previously on the Financial Action Task Force’s (FATF) “grey list.” However, as of June 2024, Jamaica has been removed from the grey list. This positive development signifies that Jamaica has taken steps to strengthen its AML/CFT framework and is no longer subject to increased monitoring by the FATF.

What is the Financial Action Task Force (FATF)? It is an intergovernmental organization founded in 1989 by the Group of Seven Great Powers, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The membership of this group currently consists of 35 countries and two regional organizations: the European Commission and the Cooperation Council for the Arab States of the Gulf. It has many monitoring bodies from international organizations in addition to regional financial action groups that have the status of participating members, including the MENAFATF group. The Group's mission is to set standards and promote the effective implementation of legal, regulatory and operational measures to combat money laundering, terrorist financing, proliferation financing, and other threats relevant to the integrity of the international financial system. It also works, in cooperation with other concerned international bodies, to identify vulnerabilities at the national level with the aim of protecting the international financial system from exploitation through mutual assessment processes. The FATF has developed a series of recommendations that serve as international standards to combat money laundering, terrorist financing and the proliferation of weapons of mass destruction, and they also form the basis for a coordinated global response to prevent organized crime, corruption and terrorism. The group works to stop financing weapons of mass destruction. The FATF monitors the progress made by Member States in implementing the necessary anti-money laundering and terrorist financing measures, reviews methods, measures and techniques to combat money laundering and terrorist financing, and encourages the adoption and implementation of appropriate measures at the global level in cooperation with other international bodies concerned with combating money laundering and terrorist financing. Contact us for assistance: 📞 +971 4 252 7634 +971 501405501 [email protected] #AntiMoneyLaundering #FATF #TerroristFinancing #GlobalStandards #FinancialIntegrity #InternationalCooperation #WMDfinancing #MENAFATF #OrganizedCrime #FightCorruption

🇰🇼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

++ South Africa Proposes Amendments to Strengthen Anti-Money Laundering Efforts ++ Finance Minister Enoch Godongwana has announced a call for public comments and written submissions regarding proposed amendments to South Africa’s Money Laundering and Terrorist Financing Control Regulations. The amendments aim to bolster the nation’s anti-money laundering and counter-terrorist financing framework by enhancing reporting requirements for the conveyance of cash or bearer negotiable instruments into or out of the country. According to the National Treasury, the proposed changes, outlined in Gazette Notice 50450 no 4712 published on April 8, 2024, are in line with section 77(5)(a) of the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001). #techafricanews #africa #southafrica #antimoney #laundering #efforts #financing #framework

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

🌍 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

Edwin Harris,CAMS,CFE,MPA, The Director of Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) expressed satisfaction with the new financing, stating it was timely for implementing the 2023-2027 Strategic Plan in partnership with African Development Bank Group. This funding will significantly enhance the #antimoneylaundering and #terrorismfinancing efforts across its member countries. He highlighted the importance of these interventions in strengthening financial oversight and ensuring regulatory compliance and emphasized the critical role this support plays in bolstering the organization's capabilities to effectively manage and mitigate #financialcrimes, thus reinforcing the security and economic stability of the region. Read more on this article by Emmanuel Chilamphuma, FurtherAfrica #giaba #AfDB #ecowas #sadc

Financial Conduct Authority 2024/2025 Business Plan The Financial Conduct Authority (FCA) has unveiled its 2024/25 Business Plan, outlining key objectives and regulatory priorities for the financial sector in the coming year. In the upcoming period, the FCA will concentrate on combating and preventing financial crime, placing consumer needs at the forefront, and bolstering the UK's standing in global wholesale markets. This direction follows their February 2024 update (as discussed in our previous Regulatory Outlook), emphasizing the imperative for firms to address fraud and ensure their systems are equipped to counter increasingly sophisticated criminal activities. Additionally, the European Commission has adopted a delegated regulation to revise the list of high-risk third countries identified with strategic deficiencies in anti-money laundering and counter-terrorism financing regimes, posing significant threats to the EU financial system under the Fourth Money Laundering Directive (MLD4). The regulation involves the removal of Barbados, Gibraltar, Panama, Uganda, and the United Arab Emirates from the list, while adding Kenya and Namibia. This delegated act is now slated for review by the EU Parliament and Council and is set to take effect on the twentieth day following its publication in the Official Journal of the EU.

The European Union hosted the #Africa Joint Group of the Financial Action Task Force (FATF) in #Brussels from 2 to 12 September 2024. The Africa Joint Group is one of the four divisions of the #FATF International Cooperation and Review Group, in which progress of jurisdictions with strategic deficiencies regarding anti-money laundering / countering the financing of terrorism (AML/CFT) is examined. #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 #eu #europeanunion #europe

🇪🇺 On 13 May 2024, in Vienna, Austria, at a high-level event during the 33rd session of the Commission on Crime Prevention and Criminal Justice, leaders from the Financial Action Task Force (FATF), INTERPOL, and the UN Office on Drugs and Crime (UNODC) collectively emphasized the urgent need for worldwide efforts to intensify actions against the substantial illicit profits fueling transnational organized crimes, which are contributing to conflicts, terrorism, and harming vulnerable groups. They advocated for targeting the financial mechanics and networks behind these crimes to disrupt criminal activities and enhance crime prevention. Highlighting the benefits across the Sustainable Development Goals, they stressed financial integrity as vital for stability and peace. The leaders called for greater global cooperation and effective implementation of anti-money laundering and counter-terrorism financing standards, urging accelerated policy reforms and stronger frameworks by the 2026 UN Crime Congress. They also noted the importance of partnerships between governments, the private sector, and civil society in combating financial crimes more effectively. #aml #cft #antimoneylaundering #governance #compliace #kyc #cdd #duediligence #regulatory #onboarding #security #fatf #counterterrorism #financialintelligence #fraud #bank #banking #fintech #cryptocurrency #amla #fatf #finsec #fiu #financialcrime #penalty #fines #verification #scheme #scam #moneymule #underground #moneylaundering #terroristfinancing #cooperation #amlcft #followthemoney