Sanctions Center’s Post

A report by FATF regional partner, the Caribbean Financial Action Task Force (CFATF), sets out Jamaica's progress in strengthening its measures to combat money laundering and terrorist financing by addressing the deficiencies identified in the 2017 mutual evaluation. As a result of this progress, the country has been rerated on four Recommendations. For more information and to download the full report, see: https://lnkd.in/egnqCVQN #Followthemoney #moneylaundering #terroristfinancing #cfatf

The Fifth FATF Plenary is currently underway in Paris and concludes the FATF week which began on 19 February 2024. Key issues on the impact of development of cross border payment technologies and guidance to aid jurisdictions with the risk based implementation of Recommendation 25 will be discussed. The progress of countries identified as risk to the global economic system is also being highlighted. #followthemoney #moneylaundering #terroristfinancing #africancenter Financial Action Task Force (FATF) Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) AMLintelligence.com The World Bank

 In a momentous decision with positive implications for the Panamanian economy, the Financial Action Task Force (FATF), excludes Panama from its gray list, after a process initiated since June 2019, in which important measures have been implemented to combat money laundering and terrorist financing.  This announcement comes during the FATF plenary meeting, held in Paris, France, where it was determined that the Republic of Panama has strengthened its system for the prevention of money laundering and against the financing of terrorism and implemented substantial standards and actions that have allowed the country to take an important step towards international transparency. https://lnkd.in/ePdkz_gD #SteeringYourWay Financial Action Task Force (FATF)

The FATF released Luxembourg’s Mutual Evaluation Report, stating in its summary that Luxembourg ‘has a solid anti-money laundering and counter-terrorist financing framework and a good understanding of its money laundering and terrorist financing risks. Authorities make good use of financial intelligence and co-operate effectively with international counterparts. However, Luxembourg needs to focus more on money laundering investigations and prosecutions, asset recovery and supervision of non-profit organisations and some non-financial sectors, according to FATF’s assessment of the country’s measures to tackle money laundering and terrorist financing.’ https://lnkd.in/e7iP7VDF #aml #fatf #antimoneylaundering #financialcrime

U.S. financial institutions generally are prohibited from doing business with foreign institutions that the Financial Crimes Enforcement Network (FinCEN) has named as conduits for terrorist financing. FinCEN recently severed ties with Iraq’s Al-Huda Bank because investigators found it had used access to U.S. dollars to support terrorists. Also, the bank’s chairman was determined to have participated in illicit activities that include money laundering. Covered U.S. institutions “must take reasonable steps” to avoid transactions with Al-Huda Bank and “apply special due diligence” to foreign correspondent accounts that might be associated with the bank. To learn more: https://bit.ly/3L3c1BH #FinCEN #TerroristFinancing #MoneyLaundering #FinancialSecurity #USBanking

A new FATF follow-up report sets out the progress that Burkina Faso has made to tackle money laundering and terrorist financing. See the update on actions taken here ➡ bit.ly/3YvUWGy #followthemoney #moneylaundering #terroristfinancing #burkinafaso

U.S. financial institutions generally are prohibited from doing business with foreign institutions that the Financial Crimes Enforcement Network (FinCEN) has named as conduits for terrorist financing. FinCEN recently severed ties with Iraq’s Al-Huda Bank because investigators found it had used access to U.S. dollars to support terrorists. Also, the bank’s chairman was determined to have participated in illicit activities that include money laundering. Covered U.S. institutions “must take reasonable steps” to avoid transactions with Al-Huda Bank and “apply special due diligence” to foreign correspondent accounts that might be associated with the bank. To learn more: https://bit.ly/3L3c1BH #FinCEN #TerroristFinancing #MoneyLaundering #FinancialSecurity #USBanking

The FATF plenary has concluded. Delegates of governments representing the FATF Global Network of over 200 jurisdictions, discussed a range of money laundering and terrorist financing issues. Outcomes from this Plenary meeting include: ➡ a new risk-based guidance for the implementation of Recommendation 25 on the beneficial ownership and transparency of legal arrangements ➡ a public consultation on a range of options for potential changes to Recommendation 16 and its Interpretive Note on wire transfers. ➡ updated statements identifying high-risk and other monitored jurisdictions and removal of Barbados, Gibraltar, Uganda and the United Arab Emirates from its increased monitoring list following successful on-site visits. ➡ the appointment of a new President of the FATF (2024-2026). ➡ a statement on the Russian Federation. See the full statement at: https://lnkd.in/dHXBWGJB #FollowTheMoney #moneylaundering #terroristfinancing

U.S. financial institutions generally are prohibited from doing business with foreign institutions that the Financial Crimes Enforcement Network (FinCEN) has named as conduits for terrorist financing. FinCEN recently severed ties with Iraq’s Al-Huda Bank because investigators found it had used access to U.S. dollars to support terrorists. Also, the bank’s chairman was determined to have participated in illicit activities that include money laundering. Covered U.S. institutions “must take reasonable steps” to avoid transactions with Al-Huda Bank and “apply special due diligence” to foreign correspondent accounts that might be associated with the bank. To learn more: https://bit.ly/3L3c1BH #FinCEN #TerroristFinancing #MoneyLaundering #FinancialSecurity #USBanking

Dive into the complexities of FATF Grey Listing and its effects on Namibia's economy! Learn about strategies for compliance and economic resilience in the face of global standards. #FATF #Namibia #GreyListing #AML #CFT #CPF #EconomicImpact #Compliance #FinancialResilience