Mitigating the Unintended Consequences of the FATF Standards

In February 2021, the Financial Action Task Force (FATF) launched a new project to study and mitigate the unintended consequences resulting from the incorrect implementation of the FATF Standards. The project will focus on four main areas: De-risking, or the loss or limitation of access to financial services. This practice has affected non-profit organisations (NPOs), […]

Public consultation on FATF draft guidance on a risk-based approach to virtual assets and virtual asset service providers

The Financial Action Task Force (FATF) is updating its Guidance on the risk-based approach to virtual assets (VAs) and virtual asset service providers (VASPs). The FATF originally published this Guidance in June 2019 when the FATF finalised changes to its Standards to clearly place anti-money laundering and countering the financing of terrorism (AML/CFT) obligations on […]

Treasury Statement on European Commission List of Jurisdictions with Strategic AML/CFT Deficiencies

Washington – Today, the European Commission issued a list of purportedly high-risk jurisdictions “posing significant threats” to the European Union’s financial system as a result of strategic deficiencies in their Anti-Money Laundering and Countering the Financing of Terror (AML/CFT) regimes.  The U.S. Department of the Treasury has significant concerns about the substance of the list and […]

OFAC Advisory to the Maritime Petroleum Shipping Community

DEPARTMENT OF THE TREASURY WASHINGTON, D.C. 20220 Issued : November 20, 2018 Subject : Sanctions Risks Related to Shipping Petroleum to Syria The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), with the U.S. Department of State and the U.S. Coast Guard, is issuing this advisory to alert persons globally to the […]

EU publishes money laundering blacklist, urges banks to apply customer due diligence (CDD)

The European Commission on Tuesday adopted a list of countries it says has weak anti-money laundering and terrorist financing regimes, and urged banks to increase customer due diligence (CDD) checks on customers and firms from the blacklisted states. The list was established after an ‘in-depth’ analysis, the Commission explained, and the methodology reflected the ‘stricter’ […]