The world's leading financial crime watchdog will soon ask countries to further harmonize their legal structures in an effort to stop criminals from exploiting differences in jurisdictional laws.
Officials from 26 U.S. agencies and departments have begun a formal evaluation of the country's legal and regulatory vulnerabilities to illicit finance as required by an international anti-money laundering organization.
Diplomatic tension over Ukraine has raised doubts that the United States will attend an upcoming Moscow plenary of the world's largest anti-money laundering task force, say current and former officials.
The United States has done little to address gaps identified in 2006 by an international anti-money laundering watchdog, despite a follow-up national review expected within the next two years, say consultants.
A new grading system by an intergovernmental group on how effectively jurisdictions fight money laundering and terrorist financing is likely to compel global financial institutions to rethink their geographic risk-rankings.
Some jurisdictions will likely struggle to comply with a call by the world's top anti-money laundering watchdog to assess their own vulnerabilities to financial crime, say industry experts.
The world's premier financial crime watchdog declined Friday to suspend Turkey's membership and disclosed how its assessors will begin evaluating jurisdictions on the efficacy with which they fight illicit finance.
Europe's biggest financial institutions are largely prepared to comply with newly proposed amendments to the EU's anti-money laundering directive, compliance officers and banking attorneys say.
The Financial Action Task Force is set to implement a two-tiered grading system for future mutual evaluations as part of an effort to better score the efficacy of anti-money laundering regimes.
Global banks with business in Turkey are anticipating the outcome of an intergovernmental organization's plenary meeting this month that could see the country suspended from the group or removed from a blacklist.
The Republic of Iraq has done little to address very serious risks that its growing economy will be exploited by money launderers and terrorist financiers, a regional watchdog group has found.
An intergovernmental group that evaluates how countries fight money laundering and terrorist financing will change how it grades compliance with its standards beginning next year, say individuals familiar with discussions.
Two of the world's most influential intergovernmental groups will more heavily weigh each other's anti-money laundering and anti-tax crime standards in future evaluations, a former official said.
Compliance with beneficial ownership standards will be one of the top priorities for Financial Action Task Force examiners during the group's next round of jurisdictional reviews, a U.S. official said Tuesday.
The world's top financial crime watchdog Thursday disclosed revisions to its blacklists and its widely-cited standards on combating money laundering and terrorist financing.
The world's most influential advocate of anti-money laundering and counterterrorism financing regulations will call for greater scrutiny of political figures and tax crimes next week, say sources.