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. The announcement by the Paris-based Financial Action Task Force (FATF) will come as part of broad revisions to the intergovernmental group's 49 recommendations on how to combat the crimes, say individuals with knowledge of the matter. FATF officials are set to preview the changes later this week prior to an official announcement on Feb. 16. What will be immediately noticeable to anti-money laundering (AML) officials is that FATF's nine special recommendations on combating...
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.
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.
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.
The Financial Action Task Force is weighing whether to ask jurisdictions to loosen their privacy laws and require companies to retain data on their owners, among other changes to the group's standards.