FinCrime News - January 2024

International

The Financial Action Task Force (FATF)

• Consolidated Assessment Ratings. This version provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance. 
• Published a report on Nepal's measures to combat ML/TF. The Mutual Evaluation Report presents a comprehensive review of the effectiveness of the country's AML/CFT system and its level of compliance with the FATF 40 Recommendations. 
• Published a report on Guinea's measures to combat ML/TF. The Mutual Evaluation Report presents a comprehensive review of the effectiveness of the country's AML/CFT system and its level of compliance with the FATF 40 Recommendations as at the time of the on-site visit in April 2023.
• Published a report on Nigeria's progress in measures to combat ML/TF. This follow-up report analyses the progress Nigeria made in addressing the technical compliance deficiencies identified in its 2021 mutual evaluation report.
• Published a report on Kyrgyz Republic's progress in strengthening measures to tackle ML/TF. The Kyrgyz Republic has made significant progress in rectifying the technical compliance shortcomings identified in its 2020 mutual evaluation. 
• Published a report on Mali's progress in strengthening measures to tackle ML/TF. This follow-up report analyses Mali's progress in addressing the technical compliance deficiencies identified in its MER.
• Published a report on Jamaica's progress in strengthening measures to tackle ML/TF. This Follow-Up Report analyses Jamaica's progress in addressing certain technical compliance deficiencies that were identified in the Mutual Evaluation.

Regional

Asia/Pacific Group (APG)

• Published the 2023 Typologies Report. The report is published on an annual basis to assist stakeholders to better understand the nature of existing and emerging money laundering, terrorism financing, proliferation financing threats and pursue effective strategies in response. 

Australia

The Australian Transaction Reports and Analysis Centre (AUSTRAC)

• Issued a reminder for regulated entities to submit their 2023 compliance report from 1 Jan to 31 Mar 2024. The report covers important areas of AML/CTF and helps AUSTRAC understand if regulated entities have been complying with their obligations over the year and if they need additional support or guidance.

United Kingdom

Government

• Released guidance on money laundering reporting obligations in relation to exemption provisions introduced by the Economic Crime and Corporate Transparency Act 2023. It also explains how the exemptions operate alongside one another.

National Crime Agency

• Published the latest issue of SARs in Action magazine. This edition includes an overview of the support that the UKFIU can provide, including virtual presentations, in-person workshops, and 1-2-1, feedback and Q&A sessions. It also outlines the newly developed SARs Best Practice Workshop feedback from reporters.

European Union

European Council

• Established a dedicated sanctions framework to target Hamas. Under the new regime, the EU may target those who support, materially or financially, Hamas. 

European Parliament

• Announced that Council and Parliament reached a provisional agreement on parts of the AML package that aims to protect EU citizens and the EU's financial system against ML/TF.  The changes include uniform EU supervision, more powers for Financial Intelligence Units, access for competent authorities to new registers and necessary information sources, and harmonised content and access to beneficial owners’ registers.

United States

Financial Crimes Enforcement Network (FinCEN)

• Issued the Paycheck Protection Program Frequently Asked Questions (FAQs). The FAQs explain the requirements under the Bank Secrecy Act (BSA) and how lenders must meet those requirements when issuing a PPP loan.
• Published an analysis of identity-related suspicious activity. This Financial Trend Analysis (FTA) is based on information in Bank Secrecy Act (BSA) reports filed in the calendar year 2021. FinCEN’s analysis found that approximately 1.6 million reports (42% of the reports filed that year) related to identity—indicating $212 billion in suspicious activity.
• Issued a reminder that the U.S. Beneficial Ownership Information Registry is now accepting reports. Companies that are required to comply must confirm the deadline for submission of the report. 

Other Jurisdictions

No major updates this month.