FATF Expands Gray List, Renews All ‘Countermeasures’ Against Iran

Iran’s President Hassan Rouhani commemorates the formation of the Islamic Republic in Tehran’s Azadi Square on Tuesday, February 11, 2020. FATF renewed all countermeasures against the country on Friday, February 21, 2020. (Getty Images)


Legs & Regs

In 2008, Yang Dongqin, the then 42-year-old wife of a Burmese drug trafficker, was sentenced to three years in prison for laundering nearly 7 million yuan, or about $925,000, through banks in Ruili, Yunnan, near China's southwestern border, and investing the funds into real estate.
Switzerland's banking regulator ordered Julius Baer to submit to an independent monitor and refrain from large acquisitions after an investigation found nearly a decade's worth of broad, systemic lapses in the private lender's anti-money laundering program.
HSBC allegedly aided U.S. probe of Huawei, FATF expected to add Myanmar to list of AML laggards, and more, in the midweek roundup.

Enforcement Actions

The Swiss Financial Market Supervisory Authority ordered the Zurich, Switzerland-based bank to take effective measures to ensure its compliance with anti-money laundering and counterterrorist financing requirements, following an investigation that revealed significant money laundering failures.
The Hong Kong Securities and Futures Commission reprimanded and fined the Hong Kong-based financial advisory company HK$3.7 million for failing to comply with anti-money laundering and counterterrorist financing regulatory requirements.