Yemen

New Documents

Transparency International Publishes Report on Asset Disclosure System in Yemen

Transparency International released its report on Yemen’s current asset disclosure system, reviewing current best practices and providing recommendations on how to reduce corruption involving public officials.

May 17, 2016

Yemen’s FIU Details AML/CTF Activities of 2013

The Yemeni regulator’s annual report discussed the improvement and effectiveness of its anti-money laundering and counterterrorist financing system, in addition to noting that the number of suspicious transactions reports received, processed and analyzed substantially increased.

October 21, 2014

MENAFATF Discloses Updates to Yemen’s AML Regime

June 17, 2014

Yemeni FIU Participates in Workshop on AML/CTF Measures

June 4, 2014

Yemeni FIU to Participate in 18th MENAFATF Plenary Meeting

December 4, 2013

News

Weekly Roundup: NY Fed Boosts Oversight of Payments, BSI Appeals $99 Million Fine, and More

The U.S. Justice Department is probing the Israeli arm of Credit Suisse for allegedly helping clients evade the taxes, Swiss private bank BSI is appealing a $99 million fine imposed by Finma, and more, in this week’s roundup.

June 24, 2016

Crackdown on Synthetic Drug Purveyors Likely to Spell More Sanctions

In a coordinated effort last May, federal, state and local law enforcement officers across 29 states descended on gas stations, corner stores and smoke shops selling synthetic cannabinoids. Authorities arrested over 150 individuals and seized tens of millions of dollars in assets.

February 2, 2015

Weekly Roundup: Nations Launch Hunt for Yanukovich’s Assets, FDIC Dings Two Banks for AML Shortcomings, and More

February 28, 2014

Midweek Roundup: White House Issues Yemen Sanctions Order, FinCEN Discloses Rise in SAR Filings, and More

May 16, 2012

Weekly Roundup: Senate Rejects Ending FinCEN’s Data-Sharing, Online Gambling Prosecution Nets Famous Players, and More

September 23, 2011

Enforcement Actions

0 Items Found

Key Documents

Yemen Releases Updated AML/CFT Legislation

January 7, 2010

Yemen Passes Anti-Corruption Legislation

December 25, 2006

Important Facts

  • The U.S. Department of State labels Yemen as a jurisdiction of concern. Yemen is not considered a regional financial center. The financial system in Yemen is underdeveloped, and the extent of money laundering is not well known. The government’s collapse and Houthi ascendancy to control much of the country in early 2015 render Yemen vulnerable to money laundering and other financial abuses, including terrorism financing. The profitability of the smuggling of goods and contraband has led to a large informal economy. Criminal proceeds in Yemen tend to emanate from foreign criminal activity, including smuggling by criminal networks and terrorist groups operating locally. There have been a number of U.S. investigations of qat (a mild narcotic) smuggling from Yemen and East Africa into the United States, with profits laundered and repatriated via hawala networks. Yemen has a free trade zone (FTZ) in the port city of Aden, although the conflict significantly disrupted trade and trade controls in 2015. Identification requirements are enforced within the FTZ. Truckers must file the necessary paperwork in relevant trucking company offices and must wear identification badges. FTZ employees must undergo background checks by police, the Customs Authority, and employers. There is no evidence the FTZ is being used for trade-based money laundering or terrorism financing schemes.
  • KYC Covered Entities: Banks, exchange companies, insurance companies, and fund transfer companies; General Post and Postal Savings Authority; real estate agents; gold and precious metal dealers; public notaries, lawyers, and accountants; financial and investment services companies; and designated government ministries, including the Central Organization for
  • Control and Audit, Central Bank of Yemen (CBY), and Ministry of Industry and Trade
  • STR Covered Entities: Banks, exchange companies, insurance companies, and fund transfer companies; General Post and Postal Savings Authority; real estate agents; gold and precious metal dealers; public notaries, lawyers, and accountants; financial and investment services companies; and designated government ministries, including the Central Organization for
  • Control and Audit, CBY, and Ministry of Industry and Trade
  • Enhanced Due Diligence Procedures for PEPs: Foreign: No; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 0 (January – October 2015); Convictions: 0 (January – October 2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 0 High :
Largely Compliant : 4 Substantial :
Partially Compliant : 18 Moderate :
Non-Compliant : 25 Low :
Not-Applicable : 2

A "graylisted" country as of Oct. 19, 2018.

BASEL i

Rank : 15/125
Score : 6.74/10

TRANSPARENCY INTERNATIONAL i

Rank : 177/180
Score : 15/100

Tax Justice Network i

Rank : N/A
Score : N/A