An intergovernmental group that sets compliance standards will soon evaluate the counterterrorist laws of dozens of nations in light of turmoil in Iraq and Syria and recent attacks in Europe. Cutting the funding lines for groups such as Islamic State, also known as ISIS or ISIL, has emerged as a "key issue" for the Financial Action Task Force (FATF) over the past seven months, said the organization's president, Roger Wilkins, in a phone interview Wednesday with ACAMS moneylaundering.com. "We have committed to undertake a quick review of all of our members, and the members of our regional bodies, to assess...
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 group is set to include at least a dozen countries on a new list of jurisdictions that don't meet minimum standards for controls against terror finance, according to a source with direct knowledge of the matter.
An intergovernmental watchdog group published its first national evaluation under a revised scoring system Friday, giving Spain high marks for its efforts to stop money launderers and terrorist financiers.