Published Date:
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
FATF Updates: New Additions and Removals
The Financial Action Task Force (FATF) has recently updated its ‘grey list’, adding Monaco and Venezuela due to concerns over money laundering practices. Meanwhile, Jamaica and Türkiye have been removed from the grey list, signifying significant improvements in their anti-money laundering (AML) and counter-terrorism financing (CFT) measures. North Korea and Iran remain on the FATF’s ‘black list’, indicating ongoing severe deficiencies in their AML/CFT regimes.
India’s AML Efforts Recognized
In a recent mutual evaluation report, the FATF praised India for its robust AML and CFT initiatives. Highly placed sources have expressed satisfaction with the report, which deemed India’s efforts as exemplary. While some issues were flagged by the FATF, these were not considered fundamental or significant deficiencies, underscoring India’s strong commitment to combating financial crimes.
Record Fine for Raiffeisen Bank
Austrian regulators have imposed a record fine of over €2 million on Raiffeisen Bank International (RBI) for lapses in its AML controls. The Financial Market Authority found failings in RBI’s AML and CFT checks on two unnamed banks. This penalty marks the largest fine ever awarded by Austrian regulators and highlights the increasing scrutiny on financial institutions to maintain stringent AML practices.
FinCEN Proposes Rule to Modernize AML/CFT Programs
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a proposed rule aimed at strengthening and modernizing AML/CFT programs for financial institutions. This rule, building on the Anti-Money Laundering Act of 2020, requires that AML/CFT programs be effective, risk-based, and reasonably designed. These amendments are crucial for protecting the national security and integrity of the U.S. financial system.
Indonesia’s PPATK Uncovers Gambling Transactions Linked to House Members
Indonesia’s Financial Transaction Reports and Analysis Center (PPATK) has detected over 7,000 transactions on gambling websites involving members of the House of Representatives and House Secretariat employees. Gambling is illegal in Indonesia, with violators facing up to six years in prison. The data will be submitted to the Ethics Council upon government approval, highlighting the pervasive issue of illegal financial activities within governmental bodies.
Panama Papers Acquittal
In a significant development, a Panamanian court has acquitted all 28 individuals charged with money laundering in connection to the Panama Papers scandal. This trial, which began in April, concluded with the court finding insufficient evidence to convict the defendants, including Jurgen Mossack and the late Ramon Fonseca, founders of the now-defunct law firm Mossack Fonseca. The Panama Papers leak in 2016 had exposed the use of tax havens by the world’s elite to conceal their wealth.
Stay informed with our weekly digest, bringing you the most impactful news from around the globe. Thank you for reading!
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