Albanian officials say the country's draft anti-money laundering law will correct many deficiencies identified by a global watchdog last year, among them lax rules concerning politically exposed persons, beneficial owners and correspondent banking. In a progress report to the Council of Europe Select Committee of Experts on the Evaluation of Anti-Money Laundering Measures (Moneyval) that was released Thursday, the Albanian officials said the new law will require financial institutions to perform due diligence in those and other areas. Albania submitted the report in response to a Moneyval evaluation released in July 2006 that also cited the country for not extending...
Securities are becoming more attractive to money launderers because of the speed of transactions and the large number of high-dollar trades on exchanges with little oversight, a European anti-money laundering watchdog said Tuesday.
High-level corruption in Russia continues to thwart government efforts to counter money laundering and terrorist financing in the country, a European anti-money laundering watchdog said in a report made public Thursday.
Although the Czech Republic has added a "broader coverage of money laundering in the criminal code, it is difficult to conclude that it is sound and consistent," Moneyval, a group associated with the Financial Action Task Force, said in an evaluation.
The sanctions are part of a "comprehensive" drive by the U.S. to increase pressure on Iran, said Secretary of State Condoleeza Rice. That effort has been frustrated by the hesitation of the United Nations and international community in following the U.S.
Moldova has failed to establish the basic elements of an anti-money laundering regime and Malta has formed strong foundations for its program but now needs to focus on implementing them, AML watchdog Moneyval said in its evaluations of the two nations.
Awareness of anti-money laundering (AML) responsibilities is low among government authorities and nonbank financial institutions in Turkey and Georgia, according to reports by two international groups focused on global AML standards.