Monetary Authority of Singapore (MAS)’s Post

#Moneylaundering: Luxembourg needs to make a bigger effort to supervise the non-financial sector and better scrutinize #realestate firms, #trust companies, #notaries and services firms, the world’s top body to fight money laundering and the financing of terrorism said.  Releasing its long-awaited mutual evaluation report on #Luxembourg, the Financial Action Task Force (FATF) acknowledged the country's firm anti-money laundering and counter-terrorist financing (#AML / #CFT) framework but also highlighted areas for improvement. The 302-page report serves as a comprehensive assessment of Luxembourg’s AML/CFT measures and offers a roadmap for the country to enhance its defences against financial crimes. https://lnkd.in/e49Q7Fiv

The FATF Ministers reaffirmed their commitment to combat financial crime, support global standards, and address money laundering, terrorist financing, and proliferation financing. During the biennial meeting, they acknowledged achievements under the Singapore Presidency, including enhancing asset recovery standards and regulating virtual assets. Despite progress, gaps remain, and they committed to improving outcomes in tackling illicit finance.” 🌐💼💰 #fatf #aml #amlcft #amlcompliance #compliance #acfe #acfcs

The EU Tightens the Net on Money Laundering and Terrorist Financing The European Parliament has taken a significant step in strengthening the EU's ability to combat money laundering and terrorist financing. The new laws will increase transparency, empower authorities, and introduce stricter reporting requirements. Key Measures: * Public access to beneficial ownership information * Enhanced due diligence for high-value transactions * Increased powers for Financial Intelligence Units (FIUs) * Centralized supervision by a new EU authority (AMLA) What does this mean for you or your business? These new measures aim to create a more secure financial environment for everyone. #AML #FinancialCrime #EU #Transparency #NeurobayStrstegy Do you think these measures are enough to effectively combat financial crime? Share your thoughts in the comments!

On 20 March 2024, the Wolfsberg Group published a statement on countering terrorist financing replacing its 2002 statement on financial institutions' role in countering terrorism financing. It acknowledges terrorism can be domestic or international, associated with various ideologies, and funded without criminal activities. Want to learn more? Continue reading on our Regulatory Blog: https://lnkd.in/eb9aqG86   Want to stay ahead of the regulatory curve? Head over to our Regulatory Blog (https://lnkd.in/dZK9cH5) to catch up on other developments from our jurisdictions. Recent posts include:   ✒️ Cyprus introduces amendments to the Sale of Property (Specific Performance) Law to improve the interests of buyers in property transactions - https://lnkd.in/e9YZx2y7 ✒️ ESMA Report: Understanding crypto asset markets and implications for EU regulation - https://lnkd.in/eC6YsvK2 ✒️ British Virgin Islands regulatory inspections and their importance - https://lnkd.in/e9_i8SDe ✒️ Cyprus regulators publicise Article 5r reporting guidance issued under EU Council Regulation 833/2014 - https://lnkd.in/eEhQKs9i   👇 Don't want to miss out on our posts? Sign-up to our newsletter via the link in the comments to get new content delivered directly to your inbox.   #regulatoryblog #regulatoryupdates #regulatoryinsights

🌍 New EU Rules to Combat Money Laundering 🌍 The European Parliament is stepping up the fight against money laundering with a comprehensive set of new measures! 🔍 Here's a quick overview: Unrestricted Access: Beneficial ownership information is now accessible to journalists and civil society. 📜 Expanded Authority: Financial Intelligence Units (FIUs) can now analyze and suspend suspicious transactions. 💼 Heightened Scrutiny: Banks, real estate agents, and even professional football clubs will have increased due diligence requirements. ⚽ New Oversight Body: The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) will oversee compliance. ✅ PaySaxas experts weigh in on these changes and how they'll affect businesses and individuals. https://paysaxas.com/news/ Stay tuned for more insights! 📈 #PaySaxas #AML #EURegulations #ComplianceMatters

#achievements Based on arguments by TGS Baltic team Zygimantas Stankevicius, Ramūnas Kontrauskas and Eglė Masytė regarding strict practices followed by the Bank of Lithuania in the prevention of #money #laundering and terrorist financing and in imposing fines for violations, the Supreme Administrative Court of Lithuania referred to the European Court of Justice with a request to clarify the rules in question. Our lawyers doubted whether the Bank of Lithuania’s practices in this matter comply with EU law. We are glad that our experts pass them on to the responsible institutions when they have questions. The aim is to ensure transparent and fair regulations. We expect the decision and arguments of the Court of Justice of the European Union to affect the Bank of Lithuania’s supervision of financial market participants and the fines it imposes for violations of the rules on preventing money laundering and terrorist financing.

On 5 February 2024, Bank Negara Malaysia (BNM) through its Financial Intelligence and Enforcement Department issued revised Policy Documents as follows: (i) Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing and Targeted Financial Sanctions for Financial Institutions (“AML/CFT/CPF and TFS for FIs”) (ii) Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing and Targeted Financial Sanctions for Designated Non-Financial Businesses and Professions (DNFBPs) and Non-Bank Financial Institutions (NBFIs) (“AML/CFT/CPF and TFS for DNFBPs and NBFIs”)   (collectively referred to as “the revised Policy Documents”)   Read more: https://lnkd.in/g-6xZyir

Council of the European Union (EC) and European Parliament have provisionally agreed to establish an Anti-Money Laundering Authority (AMLA) to combat money laundering and terrorism financing. AMLA will possess direct supervisory authority over high-risk cross-border institutions and indirect oversight across the broader financial sector, extending to the non-financial sector. https://lnkd.in/dN7ih5UM #AMLA #MoneyLaundering #EUFinance #FinancialOversight #AML #EURegulation #TerrorismFinancing #FinancialSecurity #Europol #AntiFinancialCrime #RegulatoryFramework #EUAgreement

🔈 Breaking News from FATF Plenary! The recent FATF Plenary in Paris, hosted by T. Raja Kumar of Singapore, saw over 200 jurisdictions and global organizations unite to tackle money laundering, terrorism financing, and proliferation financing head-on! 🔍 Highlights: 💪 Emphasis on global cooperation for effective FATF Standards implementation. Cutting off terror financing networks, financial sanctions, and asset confiscation at the forefront. 🔧 Amendments to Recommendations to bolster measures against criminal proceeds. 💼 Strengthening global asset recovery with recommendations for Asset Recovery Networks (ARINs) in transnational money laundering cases. 🔄 Methodology amendments for upcoming mutual evaluations on beneficial ownership and transparency requirements. 🌏 Comprehensive assessment procedures agreed upon for a cohesive Global Network. 🇮🇩 Indonesia Joins as 40th Member! For more details: https://lnkd.in/dQZvFpjP. #FATF2023 #GlobalFinance

“Global financial integrity is critical for financial stability, inclusion, and for peace and security,” said FATF President T Raja Kumar in joint call to action with Heads of INTERPOL and UNODC. “It can only be achieved through the robust and effective implementation of money laundering and terrorist financing standards. The FATF is committed to playing its part and stepping up our work on the cross-cutting activities which enable all serious crime, especially the laundering of the proceeds of crime. We must seize the initiative and collectively implement asset recovery to cut off the lifeblood of criminal enterprise – their money and their assets. This must be a key preventive strategy that all governments must adopt.” Read the call to action: https://lnkd.in/g_6PRXAM #Moneylaundering #terrroristfinancing #cooperation #Followthemoney