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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.
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.
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.
Guidance expected from the U.S. Treasury Department on how to ease compliance controls on certain low-risk accounts and products will likely be adapted from examples published by an intergovernmental watchdog group, say consultants.
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 U.S. Treasury Department said Wednesday that it was considering imposing customer due diligence currently applied to private banking and correspondent accounts to all accountholders at depository institutions.
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.
Moldova has failed to establish the basic elements of an anti-money laundering regime and Malta has formed strong foundations for its program but now needs to focus on implementing them, AML watchdog Moneyval said in its evaluations of the two nations.
In its 18th annual report, the organization that sets global anti-money laundering standards noted its accomplishments in the past year and identified new objectives.
In a FATF evaluation, China was deemed fully compliant with eight of FATFs 49 recommendations on money laundering and terrorist financing and noncompliant with eight others. In separate reports, FATF called the U.K.s AML program comprehensive and said Greeces has fallen behind.
Despite Chinas acceptance into FATF, money laundering and corruption in the country may get worse before they get better as root problems remain unaddressed, AML professionals say.
