International
The Financial Action Task Force (FATF)
- Published an updated version of the Consolidated Assessment Ratings. The Assessment Ratings provide an up-to-date overview of the ratings on both effectiveness and technical compliance for all assessed countries.
- Published reports on the following countries' progress in strengthening measures to tackle ML/TF: Uganda, Mozambique, San Marino, Zambia, Holy See, Bulgaria, Tanzania, Slovenia, Georgia, Poland, Cyprus, Lithuania and Croatia.
- Published the Consolidated Processes and Procedures for Mutual Evaluations and Follow-Up, also known as the “Universal Procedures”. It is a set of core elements that apply to all AML/CTF assessments and follow-up processes in accordance with the 2022 FATF Methodology.
Australia
The Australian Transaction Reports and Analysis Centre (AUSTRAC)
- Announced the release of a second consultation on proposed AML/CTF reforms. A key element of the reforms is to expand Australia’s AML/CTF regime to include additional industries.
New Zealand
Department of Internal Affairs (DIA)
- Issued new guidance for circumstances where a duty holder has frozen the assets or blocked transactions of a customer under the Russia Sanctions Act 2022, where a duty holder may wish to provide a justification to their customer for their actions.
- Issued new guidance for liquidators which has been developed to be read in conjunction with the regulations that are effective from 1 June 2024. This guidance will assist liquidators' understanding, preparation, and compliance with their new regulatory requirements.
- Issued new guidance for money remitters relating to wire transfers, prescribed transactions, and suspicious activity reporting.
Canada
Financial Transactions and Reports Analysis Center of Canada (FINTRAC)
- Published a new sectoral and geographic advisory, "Underground Banking through Unregistered Money Services Businesses", along with a video, to help businesses and Canadians better protect themselves against illicit activities associated with underground banking and to facilitate the reporting of suspicions of money laundering or terrorist activity financing to FINTRAC.
United Kingdom
Financial Conduct Authority (FCA)
- Released a supervisory update from the Office for Professional Body Anti-Money Laundering Supervision (OPBAS). This update is designed to assist professional body supervisors with completing their annual reports by providing clarity on the type of content and detail expected by OPBAS in the annual reports.
Government
- Announced new sanctions targeting extremist groups and individuals for settler violence in the West Bank.
- Announced the release of Frequently Asked Questions (FAQs), a new form of additional guidance aimed at providing technical support to industry partners and the public. OFSI strongly recommends reviewing the FAQs alongside all existing guidance and legislation, which take precedence.
- Announced the withdrawal of financial sanctions on Burundi. The sanctions were originally designed to impose asset freezes directed against those involved in commissioning serious human rights violations or abuses and repressing civil society and the rule of law or good governance.
Note: Due to sanctions from other countries, this does not affect our risk rating for Burundi.
European Union
European Banking Authority (EBA)
- Announced that starting from May 2024, supervisors across the European Union (EU) will be able to report names of natural persons to EuReCA, the EU central database on anti-money laundering (AML) and countering the financing of terrorism (CFT) of the European Banking Authority (EBA).
European Council
- Announced the finalization of a new EU Anti-Money Laundering Framework. The framework establishes the European Anti-Money Laundering Authority (AMLA), the 6th Anti-Money Laundering Directive, and new Anti-Money Laundering Regulation (AMLR). It extends AML rules to new obliged entities, such as most of the crypto-sector, traders of luxury goods, and football clubs and agents. The regulation also sets tighter due diligence requirements, regulates beneficial ownership and sets a limit of € 10.000 for cash payments, among other things.
United States
Financial Crimes Enforcement Network (FinCEN)
- Announced, along with the Securities and Exchange Commission (SEC), a joint proposal that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document, and maintain written customer identification programs (CIPs). The proposal is designed to prevent illicit finance activity involving the customers of investment advisers by strengthening the anti-money laundering and countering the financing of terrorism (AML/CFT) framework for the investment adviser sector.
- Issued an advisory on Iran-Backed Terrorist Organizations. The Advisory highlights the means by which certain terrorist organizations receive support from Iran and describes several typologies these terrorist organizations use to illicitly access or circumvent the international financial system to raise, move, and spend funds.
Department of the Treasury (OFAC)
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Published the 2024 National Risk Assessments for Money Laundering, Terrorist Financing, and Proliferation Financing. The reports detail recent, significant updates to the U.S. AML/CFT framework and explain changes to the illicit finance risk environment. These include the ongoing fentanyl crisis, foreign and domestic terrorist attacks and related financing, and the increased potency of ransomware attacks.
- Released the first ever Non-fungible Token Illicit Finance Risk Assessment. The risk assessment explores how vulnerabilities associated with NFTs and NFT platforms may be exploited by illicit actors for ML and TF.
Singapore
Monetary Authority of Singapore (MAS)
- Published an Environmental Crimes Money Laundering (ML) National Risk Assessment, which identifies the key threats and vulnerabilities in environmental crimes ML that Singapore is exposed to and outlines mitigation measures that government agencies, financial institutions and Designated Non-Financial Businesses and Professionals can develop to address the risks.
South Africa
Financial Intelligence Centre (FIC)
- Published the 2024 FIC Act booklet. The booklet serves as the unofficial text of the Financial Intelligence Centre Act, 2001 and the Money Laundering and Terrorist Financing Control Regulations.
Other Jurisdictions
No major updates this month.
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