The Financial Action Task Force (FATF)
- Published guidance on a risk-based approach for the Real Estate Sector on 26 Jul 2022. Real estate is a popular choice for investment, but it also attracts criminals who use real estate to assist in their illicit activities or to launder their criminal profits. The real estate sector needs to effectively implement measures to detect and prevent money laundering and terrorist financing. This guidance provides real estate professionals, supervisors, regulators and policy-makers with strategies and tools towards a more effective anti-money laundering and counter-terrorist financing system.
- Published a report on Partnering in the Fight Against Financial Crime: Data Protection, Technology and Private Sector Information Sharing on 20 Jul 2022. This report aims to help jurisdictions responsibly enhance, design and implement information collaboration initiatives among private sector entities, in accordance with data protection and privacy (DPP) rules.
- Released a webinar on Money Laundering and Terrorist Financing Risks arising from Migrant Smuggling on 13 Jul 2022. In this webinar panelists discussed how to better detect smugglers’ illegal money and what state authorities, private sector and NPOs can do in order to fight this illegal business and ensure legal ways of migration for those who seek better opportunities in life.
- Published a report on Grenada's measures to combat money laundering and terrorist financing on 21 Jul 2022. This report provides a summary of the anti-money laundering and combating financing of terrorism (AML/CFT) measures in place in Grenada as at the date of the on-site visit (14-25 June 2021).
- Published a report on Aruba's measures to combat money laundering and terrorist financing on 21 Jul 2022. This report provides a summary of the anti-money laundering and combating financing of terrorism (AML/CFT) measures in place in Aruba as at the date of the on-site visit (30 August to 10 September 2021).
- Published a report on Liechtenstein's measures to combat money laundering and terrorist financing on 11 Jul 2022. This report provides a summary of the anti-money laundering and combating financing of terrorism (AML/CFT) measures in place in Liechtenstein as at the date of the on-site visit (6 to 17 September 2021).
- Published a report on Bulgaria's measures to combat money laundering and terrorist financing on 11 Jul 2022. This report provides a summary of the anti-money laundering and combating financing of terrorism (AML/CFT) measures in place in Bulgaria as at the date of the on-site visit (6 to 17 September 2021).
The Australian Transaction Reports and Analysis Centre (AUSTRAC)
- AUSTRAC has released proposed amendments to Chapter 16 of the AML/CTF Rules for public consultation. AUSTRAC is proposing these amendments because the Society for Worldwide Interbank Financial Telecommunications (SWIFT) is migrating to the ISO20022 XML messaging format for cross-border payments from November 2022.
NSW Crime Commission
- Issued a call for submissions on the inquiry into money laundering in pubs and clubs on 8 July. As part of an inquiry into money laundering via electronic gaming machines (EGMs) in licenced premises, the NSWCC is calling for submissions in response to two issues papers.
Department of Internal Affairs (DIA)
- Announcing the publication of DIA’s AML/CFT Regulatory Approach and Compliance and Enforcement Strategy on 4 July 2022. The publication of these documents is a milestone in embedding the regulatory foundations in the Regulatory Services Group Strategy 2021-26, and a step toward our vision to be a world-leading innovative AML system that operates with integrity and makes a difference.
- Announced that an appeal was dismissed in New Zealand’s first criminal prosecution under the AML/CFT Act on 1 July 2022. In 2018 Te Tari Taiwhenua Department of Internal Affairs (DIA) brought criminal charges against Jiaxin Finance, its sole director Qiang Fu and his mother Fuqin Che, after Jiaxin Finance failed to keep adequate records and report suspicious transactions by Canadian businessman Xiao Hua Gong, also known as Edward Gong, which totalled over $53 million.
Reserve Bank of New Zealand (RBNZ)
- Announced that BNZ was issued a formal warning under AML/CFT Act on 08 July 2022. The Reserve Bank of New Zealand – Te Pūtea Matua is reminding reporting entities of their AML/CFT reporting obligations following the issuance of a formal warning to the Bank of New Zealand (BNZ). BNZ was issued a formal warning under section 80 of the AML/CFT Act 2009 for failing to report the correct location for around 50,000 domestic physical cash transactions in prescribed transaction reports (PTRs) between November 2018 and April 2020.
Financial Transactions and Reports Analysis Center of Canada (FINTRAC)
- Issued a reminder that crowdfunding platforms and certain payment service providers must register with FINTRAC, on 22 July 2022. Following last April's Notice about amendments to the PCMLTFR and PCMLTFAMP Regulations, FINTRAC is reminding reporting entities that businesses engaged in crowdfunding platform services and certain payment services have MSBs or FMSBs obligations under the PCMLTFA.
- Published an advisory on financial transactions related to countries identified by the Financial Action Task Force (FATF) on 8 July 2022.
- Announced an administrative monetary penalty of $41,250 on Thanh Hung Truong (Bijouterie Kim Dung) on 21 July 2022. This money services business in Montréal, Quebec, was imposed an administrative monetary penalty of $41,250 on May 5, 2022, for non-compliance with Part 1 of the PCMLTFA and its associated Regulations.
- Announced an administrative monetary penalty of $230,423 on Nu Stream Realty Inc on 12 July 2022. This real estate broker in Burnaby, British Columbia, was imposed an administrative monetary penalty of $230,423 for non-compliance with Part 1 of the PCMLTFA and its associated Regulations.
Released an advisory in relation to financial transactions related to countries identified by the Financial Action Task Force (FATF) on 8 July 2022.
- Published resource documents to help reporting entities prepare for changes to the LCTR form on 6 July 2022. FINTRAC is expecting to implement important changes to the Large Cash Transaction Report (LCTR) form in June 2023. The form will reflect the legislative amendments that came into force on June 1, 2021 and include added functionality that allows for a more streamlined experience when reporting large cash transactions.
- Announced news that three individuals were charged in a money laundering investigation on 7 July 2022. A Royal Canadian Mounted Police (RCMP) investigation resulted in charges laid against three individuals involved in money laundering with suspected ties to Colombian criminal organizations.
- Announced news that RCMP unravelled a money laundering scheme on 5 July 2022. The Hamilton-Niagara RCMP, with the assistance of the OPP and FINTRAC, unravelled a sophisticated drug trafficking and money laundering scheme which led to multiple charges involving several individuals.
- Announced additional sanctions targeting Russian disinformation and propaganda agents on 8 July 2022. To counter the Kremlin’s disinformation campaign, Canada is imposing sanctions against 29 state-sponsored disinformation and propaganda agents and 15 entities controlled or owned by the Russian government and involved in disinformation efforts.
- Announced intent to further sanction key Russian economic sectors on 9 July 2022. Canada will expand existing measures on the oil, gas and chemical sectors to include industrial manufacturing. These new measures will prohibit Canadian services to contribute to the production of goods made by these sectors.
Financial Conduct Authority (FCA)
- Announced a fine of £2 million for serious financial crime control failings on 15 July 2022. The FCA has fined TJM Partnership Limited (in liquidation) £2,038,700 for failing to ensure it had effective systems and controls to identify and reduce the risk of financial crime and money laundering in its business.
Gambling Commission (GC)
- Announced a license suspension for bet-at-home.com Internet Limited on 7 July 2022. The Gambling Commission suspended the operating licence of bet-at-home.com Internet Limited. Suspected social responsibility and anti-money laundering failings were key considerations in the suspension decision.
- Announced a new sanctions package including sanctions on Kremlin proxy administrators in Luhansk and Donetsk on 26 July 2022.
- Introduced new sanctions on Belarus as the Lukashenko regime continues to actively facilitate Putin’s illegal invasion of Ukraine on 4 July 2022.
Hong Kong Monetary Authority (HKMA)
- Published the Hong Kong ML/TF Risk Assessment Report 2022 (2022 HRA) on 8 July 2022. The 2022 HRA provides an updated view of the ML/TF risk landscape with sectoral assessments and a standalone assessment of Hong Kong’s proliferation financing risk.
Securities and Futures Commission (SFC)
- Published a circular on the FATF Statements on (1) High-Risk Jurisdictions subject to a Call for Action; (2) Jurisdictions under Increased Monitoring; and (3) Outcomes from the FATF Plenary.
- Published a circular on the United Nations Sanctions (Democratic People’s Republic of Korea) Regulation on 27 July 2022.
- Published a circular on the United Nations Sanctions (Libya) Regulation on 19 July 2022.
- Published a circular on the United Nations Sanctions (Democratic People’s Republic of Korea) Regulation on 4 July 2022.
Financial Intelligence Centre
- Published the outcomes of the June 2022 meeting of the Financial Action Task Force on 1 July 2022.
No major updates this month.