The Financial Action Task Force will work in the coming year to help nations struggling to adjust to its revised evaluation methodology, the intergovernmental group's new president said Wednesday. In an outline of his objectives through June 2016, former chairman of Korea's Financial Services Commission Je-Yoon Shin said that some countries are "having difficulties adjusting to new elements" of the organization's latest round of mutual evaluations, including its effectiveness reviews and recommendations that member-states draft national risk assessments. The organization, known as FATF, will task its Evaluations and Compliance Group to finalize a review of the first evaluations undertaken since...
Swiss banks often file suspicious activity reports only as a reaction to "external information," while penalties Swiss regulators levy in response to serious compliance violations fall short of deterring future misconduct, according to the Financial Action Task Force.
A global anti-money laundering watchdog group is set to highlight delays among European nations in freezing the assets of terrorist groups, according to individuals with firsthand knowledge of the matter.
print