COMBATING FINANCIAL FRAUD The Perfect Storm
|
|
- Ralph Stokes
- 6 years ago
- Views:
Transcription
1 COMBATING FINANCIAL FRAUD The Perfect Storm Plenary 2: Transformation of International Financial Centres Legislation & Governance Presentation by - Lim Hsin Ying, Deputy Director, FIU 1, FIED 1
2 LEARNING OBJECTIVES Understand role of RIs in prevention of money laundering (ML), terrorism financing (TF) & proliferation financing (PF) Implementation of reporting obligations as effective deterrence against being made a conduit Global Scrutiny on Offshore Financial Centres and Intermediaries 2
3 Widening Income Gap + Tightening Budgets, Fiscal Conditions + Despots, Dictators, Drug Lords Tax Dodgers + Profiteering, Unethical Intermediaries + Boundless Internet, Activist Hackers, Whistle-blowers = LEAKS! YIKES! as if the hackers aren t bad enough, there s talk of establishing public registries of corporate ownership now! Source: 3
4 Traditional safe havens under siege Date Case Details Nov Feb April 2016 Lux Leaks Swiss Leaks Panama Leaks Over 28,000 pages of documents (4.4 GB) on tax rulings between Luxembourg tax authorities and more than 340 companies worldwide aiming to reduce their tax payments, with 548 tax rulings from 2002 to 2010 leaked to the public. Impact: Spotlight on tax avoidance schemes in Luxembourg and other tax havens, and complicity of consultancy firms. Contributed to implementation of measures aimed at reducing tax dumping and regulating tax avoidance schemes beneficial to MNCs. Over 3.3 GB of secret documents relating to accounts worth over $100 billion purportedly maintained for criminals, traffickers, tax dodgers, politicians and celebrities by HSBC Private Bank (Suisse) Key Findings: Many of the client accounts were held in the name of companies located in offshore tax havens such as BVI, Panama, Niue etc., rather than by the individuals who owned the money; thousands more used de-identified numbered accounts / aliases to obscure identities of ultimate beneficial owners Over 11.4 million files, 2.6 TB of secret documents covering a period of almost 40 years leaked from internal database of Mossack Fonseca & Co., a Panama-based law firm Links up direct and indirect offshore holdings of some 140 current and former world leaders, billionaires, former spy chiefs, relatives of politicians, public officials Key Findings: o Use of anonymous shell companies whose real owners hide behind hired nominees serving as getaway cars for tax dodgers, launderers and crooked public officials o Professional Advisers - Unwitting agent or accomplice? Major banks referenced by ICIJ responsible for data creation of over 15,000 companies in BVI, Panama and other offshore locations. Sources:
5 AUSTRAC Case Study: Complex tax avoidance scheme hid funds in Samoa & New Zealand Individual A and B were family members who owned and controlled a group of Australia-based companies (motor vehicle repairs and sale of automotive products in Australia Arrangement 1 International transfers made to an offshore superannuation fund and rapid return of these funds to Australia Company 1 subsequently claimed deductions for the AUD200,000 offshore superannuation contribution in its tax returns and was assessed as liable for less tax than it should have been >> Deductions later disallowed and deemed not deductible 5
6 AUSTRAC Case Study: Complex tax avoidance scheme hid funds in Samoa & New Zealand Arrangement 2 (Years 1 to 10 of the scheme) On-going international transfers of funds under a fictitious loan arrangement over ten years. Complex round robin tax avoidance arrangement aimed at disguising the fund movements as legitimate transactions associated with the loan. In reality, any funds sent overseas ultimately returned to the original beneficiary, either Company 1 or other related companies in Australia 6
7 AUSTRAC Case Study: Complex tax avoidance scheme hid funds in Samoa & New Zealand Arrangement 3 (Years 11 to 10 of the scheme) Transfer of loan arrangement to another Australian company when the original company went into liquidation. i. Company 1 changed its name and subsequently went into liquidation, forcing the Australian Taxation Office (ATO) to write-off a tax debt of AUD800,000 which had accrued on the income tax account of the company. ii. iii. iv. The fictitious loan liability for Company 1 transferred to Company 2, which was incorporated in Australia and associated with Company 1 and Individuals A and B. Loan liability approximately AUD3 million at the time. Company 2 continued to utilize tax avoidance arrangement by making interest payments on the loan to the Samoa-based private bank via its subsidiary with a bank account in New Zealand. Upon receipt of these interest-payment, the bank s subsidiary subsequently transferred funds into Company 2 s bank accounts in Australia, describing them these transfers as loan draw downs. Company 2 claimed the funds received as loan draw downs were lent to companies in the Australian group of companies by way of interest-free loans. 7
8 AUSTRAC Case Study: Complex tax avoidance scheme hid funds in Samoa & New Zealand Arrangement 4 (Years 15 to 16 of the scheme) Introduction of an Australian charitable organization, which was unrelated to the main group of companies, to facilitate transfer of funds between the bank s New Zealand subsidiary and the Australian group of companies Company 2 subsequently claimed deductions for interest expenses and fees paid to the Samoa-based private bank, hence reducing its taxable income and was assessed as liable for less tax than it should have been, thereby avoiding its tax obligations. 8
9 Reporting Institutions are the first line of defence Prevent on-boarding of criminals through effective risk profiling, CDD, verification and transaction monitoring Early detection of illicit/suspicious activities and prompt reporting to FIU Criminals & Criminal Proceeds 1 Obscure ultimate BOs Cleansing of illicit proceeds through intermediaries Financial Institutions Non-bank FIs DNFBPs 2 Submit CTRs &STRs 5 Monitor & enforce AML/CTF requirements Financial Intelligence Unit FIED, BNM FIs - Supervisory authorities LFSA, BNM, SC DNFBPs - Supervisory authorities BNM in collab. with Ministries & SROs Collect, analyse, disseminate financial intel 4 3 Feedback on effectiveness of financial intel. Law Enforcement Agencies (LEAs) AML/CFT PREVENTIVE MEASURES ML/TF Risk Assessment, Client Risk Profiling, CDD, Enhanced CDD & On-going Monitoring of Clients & Transactions Promptly Detect & Report Suspicious Transactions, CTRs Effective Sanctions Monitoring and Implementation of Sanctions Regime 9
10 Relevant AML/CFT Law, Regulations & Guidelines for Labuan RIs Relevant AML/CFT Act and Guidelines AML/CFT Guidelines for Labuan RIs are imposed pursuant to the AMLA 2001 and LFSAA 1996 Labuan FSA serves as the AML/CFT regulator and supervisor of Labuan RIs, and have issued AML/CFT Guidelines for RIs licensed to operate in the following sectors: o Banking o Capital Markets & Other Businesses o Insurance & Takaful o Trust Company For all other DNFBPs that operate in Labuan i.e. gaming, lawyers, real estate, accountants, dealers in precious metals and stones, these RIs are subject to BNM s Sector 5 AML/CFT Policy Document for DNFBPs and come under the AML/CFT supervision of FIED, BNM. International Expectations on Implementation of AML/CFT obligations by Ris Immediate Outcome 4 from FATF Methodology 2013 FIs & DNFBPs adequately apply AML/CFT preventive measures commensurate with their risks, and report suspicious transactions, with RIs expected to: Understand the nature and level of ML/TF risks; Develop and apply AML/CFT policies, internal controls and programmes to adequately mitigate identified risks; Apply appropriate CDD measures to identify and verify customers and BOs and conduct ongoing monitoring; Adequately detect and report suspicious transactions; and Comply with other AML/CFT requirements. amlcft.bnm.gov.my/amlcft07.html 10
11 Consequences of Non-Compliance 1. Enforcement action can be taken against a reporting institution and/or on individual directors, officers and employees for serious non-compliance with AML/CFT requirements; 2. Penalties upon breach of AMLA 2001 include: General Offence (section 86) Fine not exceeding RM1.0 million e.g. for failure to conduct CDD and failure to adopt, develop and implement AML/CFT compliance programme; Lapse in Record Keeping Fine not exceeding RM3.0 million or imprisonment for a term not exceeding five (5) years or both Opening Account in False Name Fine not exceeding RM3.0 million or imprisonment for a term not exceeding five (5) year or both 11
12 All countries are expected to comply with the international standards UN Conventions and Security Council Resolutions Vienna Convention Palermo Convention Security Council Resolution 1373 International Convention for the Suppression of the Financing of Terrorism Security Council Resolution 1267 and its Successors Principles from these Resolutions embedded in FATF Recommendations & Methodology Financial Action Task Force (FATF), Headquartered in Paris Malaysia Accepted as FATF Member Country in February 2016 FATF serves as Secretariat; Issues & Ensures compliance by jurisdictions to 40 Recommendations & Technical Compliance / Effectiveness Methodology Implementation by FATF-Styled Regional Bodies (FSRBs) All countries are members of a FRSB (except DPRK, Iran - Observer in EAG) APG (M sia also Member) MENAFATF GIABA CFATF MONEYVAL GAFISUD EAG 12
13 AMLA in effect since 2002; Overview of Malaysia s AML/CFT framework BNM the competent authority for AMLA LFSA designated as AML/CFT supervisory authorities for RIs licensed by LFSA Criminalisation of ML/TF i.e. 362 offences Freezing, seizure & forfeiture of properties Reporting Institutions (RIs) as first line-of-defence Over 35,000 RIs Implement effective compliance programmes as deterrence Identify & respond to emerging risks through NRA process Adequate investigation & enforcement powers Fully-functional Financial Intelligence Unit in BNM Dedicated AML/CFT Units established in key Law Enforcement Agencies (LEAs) Structured training programs for financial investigators FATF Standards Submit CTRs & STRs to FIU National Coordination Committee for integrated approach across 16 Ministries, Law Enforcement & Supervisory Authorities MoUs & Strategic Partnerships with Foreign FIUs & Counterparts Strong intelligence and strategic networks via Egmont, FATF, APG 13
14 Key Findings from Mutual Evaluation Exercise 2014 On-site visit by APG & FATF Assessors from 13/11 to 25/11/2014; Assessment made based on Technical Compliance and Effectiveness of Malaysia s AML/CFT regime in line with FATF Recommendations & Methodology; Outcome Malaysia has achieved high levels of technical compliance. But, significant improvements needed in: a. Effectiveness of international cooperation for cross-border crime prevention and ML/TF investigations; b. Conduct of parallel ML/TF investigations and prosecution; c. Identification and assessment of foreign-sourced threats, institutional vulnerabilities, TF, interconnectedness of organized crimes and other categories of crime on Malaysia s National ML/TF Risk Assessment; and d. Improved understanding on ML/TF risks and adoption of a risk-based approach in implementation of AML/CFT preventive measures by onshore and offshore FIs and DNFBPs. 14
15 Thank You Please visit BNM s AML/CFT Microsite for more information. 15
AML/CFT TRAINING FOR ACCOUNTANTS AND AUDITORS
AML/CFT TRAINING FOR ACCOUNTANTS AND AUDITORS 1 16 MARCH 2016 BANK USE PROMOTION & SUPPRESSION OF MONEY LAUNDERING UNIT 2 3 What is Money Laundering? the process of concealing illicit gains from criminal
More informationImproving Global AML/CFT Compliance: Ongoing Process - 19 October 2018
別紙 2-1 Improving Global AML/CFT Compliance: Ongoing Process - 19 October 2018 Paris, France, 19 October 2018 - As part of its ongoing review of compliance with the AML/CFT standards, the FATF identifies
More informationExecutive Summary EXECUTIVE SUMMARY. Key Findings. Preface
Executive Summary Preface EXECUTIVE SUMMARY 1. This report provides a summary of the anti-money laundering and combating the financing of terrorism (AML/CFT) measures in place in Singapore as at the date
More informationImproving Global AML/CFT Compliance: On-going Process - 3 November 2017
Improving Global AML/CFT Compliance: On-going Process - 3 November 2017 Buenos Aires, Argentina, 3 November 2017 - As part of its on-going review of compliance with the AML/CFT standards, the FATF identifies
More informationSUMMARY Seychelles National Risk Assessment Report for Money Laundering & Terrorist Financing 2017
SUMMARY Seychelles National Risk Assessment Report for Money Laundering & Terrorist Financing 2017 Introduction The National Risk Assessment (NRA) is a process of identifying and evaluating the Money Laundering
More informationPreparing for the 4 th Round of Mutual Evaluations ANGUILLA, FRIDAY 8 TH OF MAY 2015
Preparing for the 4 th Round of Mutual Evaluations ANA FOLGAR L EGAL ADVISOR CFATF ANGUILLA, FRIDAY 8 TH OF MAY 2015 Content The FATF Mandate Role of the CFATF in relation to FATF Involvement of CFATF
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions FATF PUBLIC STATEMENT - 19 October 2012 Paris, 19 October 2012 - The Financial Action Task Force (FATF) is the global standard setting body for antimoney laundering
More informationInternational Standards on Combating Money Laundering and the Financing of. The FATF Recommendations
International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation The FATF Recommendations February 2012 INTERNATIONAL STANDARDS ON COMBATING MONEY LAUNDERING AND THE
More informationINTERNATIONAL STANDARDS ON COMBATING MONEY LAUNDERING AND THE FINANCING OF TERRORISM & PROLIFERATION. The FATF Recommendations
INTERNATIONAL STANDARDS ON COMBATING MONEY LAUNDERING AND THE FINANCING OF TERRORISM & PROLIFERATION The FATF Recommendations Updated November 2017 FINANCIAL ACTION TASK FORCE The Financial Action Task
More informationCountry Risk Updates. GFSC Newsletter No.3/2017.
Country Risk Updates GFSC www.gfsc.gi 27 November 2017 This newsletter constitutes advice issued by the (GFSC) about risks posed by unsatisfactory money laundering controls in a number of jurisdictions.
More informationINTERNATIONAL STANDARDS ON COMBATING MONEY LAUNDERING AND THE FINANCING OF TERRORISM & PROLIFERATION. The FATF Recommendations
INTERNATIONAL STANDARDS ON COMBATING MONEY LAUNDERING AND THE FINANCING OF TERRORISM & PROLIFERATION The FATF Recommendations February 2012 INTERNATIONAL STANDARDS ON COMBATING MONEY LAUNDERING AND THE
More informationMutual Evaluation Report. Anti money laundering and counter terrorist financing measures in Samoa 2015
` Anti money laundering and counter terrorist financing measures Samoa Mutual Evaluation Report September 2015 Anti money laundering and counter terrorist financing measures in Samoa 2015 The Asia/Pacific
More informationImproving Global AML/CFT Compliance: On-going Process - 24 February 2017
Improving Global AML/CFT Compliance: On-going Process - 24 February 2017 Paris, France, 24 February 2017 - As part of its on-going review of compliance with the AML/CFT standards, the FATF identifies the
More informationSlovenia. Anti-money laundering and counter-terrorist financing measures. F o l l o w - u p r e p o r t
F o l l o w - u p r e p o r t COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2018)15_SR Anti-money laundering and counter-terrorist
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions FATF PUBLIC STATEMENT - 22 February 2013 Paris, 22 February 2013 - The Financial Action Task Force (FATF) is the global standard setting body for anti-money
More informationMutual Evaluation Report of Malaysia September Way forward for Labuan IBFC
Mutual Evaluation Report of Malaysia September 2015 - Way forward for Labuan IBFC by Iskandar Mohd Nuli Senior Director, Supervision & Legal Department October 7, 2015 at Grand Dorsett Hotel Labuan Introduction
More informationCORRUPTION. A Reference Guide and Information Note. on the use of the FATF Recommendations. to support the fight against Corruption
FINANCIAL ACTION TASK FORCE CORRUPTION A Reference Guide and Information Note on the use of the FATF Recommendations to support the fight against Corruption The Financial Action Task Force (FATF) is the
More informationMONEY LAUNDERING AND TERRORISM FINANCING IN THE CORPORATE SERVICE PROVIDERS SECTOR. Domestic Trends
MONEY LAUNDERING AND TERRORISM FINANCING IN THE CORPORATE SERVICE PROVIDERS SECTOR Domestic Trends 31 May 2016 AGENDA ML/TF Trends National Risk Assessment Findings Sector Vulnerabilities Shell companies
More informationExecutive Summary. A. Key Findings
Executive Summary 1. This report provides a summary of the anti-money laundering and combating the financing of terrorism (AML/CFT) measures in place in Portugal as of the date of the on-site visit (28
More informationScope. Introduction to money laundering and terrorism financing. AML/CFT Regime in Malaysia. AML/CFT International Efforts
Malaysia s Anti-Money Laundering / Counter Financing of Terrorism (AML/CFT) Regime & Preparation for Mutual Evaluation Exercise and NPO Sector 1 Scope Introduction to money laundering and terrorism financing
More informationImproving Global AML/CFT Compliance: on-going process 24 June 2016
Improving Global AML/CFT Compliance: on-going process 24 June 2016 Busan, Korea, 24 June 2016 - As part of its on-going review of compliance with the AML/CFT standards, the FATF identifies the following
More informationImproving Global AML/CFT Compliance: on-going process - 16 February 2012
Improving Global AML/CFT Compliance: on-going process - 16 February 2012 Paris, 16 February 2012 - As part of its on-going review of compliance with the AML/CFT standards, the FATF has to date identified
More informationfinancial intelligence centre REPUBLIC OF SOUTH AFRICA Financial Intelligence Centre FAIS Workshop Presented by The Financial Intelligence Centre
Financial Intelligence Centre FAIS Workshop Presented by The Financial Intelligence Centre 3 December 2013 Agenda The FIC Functions of the FIC Value Chain FIC - 2012/2013 in review Compliance framework
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 21 June 2013 Oslo, Norway, 21 June 2013 - As part of its on-going review of compliance with the AML/CFT
More informationF o l l o w - Up R e p o r t. Anti-money laundering and counter-terrorist financing measures. Uganda
F o l l o w - Up R e p o r t Anti-money laundering and counter-terrorist financing measures Uganda 2 nd Enhanced Follow Up Report and Technical Compliance Re-Rating September 2018 1 The Eastern and Southern
More informationEXECUTIVE SUMMARY. Executive Summary. Key Findings
. Executive Summary 1. This report provides a summary of the AML/CFT measures in place in Ireland as at the date of the on-site visit from 3-17 November 2016. It analyses the level of compliance with the
More informationFATF Mutual Evaluation of Ireland 2017
FATF Mutual Evaluation of Ireland 2017 Introduction Background The Financial Action Task Force ( FATF ) was established in 1989 with a high level objective that: Financial systems and the broader economy
More informationAustria. Follow-up report. Anti-money laundering and counter-terrorist financing measures
Anti-money laundering and counter-terrorist financing measures Austria 1st Enhanced Follow-up Report & Technical Compliance Re-Rating Follow-up report December 2017 The Financial Action Task Force (FATF)
More informationRegulatory Impact Statement: Second phase of reforms to the Anti-Money Laundering and Countering Financing of Terrorism regime
Regulatory Impact Statement: Second phase of reforms to the Anti-Money Laundering and Countering Financing of Terrorism regime Agency Disclosure Statement 1. This Regulatory Impact Statement (RIS) has
More informationMutual Evaluation of Thailand
` 1 st Follow-Up Report Mutual Evaluation of Thailand September 2018 The Asia/Pacific Group on Money Laundering (APG) is an autonomous and collaborative international organisation founded in 1997 in Bangkok,
More informationFIRST ROUND MUTUAL EVALUATIONS POST EVALUATION PROGRESS REPORT OF LESOTHO. Covering the period August 2017 July 2018
FIRST ROUND MUTUAL EVALUATIONS POST EVALUATION PROGRESS REPORT OF LESOTHO Covering the period August 2017 July 2018 ESAAMLG (2018), First Round Mutual Evaluation Post Evaluation Progress Report of Lesotho
More informationInternational Monetary Fund Washington, D.C.
2011 International Monetary Fund September 2011 IMF Country Report No. 11/267 Kuwait: Report on Observance of Standards and Codes FATF Recommendations for Anti-Money Laundering and Combating the Financing
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 18 October 2013 Paris, 18 October 2013 - As part of its on-going review of compliance with the AML/CFT
More informationHungary. Fifth Round Mutual Evaluation Report. Executive Summary. Key Findings
COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) Hungary MONEYVAL(2016)13 SUMM Fifth Round Mutual Evaluation Report Executive Summary This
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 24 October 2014 Paris, 24 October 2014 As part of its on-going review of compliance with the AML/CFT
More informationREPUBLIC OF NAMIBIA NATIONAL STRATEGY ANTI-MONEY LAUNDERING COMBATTING THE FINANCING OF TERRORISM
REPUBLIC OF NAMIBIA NATIONAL STRATEGY ON ANTI-MONEY LAUNDERING AND COMBATTING THE FINANCING OF TERRORISM 2 GLOSSARY AND ABBREVIATIONS ACC AML AMLAC BoN CFT DNFBPs ESAAMLG FATF FI Anti-Corruption Commission
More informationEva Rossidou Papakyriacou Senior Counsel of the Republic Head of the Unit for Combating Money Laundering (MOKAS)
Eva Rossidou Papakyriacou Senior Counsel of the Republic Head of the Unit for Combating Money Laundering (MOKAS) The process by which criminals conceal the true origin and ownership of the proceeds of
More informationESTONIA. Report on Fourth Assessment Visit Executive Summary. Anti-Money Laundering and Combating the Financing of Terrorism
COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2014)20 SUMM Report on Fourth Assessment Visit Executive Summary Anti-Money Laundering
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 27 June 2014 Paris, 27 June 2014 - As part of its on-going review of compliance with the AML/CFT standards,
More informationGUIDELINES ON RISK-BASED APPROACH (RBA) FOR THE PURPOSE OF ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM (AML/CFT)
GUIDELINES ON RISK-BASED APPROACH (RBA) FOR THE PURPOSE OF ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM (AML/CFT) Guidelines on Risk-Based Approach (RBA) for the purpose of Anti-Money
More informationPractical Implementation of UN Standards and Financial Action Task Force on Money Laundering (FATF) Recommendations: Challenges and Assistance
2007/ACT/WKSP/005 Practical Implementation of UN Standards and Financial Action Task Force on Money Laundering (FATF) Recommendations: Challenges and Assistance Submitted by: United Nations Office on Drugs
More informationFinancial Crime update. 12 September 2017
Financial Crime update 12 September 2017 1 GFSC Intro MONEYVAL overview by the National Coordinator Representative Update since March What s next Questions/Comments 22 September 2017 2 FSC Industry Outreach
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 22 February 2013 Paris, 22 February 2013 - As part of its on-going review of compliance with the AML/CFT
More informationConsultation Paper. The Review of the Standards Preparation for the 4 th Round of Mutual Evaluation. Second public consultation
Financial Action Task Force Groupe d action financière Consultation Paper The Review of the Standards Preparation for the 4 th Round of Mutual Evaluation Second public consultation June 2011 THE FINANCIAL
More informationJERSEY FINANCIAL SERVICES COMMISSION 5 TH ANNIVERSARY SEMINAR FATF REVISED 40 RECOMMENDATIONS
JERSEY FINANCIAL SERVICES COMMISSION 5 TH ANNIVERSARY SEMINAR 1. Introduction 1.0 The FATF Forty Recommendations have been revised and these revised Recommendations are with immediate effect the new international
More informationMutual Evaluation Report 4 th Follow-Up Report for Saudi Arabia
Middle East and North Africa Financial Action Task Force Mutual Evaluation Report 4 th Follow-Up Report for Saudi Arabia Anti-Money Laundering and Combating the Financing of Terrorism 17 June 2014 The
More informationExecutive Summary. A. Key Findings
Executive Summary 1. This report provides a summary of the anti-money laundering (AML) / counter-terrorist inancing (CFT) measures in place in Malaysia as at 25 November 2014. It analyses the level of
More informationTHE KINGDOM OF LESOTHO ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM REGIME
THE KINGDOM OF LESOTHO ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM REGIME ----------------------------------------------------------------- NATIONAL STRATEGY JANUARY 2010 1 TABLE OF
More informationObjectives for FATF XXV ( ) Paper by the incoming President
Objectives for FATF XXV (2013-2014) Paper by the incoming President Main tasks for the FATF in 2013-2014, in line with the Ministerial Mandate of 20 April 2012: I. INTRODUCTION Promoting and facilitating
More informationDecember 14, Giancarlo Del Bufalo President Financial Action Task Force 2, rue Andre Pascal Paris France. Dear Mr.
December 14, 2011 Giancarlo Del Bufalo President Financial Action Task Force 2, rue Andre Pascal 75016 Paris France Dear Mr. Del Bufalo: On behalf of the members of the ICSA Working Group on AML, we would
More informationMutual Evaluation of Sri Lanka
` 1 st Follow Up Report Mutual Evaluation of Sri Lanka July 2016 The Asia/Pacific Group on Money Laundering (APG) is an autonomous and collaborative international organisation founded in 1997 in Bangkok,
More informationINSTRUCTION (NUMBER 02/2017) FOR FINANCIAL SERVICES BUSINESSES BUSINESS FROM SENSITIVE SOURCES
INSTRUCTION (NUMBER 02/2017) FOR FINANCIAL SERVICES BUSINESSES 10 April 2017 BUSINESS FROM SENSITIVE SOURCES This Instruction is made under section 49(7) of the Criminal Justice (Proceeds of Crime) (Bailiwick
More informationPNG s Anti-Money Laundering & Counter Terrorist Financing Framework
PNG s Anti-Money Laundering & Counter Terrorist Financing Framework Wilson Onea Deputy Director Financial Analysis and Supervision Unit (FASU) PNG s Financial Intelligence Unit (FIU) Presentation Outline
More informationNew Zealand. Mutual Evaluation Report - Executive summary. Anti-Money Laundering and Combating the Financing of Terrorism
ASIA/PACIFIC GROUP ON MONEY LAUNDERING. FINANCIAL ACTION TASK FORCE Mutual Evaluation Report - Executive summary Anti-Money Laundering and Combating the Financing of Terrorism New Zealand 16 October 2009
More informationAML/CFT Phase II. Kate Reid NZLS CLE live stream 28 November /11/2017. Check it out by logging in at:
Check it out by logging in at: www.lawyerseducation.co.nz AML/CFT Phase II Kate Reid NZLS CLE live stream 28 November 2017 1 What this presentation is about Phase II what and why What you have to do What
More informationMember States capabilities in fighting tax crimes
Member States capabilities in fighting tax crimes Germany Tax avoidance is understood as a legal act - unless deemed illegal by the tax authorities or, ultimately, by the courts - of using tax regimes
More informationFinancial Action Task Force Groupe d'action financière
Financial Action Task Force Groupe d'action financière SUMMARY OF THE THIRD MUTUAL EVALUATION REPORT ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM PORTUGAL October 2006 2006 FATF/OECD
More informationINTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING IN WEST AFRICA. Fifth Follow Up Report. Mutual Evaluation
INTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING IN WEST AFRICA Fifth Follow Up Report Mutual Evaluation THE GAMBIA NOVEMBER 2012 2014 GIABA. All rights reserved. No reproduction or translation
More informationZIMBABWE NATIONAL ANTI-MONEY LAUNDERING AND COMBATING FINANCING OF TERRORISM STRATEGIC PLAN FOR THE PERIOD:
ZIMBABWE NATIONAL ANTI-MONEY LAUNDERING AND COMBATING FINANCING OF TERRORISM STRATEGIC PLAN FOR THE PERIOD: 2015-2018 JUNE 2015 1 P a g e Table of Contents INTRODUCTION... 3 VISION STATEMENT... 3 MISSION
More informationMutual Evaluation of Samoa
` 3 rd Follow-Up Report Mutual Evaluation of Samoa September 2018 The Asia/Pacific Group on Money Laundering (APG) is an autonomous and collaborative international organisation founded in 1997 in Bangkok,
More informationDR. ABDULLAHI SHEHU DIRECTOR GENERAL INTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING IN WEST AFRICA (GIABA)
TAKING COUNTER-FINANCING OF TERRORISM FORWARD: STRENGTHENING STATES' CAPACITIES AND INTERNATIONAL AND REGIONAL COOPERATION DR. ABDULLAHI SHEHU DIRECTOR GENERAL INTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY
More informationAZERBAIJAN. Report on Fourth Assessment Visit Executive Summary. Anti-Money Laundering and Combating the Financing of Terrorism
COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2014)40 SUMM Report on Fourth Assessment Visit Executive Summary Anti-Money Laundering
More informationANTI-MONEY LAUNDERING STATEMENT
ANTI-MONEY LAUNDERING STATEMENT In 1996, Cyprus enacted the Prevention and Suppression of Money Laundering Activities Law (hereinafter to be referred to as the Law ) which contains both suppressive and
More informationPhase 2 AML/CFT Sector Risk Assessment. December 2017
Phase 2 AML/CFT Sector Risk Assessment December 2017 NOTE: This sector risk assessment is intended to provide a summary and general overview. It does not assess every risk relevant to the covered sectors.
More informationEXECUTIVE SUMMARY. 4. Individuals and groups seeking to
CONCEALMENT OF BENEFICIAL OWNERSHIP 5 EXECUTIVE SUMMARY 1. Criminals employ a range of techniques and mechanisms to obscure their ownership and control of illicitly obtained assets. Identifying the true
More informationTurks & Caicos Islands
CARIBBEAN FINANCIAL ACTION TASK FORCE Fourth Follow-Up Report Turks & April 18, 2011 2011 CFATF. All rights reserved. No reproduction or translation of this publication may be made without prior written
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions Improving Global AML/CFT Compliance: on-going process - 22 June 2012 Rome, 22 June 2012 - As part of its on-going review of compliance with the AML/CFT standards,
More informationJOINT RESOLUTION OF THE GOVERNOR OF BANK OF MONGOLIA AND CHAIR OF THE FINANCIAL REGULATORY COMMISSION
JOINT RESOLUTION OF THE GOVERNOR OF BANK OF MONGOLIA AND CHAIR OF THE FINANCIAL REGULATORY COMMISSION Date: June 30, 2016 Ulaanbaatar No A-162/195 In terms of article 19.2.3 of The Law on Money laundering
More informationNATIONAL SEMINAR ON ANTI MONEY LAUNDERING AND COUNTER TERRORISM FINANCING Non Profit Organisation (NPO) 30 September 2014
NATIONAL SEMINAR ON ANTI MONEY LAUNDERING AND COUNTER TERRORISM FINANCING 2014 - Non Profit Organisation (NPO) 30 September 2014 Presentation Outline Overview of Labuan FSA FATF Requirements and Expectations
More informationAnti-Money Laundering & Financial Crimes Conference April 18th 20th, 2018
Anti-Money Laundering & Financial Crimes Conference 2018 April 18th 20th, 2018 Know Your Customer's Customer (KYCC) The next level of due diligence obligations Introduction 1. FATF Standards, CDD and KYC
More informationChapter IV Fight against Money Laundering
Chapter IV Fight against Money Laundering Structure of the presentation Legal framework Institutional framework and Capacities Plans EU legal framework Directive 2005/60 EC (the Third AMLD ); Directive
More informationExecutive Summary. Key Findings
EXECUTIV E SUMMARY Executive Summary 1. This report provides a summary of the AML/CFT measures in place in Mexico as at the date of the on-site visit (28 February to 16 March 2017). It analyses the level
More informationR.S.A. c. P98 Anti-Money Laundering and Terrorist Financing Code R.R.A. P98-5. Revised Regulations of Anguilla: P98-5
R.S.A. c. P98 Anti-Money Laundering and Terrorist Financing Code R.R.A. P98-5 Revised Regulations of Anguilla: P98-5 PROCEEDS OF CRIME ACT, R.S.A. c. P98 ANTI-MONEY LAUNDERING AND TERRORIST FINANCING CODE
More informationMONTENEGRO. Report on Fourth Assessment Visit Executive Summary. Anti-Money Laundering and Combating the Financing of Terrorism
COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2015)12 SUMM Report on Fourth Assessment Visit Executive Summary Anti-Money Laundering
More informationTenth Follow-Up Report
CARIBBEAN FINANCIAL ACTION TASK FORCE Tenth Follow-Up Report Guyana June 2016 2016 CFATF. All rights reserved. No reproduction or translation of this publication may be made without prior written permission.
More informationIreland: Report on the Observance of Standards and Codes FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
February 2007 IMF Country Report No. 07/78 Ireland: Report on the Observance of Standards and Codes FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism This Report on
More informationNATIONAL STRATEGY AGAINST MONEY LAUNDERING AND THE FINANCING OF TERRORISM
Pursuant to Article 45(1) of the Law on Government (Official Gazette of RS, No 55/05, 71/05 corr., 101/07, 65/08, 16/2011, 68/2012 CC decision, 72/2012, 7/2014 CC decision and 44/2014), The Government
More informationOVERVIEW OF THE QFC AML REGIME
OVERVIEW OF THE QFC AML REGIME Prasanna Haran, Director Supervision Vanessa Read, Acting Head AML Supervision Christiane Chidiac, Manager AML Supervision AGENDA Objectives of the AML industry seminars
More informationINTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING IN WEST AFRICA. Second Follow Up Report. Mutual Evaluation SIERRA LEONE
INTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING IN WEST AFRICA Second Follow Up Report Mutual Evaluation SIERRA LEONE MAY 2009 2014 GIABA. All rights reserved. No reproduction or translation of
More informationMONEY LAUNDERING - The EU and Malta
MONEY LAUNDERING - The EU and Malta Author: George Farrugia α Background The new Prevention of Money Laundering Regulations 2003, which have just been published in August, implement the second European
More informationF o l l o w Up R e p o r t. Anti-money laundering and counter-terrorist financing measures. Ethiopia
F o l l o w Up R e p o r t Anti-money laundering and counter-terrorist financing measures Ethiopia 5 th Enhanced Follow Up Report and Technical Compliance Re-Rating September 2018 Ethiopia: 5 th Enhanced
More informationAppendix 2. The text in this appendix is new and is not underlined and struck through in the usual manner. The DFSA Rulebook
Appendix 2 The text in this appendix is new and is not underlined and struck through in the usual manner. The DFSA Rulebook Designated Non-Financial Businesses and Professions Module (DNF) DESIGNATED Contents
More informationMoney laundering. White Collar Crime and Serious Fraud Conference The New Zealand Governance Centre 2 July Louis de Koker Deakin University
Money laundering White Collar Crime and Serious Fraud Conference The New Zealand Governance Centre 2 July 2010 Louis de Koker Deakin University Outline Money laundering The concept and purpose The FATF
More informationJapan Financial Intelligence Center (JAFIC) Annual Report
Japan Financial Intelligence Center (JAFIC) Annual Report 2016 JAFIC: Japan Financial Intelligence Center Introduction It has been 10 years since the enactment of the Act on Prevention of Transfer of Criminal
More informationAnti - money laundering and counter - terrorist financing measures. Botswana. Mutual Evaluation Report May 2017
Anti - money laundering and counter - terrorist financing measures Botswana Mutual Evaluation Report May 2017 The Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) is an intergovernmental
More informationSECRETARIAT NOTE. 2. This note also presents a brief summary of progress made by Brunei Darussalam since July 2012.
SECRETARIAT NOTE Purpose 1. In accordance with APG members decision at the 2013 Annual Meeting that Brunei Darussalam move from regular to biennial reporting on the basis of the findings of the 2012 APG
More informationPolitically Exposed Persons (PEPs) in relation to AML/CFT
Middle East & North Africa Financial Action Task Force Politically Exposed Persons (PEPs) in relation to AML/CFT 11 November 2008 Document Language: English Original: Arabic 2008 MENAFATF. All rights reserved.
More informationIn developing this product AML Accelerate draws on unique and unparalleled knowledge and experience contained within the joint venture partners.
Improving New Zealand s ability to tackle ML/FT We would like to thank the New Zealand Ministry of Justice for the opportunity to provide input into this important consultation on how to improve New Zealand
More informationAnti-money laundering and counter-terrorist financing measures
Anti-money laundering and counter-terrorist financing measures Iceland Mutual Evaluation Report April 2018 The Financial Action Task Force (FATF) is an independent inter-governmental body that develops
More informationBRIEFING NOTE ON THE BAILIWICK OF GUERNSEY S NATIONAL RISK ASSESSMENT 7 July 2016
BRIEFING NOTE ON THE BAILIWICK OF GUERNSEY S NATIONAL RISK ASSESSMENT 7 July 2016 Introduction The purpose of this briefing note is to provide financial services businesses, prescribed businesses and e-gambling
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 14 February 2014 Paris, 14 February 2014 - As part of its on-going review of compliance with the AML/CFT
More informationASEAN LAW ASSOCIATION 25TH ANNIVERSARY SPECIAL COMMEMORATIVE SESSION NOVEMBER 2005, MAKATI SHANGRI-LA HOTEL, MANILA, PHILIPPINES
ASEAN LAW ASSOCIATION 25TH ANNIVERSARY SPECIAL COMMEMORATIVE SESSION 24-27 NOVEMBER 2005, MAKATI SHANGRI-LA HOTEL, MANILA, PHILIPPINES Cross Border Statutes and Other Measures To Curb Money Laundering
More informationResponse to New Zealand s consultation paper on Phase Two of the AML/CFT Act
Date: 14 September 2016 Introduction Response to New Zealand s consultation paper on Phase Two of the AML/CFT Act Thomson Reuters welcomes the opportunity to respond to this consultation and thanks the
More informationAnti-money laundering and counter-terrorist financing measures. Fiji. Mutual Evaluation Report. October 2016
` Anti-money laundering and counter-terrorist financing measures Fiji Mutual Evaluation Report October 2016 The Asia/Pacific Group on Money Laundering (APG) is an autonomous and collaborative international
More informationAnti Money Laundering - The road to effectiveness. Thursday, 29 November 2012 Reykjavik, Iceland Special Adviser RUNE GRUNDEKJØN
Anti Money Laundering - The road to effectiveness Thursday, 29 November 2012 Reykjavik, Iceland Special Adviser RUNE GRUNDEKJØN 2 Agenda Introduction FATFs new 40 on the road to effectiveness Effectiveness
More informationWebinar 01: AML/CFT Requirements Overview. 4 th July 2018
Webinar 01: AML/CFT Requirements Overview 4 th July 2018 About Your Presenter Neil has a unique background in financial crime risk management, spanning 25 years. This includes working within Law Enforcement
More informationFIRST ROUND MUTUAL EVALUATIONS - POST EVALUATION PROGRESS REPORT OF LESOTHO
FIRST ROUND MUTUAL EVALUATIONS - POST EVALUATION PROGRESS REPORT OF LESOTHO Covering the period August 2016 July 2017 ESAAMLG (2017), First Round Mutual Evaluation - Post Evaluation Progress Report of
More informationSuriname. November, 2015
Post-Plenary final CARIBBEAN FINANCIAL ACTION TASK FORCE Eight Follow-Up Report Suriname November, 2015 2015 CFATF. All rights reserved. No reproduction or translation of this publication may be made without
More informationAML/CFT - What you DO need to Know. Trust Special Interest Group 14 November 2017
AML/CFT - What you DO need to Know Trust Special Interest Group 14 November 2017 S It Isn t Rocket Science The regime is risk based. You can t monitor everything done by every member of staff at all times.
More informationFifth Follow-Up Report
CARIBBEAN FINANCIAL ACTION TASK FORCE Fifth Follow-Up Report Turks & Caicos Islands November 7, 2011 2011 CFATF. All rights reserved. No reproduction or translation of this publication may be made without
More information