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FinCrime News - August 2021

Anthony Quinn
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International

The Financial Action Task Force (FATF)

  • Published an up-to-date overview on 30 Aug 2021 of the ratings on both effectiveness and technical compliance for all countries assessed against the 2012 FATF Recommendations and using the 2013 Assessment Methodology.
  • Published an evaluation report on Japan’s measures to combat money laundering and terrorist financing on 30 Aug 2021.
  • Published a follow-up report on Thailand on 11 Aug 202, analysing Thailand’s progress in strengthening measures to tackle money laundering and terrorist financing by addressing the technical compliance deficiencies identified in its MER 1.
  • Published a MENAFATF report summarising Egypt’s anti-money laundering (AML)/counter-terrorist financing (CFT) measures on 09 Aug 2021. The report provides recommendations on how Egypt's AML/CFT system could be strengthened.
  • Published a report on 09 Aug 2021 analysing Albania’s progress in addressing the technical compliance deficiencies identified in the FSRB assessment of their measures to combat money laundering and terrorist financing of July 2018.
  • Published analysis on Slovenia's progress in strengthening measures to tackle money laundering and terrorist financing on 09 Aug 2021. Slovenia has made efforts to address the deficiencies remaining since their 2017 Mutual Evaluation Report and ensuing Follow-Up Reports.
  • Published a follow-up report to Myanmar's assessment of anti-money laundering and counter-terrorist financing measures on 09 Aug 2021. This follow-up report analyses the progress of Myanmar in addressing the technical compliance deficiencies identified in its MER.
  • Published the FATF Recommendations on 06 Aug 2021. The FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. The FATF calls upon all countries to effectively implement these measures in their national systems.
  • Published a report on Malta's progress in strengthening measures to tackle money laundering and terrorist financing on 06 Aug 2021. This report analyses Malta’s progress in addressing the technical compliance deficiencies identified in the FSRB assessment of their measures to combat money laundering and terrorist financing of November 2018. The report also looks at whether Malta has implemented new measures to meet the requirements of FATF Recommendations that changed since the 2018 assessment.
  • Published a report on Hungary's progress in strengthening measures to tackle money laundering and terrorist financing on 06 Aug 2021. This follow-up report analyses Hungary’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report.
  • Published a report on The Holy See's measures to combat money laundering and terrorist financing on 06 Aug 2021. This report provides a summary of the anti-money laundering and combating financing of terrorism (AML/CFT) measures in place in the Holy See/Vatican City State (HS/VCS) as at the date of the on-site visit (30 September to 12 October 2020). It analyses the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of HS/VCS’s AML/CFT system and provides recommendations on how the system could be strengthened.
  • Published a follow-up Report to Ethiopia's assessment of anti-money laundering and counter-terrorist financing measures on 06 Aug 2021. This follow-up report analyses the progress of Ethiopia in addressing the technical compliance deficiencies identified in its MER.
  • Published a follow-up Report to Botswana's assessment of anti-money laundering and counter-terrorist financing measures on 06 Aug 2021. This follow-up report analyses the progress of Botswana in addressing the technical compliance deficiencies identified in its MER.
  • Published a follow-up Report to Zimbabwe's assessment of anti-money laundering and counter-terrorist financing measures on 05 Aug 2021. This follow-up report analyses the progress of Zimbabwe in addressing the technical compliance deficiencies identified in its MER.

Asia/Pacific Group (APG)

 

Australia

No major updates this month.

 

New Zealand

The Department of Internal Affairs (DIA)

  • Published a statement on 26 August 2021 extending the deadline on submission of Annual AML/CFT reports for 2021. Due to the increase in COVID-19 alert levels in August 2021, the AML/CFT Supervisors have agreed to extend the submission date for Annual Reports from 31 August 2021 to 30 September 2021. This decision was made for those reporting entities that may not be able to access the required information to complete their Annual AML/CFT Report for 2021.

Financial Markets Authority (FMA)

  • Issued a warning to Sharesies for AML/CFT breaches on 23 Aug  2021. The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko – has issued a formal warning to Sharesies Limited and Sharesies Nominee Limited for failing to have sufficient anti-money laundering procedures, policies, and controls in place.

 

Canada

No major updates this month.

 

United Kingdom

Financial Conduct Authority (FCA)

 

European Union

European Banking Authority

  • Published an updated Compliance table for the Guidelines on ML/TF risk factors on 26 August 2021.

 

United States

No major updates this month.

 

Hong Kong

Hong Kong Monetary Authority (HKMA)

  • Published a report on supporting the use of new technologies for AML/CFT for the Stored Value Facility sector on 11 Aug 2021. The report outlines suggested actions for the Hong Kong Stored Value Facility Sector.
  • Published a report on supporting the use of new technologies for AML/CFT for the Banking sector on 11 Aug 2021. The report outlines suggested actions for the Hong Kong Banking Sector.

Customs and Excise Department

 

Singapore

No major updates this month.

 

Other Jurisdictions

No major updates this month.

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