FinCrime News - September 2021

International

The Financial Action Task Force (FATF)

• Published a report providing a summary of the AML/CFT measures in place in Benin as at the date of the on-site visit (25 February to 13 March 2019) on 28 Sep 2021. It analyses the level of compliance with the FATF 40 Recommendations, the level of effectiveness of its AML/CFT system and makes recommendations on how the system could be strengthened.
• Published a  report on 16 Sep 2021 that summarises the AML/CFT measures Chile has in place as at the date of the on-site visit, carried out on January 6-17, 2020. It analyses the level of compliance with the FATF 40 Recommendations and the level of effectiveness of the AML/CFT system and recommends how the system can be strengthened.
• Published a report on 07 Sep 2021 that is a summary of the anti-money laundering (AML)/counter-terrorist financing (CTF) measures in place in Tonga as at November 2019. The report analyses the level of compliance with the FATF 40 Recommendations and the level of effectiveness of Tonga’s AML/CFT system and provides recommendations on how the system could be strengthened.
• Published a follow-up report that analyses the progress of the Philippines in addressing the technical compliance deficiencies identified in its MER on 06 Sep 2021.
• Published a follow-up report that analyses the progress of Mongolia in addressing the technical compliance deficiencies identified in its MER on 06 Sep 2021.
• Published a follow-up report that analyses the progress of Pakistan in addressing the technical compliance deficiencies identified in its MER on 06 Sep 2021.
• Published a follow-up report that analyses the progress of Cambodia in addressing the technical compliance deficiencies identified in its MER on 06 Sep 2021.
• Published a follow-up report that analyses the progress of Iceland in addressing the technical compliance deficiencies identified in its 2018 Mutual Evaluation on 06 Sep 2021.

Australia

The Australian Transaction Reports and Analysis Centre (AUSTRAC)

• Published a feature article summarising how the Illicit Tobacco Taskforce tackles the illicit tobacco trade on 27 Sep 2021. The Illicit Tobacco Taskforce (ITTF) is an Australian Border Force (ABF)-led multiagency taskforce established in 2018. The ITTF is focused on investigating, prosecuting, and dismantling international organised crime groups that use the proceeds of illicit tobacco to fund criminal activities.
• Released four new Australian banking sector money laundering and terrorism financing (ML/TF) risk assessments. The four assessments examine the threats criminals pose to Australia’s major banks, other domestic banks, foreign subsidiary banks and foreign bank branches operating in Australia.

New Zealand

Financial Markets Authority (FMA)

• Published the AML/CFT Monitoring Insights Report on 30 Sept 2021 covering the regulator’s monitoring of the AML/CFT Act over the past three years (1 July 2018 – 30 June 2021). The report notes the FMA issued three public warnings, brought its first High Court proceedings under the Act and 27 formal, private warnings were issued. The FMA’s previous monitoring report (1 July 2016 – 30 June 2018) said the regulator issued one public warning and 17 formal, private warnings.

Canada

No major updates this month.

United Kingdom

Financial Conduct Authority (FMA)

• Issued a press release on 20 Sep 2021 announcing the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has released its latest report on progress made in tackling money laundering by professional body supervisors over the past year.

Gambling Commission

• Announced regulatory action against EU Lotto on 23 Sept 2021. The gambling business must pay a £760,000 fine and undergo extensive independent auditing after a Commission investigation revealed social responsibility and money laundering failures.

• Announced regulatory action against Daub Alderney on 01 Sept 2021. Gambling operators are being warned that they will face the full consequences of regulatory failures even if breaches occurred prior to ownership. The warning comes as Daub Alderney is issued with a £5.85m fine after a Gambling Commission investigation revealed social responsibility and anti-money laundering failures.

European Union

No major updates this month.

United States

No major updates this month.

Hong Kong

Hong Kong Monetary Authority (HKMA)

• Published feedback from Thematic Review of Stored Value Facility Licensees’ Application of AML/CFT Controls in Prepaid Card Business on 24 Sept 2021. It includes Observations and Regulatory Expectations of Stored Value Facility Licensees’ Anti-Money Laundering and Counter-Financing of Terrorism Controls over Prepaid Card Business
• Hosted an Anti-Money Laundering (AML) Webinar on 16 Sep 2021, sharing an updated risk assessment of the banking sector and showcasing positive outcomes of the public-private partnership in information sharing.
• Hosted a talk on Building an AML Regime for the Future: Are we there yet? on 28 Sep 2021.

Singapore

No major updates this month.

South Africa

Financial Intelligence Center (FIC)

• Released its annual report Fighting Financial Crime in an Increasingly Digital World on 20 Sep 2021.

Other Jurisdictions

No major updates this month.