Plenitude Consulting’s Post

Sanctions for non-compliance with the Financial Intelligence Centre Act (FICA) is looming. With South Africa’s compliance being reassessed this year, FIC is stiffening their watch – and you need to be ready. Join our webinar where we will break down FICA compliance challenges and how to overcome them. Learn practical strategies, explore helpful tools, and get expert insights during our live Q&A. Don’t wait for a sanction to get compliant – register for our webinar by clicking the link https://lnkd.in/dDRNCPBw #LexisNexisZA #AdvancingAfricasRuleofLaw #FICA

I enjoyed collaborating with Kent Davis to continue our series on contentious financial regulation. This article focuses on the manner in which Finacial Services Regulators decide on and impose administrative penalties. Clients have been asking some interesting questions on transparency, certainty and consistency when it comes to regulatory penalties and we explore all these concepts in our article. #contentiousfinancialregulatory #disputes #litgation

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 PFM reform plan, as part of Bina' project, funded by the European Union and managed by Transparency International and Transparency International Lebanon - No Corruption, helps Lebanon prioritize spending. This initiative is crucial in helping Lebanon prioritize its spending, ensuring that financial resources are used where they are needed most. By improving public financial management, this reform aims to bring greater transparency, efficiency, and accountability to Lebanon's financial practices, paving the way for a more sustainable and equitable future. #PFMReform #BinaProject #EuropeanUnion #taxpayers #Lebanon #ALDIC

Has Latvia's recent financial system “overhaul” been a success? 🎙️ Join the thought-provoking conference hosted by Žurnāls "Jurista Vārds" magazine to explore this critical question from the perspective of the justice and finance sector. The event will feature: ☑️ Four interviews with industry leaders. The first discussion will take place between COBALT Legal Partner Edgars Pastars and Director of the Financial Intelligence Unit (FIU) Latvia Toms Platacis on the successes and challenges encountered during the overhaul. ☑️ Survey results. The findings of a survey conducted among nearly 500 Latvian lawyers, offering valuable insights into their views on the system changes. ☑️ Open Q&A. An engaging interaction with the speakers and other attendees to share questions and perspectives. 👍 The event is ideal for legal professionals, compliance officers, and anyone interested in the future of Latvia's financial landscape. 🎙️ Language of the event: Latvian. 👉 The programme: https://lnkd.in/dkh_Ds7V 👉 To learn more and discuss the impact of these changes register here: https://lnkd.in/dD4f4qJV 📌 Supported by the University of Latvia's Faculty of Law and the Finance Latvia Association. ℹ️ Background: In 2018, the Council of Europe's Moneyval Committee identified areas for improvement in Latvia's anti-money laundering and terrorist financing efforts. The country responded with a comprehensive “overhaul” of the financial system, aiming to strengthen its defences against financial crime. . . . #Latvia #Finance #AML #Compliance

The Financial Action Task Force (FATF) has revised its greylisting criteria to focus on developed countries and lessen the compliance burden on the least developed states. The changes were announced on 17 October, and aim to shift the balance of compliance towards countries with the most influence on the international financial system. https://lnkd.in/dH2wisb7

Last week I had the pleasure of attending the International Anti-Financial Crime Summit 2024. One of the many interesting keynotes was from the current FATF President – Elisa de Anda Madrazo. The President discussed amongst other focus areas during her presidency, an upcoming change to the grey listing mechanism for countries with lower incomes. This is seen as a welcome move across the industry and will avoid lower income countries being grey listed where they don't pose a significant risk and hence being penalised (e.g., not being able to attract international investment or struggling to borrow from international markets). The President ended on a positive note – especially thanking those that work in the industry for their ongoing efforts to fight financial crime. Unfortunately, compliance and anti-financial crime professionals rarely get enough credit for their work. How often do you hear applaud for compliance functions that actively prevent money laundering, human trafficking etc.? More often than not, the focus is always on when compliance goes wrong…

First Taskforce Report: PPPs and Fighting Financial Crime in Ukraine A report by Centre for Finance and Security (CFS) at RUSI summarises the main findings of the first meeting of the Taskforce on Public–Private Partnership in Fighting Financial Crime in Ukraine. 🤝 Russia’s full-scale invasion of Ukraine has underscored the critical role of new technologies in not only defending the nation on the battlefield but also combating financial crime more effectively. The use of new technologies in the AML field requires strong collaboration between public sector and fintech companies. 🤝 Public and private sectors in #Ukraine agree there are a number of threats and challenges to the effective financial crime response in Ukraine that could be addressed through PPP working. 🤝 Experienced PPP practitioners concurred that taking small steps is important. This helps develop trust and also allows for proof of concept to be demonstrated more easily and thus confidence in the PPP initiative to build. 🤝 Models such as the UK’s JMLIT, the Center of Excellence in Anti-Money Laundering in Lithuania, and the PPPs in Poland and Germany demonstrate how targeted information sharing reduces irrelevant reporting to FIUs and boosts effectiveness in the fight against financial crime. #AML #Ukraine #FinancialCrime #Partnerships #RUSI ✍ Ian Mynot & Oksana Ihnatenko at Centre for Finance and Security (CFS) at RUSI https://lnkd.in/eCx_CRyZ

🚩 Attention to Cyprus Investment Firms (‘CIFs’) 📣 CySEC issued the Circular C650 to inform the CIFs for the obligation to submit the Quarterly Statistics Form QST-CIF, with reference period 30/06/20254. Read More  👇 https://lnkd.in/d_zS2MUN #reporting #CIFs #investmentfirms #Cyprus #statistics #obligation

📢 Full data set of known treaty-based investor-State dispute settlement (ISDS) compiled by UN Trade and Development (UNCTAD) is now available. No password or logins needed, free-of-charge access to important data for Government officials and other stakeholders in the investment and development community. https://lnkd.in/e4b39Q67