A global anti-money laundering watchdog is set to criticize a pair of European countries for failing to require banks to identify parties that send or receive wire transactions, a U.S. official said Tuesday.
The Supreme Court nears a ruling on the long-running Arab Bank case, FATF spares Afghanistan from its blacklist, and more, in this week's news roundup.
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.
A dearth of trained staff, ineffective mutual evaluations and questions raised by last year's audit of Cypriot efforts to foil financial criminals motivated an intergovernmental group's adoption this month of new quality controls.
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.
U.S. officials will soon ask an influential intergovernmental group to call on its members to relax laws preventing bank affiliates from sharing data on suspected financial crimes, say sources.
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.
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.
An intergovernmental group's revised expectations of how countries should seize looted assets may prove difficult to meet, and could lower the mutual evaluation scores nations receive for their anti-money laundering controls.
The Financial Action Task Force threatened Friday to suspend Turkey's membership if the country fails to pass counterterrorist financing laws ahead of a Feb. 22 meeting by the group.
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.
The U.S. Treasury Department will issue guidance expanding on pending regulations in an effort to plug compliance gaps ahead of the Financial Action Task Force's next review of the United States.
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 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.
Intergovernmental evaluations of how nations fight money laundering and terrorist financing often do not accurately reflect whether those efforts are effective, the International Monetary Fund said in a report Wednesday.
Eleven jurisdictions have yet to make "significant progress" on improving their anti-money laundering regimes despite having had six months to more than a year to do so, an intergovernmental watchdog said Monday.
A report by an intergovernmental watchdog highlighting the anti-money laundering weaknesses of more than two dozen countries is prompting non-bank financial institutions to drop customers and avoid risky markets.
Gauging the vulnerability of money service businesses' agents to being used to launder money or finance terrorism is central to adopting a risk-based approach to compliance, according to a global watchdog report released Monday.
Financial institutions should search for transactions tied to the proliferation of weapons of mass destruction by using many of the same tactics they use to investigate money laundering and terrorist financing schemes, FATF said in guidance clarifying a United Nations Security Council rule.
The Financial Action Task Force, the global anti-money laundering watchdog, may issue a formal recommendation on standards to minimize the use of international trade to help launder money and finance terrorism, a person familiar with the organization says.