Azeez Ibrahim’s Post

Another fascinating year comes to an end in the Directorate for Strategic Planning of the National Transparency Authority #NTA. Along its way good friends left seeking for new challenges and new members joined the team, bringing in fresh ideas. Among the 2024 highlights are the following: ✓ Deliver an updated #National_Anticorruption_Strategy ✓ Review the chapter #Strategic_Framework #OECD #public_integrity_indicators ✓ Complete a major #EEA_Grants project in cooperation with the #OECD to deal with conflicts of interest ✓ Set up a #risk_management_framework in the area of public procurement along with practical tools to strengthen integrity safeguards #OECD #TSI ✓ Launch two #surveys to measure corruption perceptions and experiences ✓ Co-ordinate the roll out of #NTA #whistleblowers_channel and the update of a new #asset_declarations_platform ✓ Host a 2 week #anticorruption_training in cooperation with #HKIAAC ✓ Represent Greece in the #8th_ICAC_Symposium in #Hong_Kong and the #IAACA_Executive_Committee ✓ #NTA elected in the Bureau of #PIAC Next year we will be working on: ✓ #Corruption_Risk_Analysis ✓ #Digital_Forensics ✓ #IIS for Audits and Investigations ✓ #AI_Tool to identfy corruption patterns ✓ Modern #Asset_Declarations Platform Stay tuned...

The Hong Kong Monetary Authority (HKMA) has shared “good industry practices” for implementing its operational resilience framework ahead of a May 2026 deadline. https://lnkd.in/dGj2ptNZ

在2024年10月23-25日的FATF會議中： - 阿爾及利亞、安哥拉、科特迪瓦和黎巴嫩被列入需加強監控的名單。 - 塞內加爾已完成其行動計劃，不再受FATF加強監控程序的影響。 - 俄羅斯的成員資格中止狀態維持不變，各司法管轄區需警惕逃避針對俄羅斯的措施所帶來的風險。 - FATF成員同意就標準修訂（主要是建議1）公開徵求意見，目的是支持金融包容性。 - 會議檢討了改進性別多樣性的行動，並討論了進一步加強這項工作的提議，FATF將啟動第二個指導計劃以加強包容性和多樣性。 Outcomes FATF Plenary, 23-25 October 2024 At this Plenary, the FATF added Algeria, Angola, Côte d’Ivoire and Lebanon to the list of jurisdictions subject to increased monitoring. Senegal has completed its Action Plans to resolve the identified strategic deficiencies within agreed timeframes and will no longer be subject to the FATF’s increased monitoring process. The suspension of the membership of the Russian Federation continues to stand. Following the statements issued since March 2022, the FATF reiterates that all jurisdictions should be vigilant to current and emerging risks from the circumvention of measures taken against the Russian Federation in order to protect the international financial system. At this Plenary, members agreed to release for public consultation proposed revisions to the FATF Standards (mainly Recommendation 1 on assessing risk and applying a risk-based approach) to support financial inclusion. This work was carried out as a result of the FATF Stocktake report on mitigating the Unintended Consequences of the FATF Standards, which concluded that the flexibility envisaged under the FATF’s risk-based approach is not being fully used. The revisions aim to encourage countries to allow simplified measures as appropriate where countries assess risks to be lower. The FATF aims to finalise these revisions and guidance to support this work in 2025. The Plenary took stock of actions taken to improve gender diversity in the FATF and discussed further proposals to strengthen this work. The FATF will launch a second mentoring programme to strengthen inclusivity and diversity within the FATF and Global Network, building on the WFGN initiative under the Singapore Presidency. #FATF

CCFA: Insights: Key compliance trends in the Middle East. The Middle East’s compliance landscape is undergoing significant transformation, influenced by geopolitical shifts, economic realignments, and technological advancements. For chief compliance officers (CCOs) and businesses operating in this dynamic environment, understanding and adapting to these evolving trends is crucial. Chambre de Commerce Franco Arabe, CCFA Paris Better to know it before...Most interesting reading. https://lnkd.in/e3TWqEGt

The Astana Financial Services Authority (AFSA) and the National Digital Assets Commission of El Salvador (CNAD) signed a Memorandum of Understanding aimed at enhancing cooperation, mutual assistance, and the facilitation of information exchange within the digital assets markets across their respective jurisdictions. This brings AFSA’s total of international agreements with fellow regulators to 54. AFSA Chief Executive Officer Nurkhat Kushimov said: “The rapid flow of goods, services, people and finance across borders is testing the effectiveness and the capacity of domestic regulatory frameworks. Combined with increased globalisation and digitalisation, this pace of development presents policy makers and regulators with challenges that are difficult to deal with in isolation. Regulatory cooperation helps to bridge the gaps and align regulations for faster and safer transactions.” Juan Carlos Reyes, president of CNAD, believes that signing this type of MoU is an important milestone in a borderless, globalised economy: “We see AFSA as a pioneer in the digital assets regulatory industry, and the signing of this MoU is an important step in strengthening global regulatory authorities. Given that we work with technology that transcends geographical barriers, it’s crucial to recognise that the regulated businesses can impact each country differently. By creating agreements like this, we can ensure the adoption of best practices, identify bad actors, and, most importantly, achieve financial transparency as per global and each countries’ national requirements.” More in our press release on the website: https://lnkd.in/dQtGQ26h #AFSAinforms

Five key areas where independence and autonomy are crucial for SAIs! Supreme Audit Institutions (SAIs) play a critical role in promoting accountability, transparency, and good governance. The independence and autonomy of SAIs are fundamental to this mission of ensuring that public funds are used effectively and ethically. "Independence in auditing is not just a principle; it is the cornerstone of trust in our institutions." Here are five key areas where independence and autonomy are crucial: 1.     Legal Frameworks: Robust legal provisions that grant SAIs independence. 2.     Operational Independence: Freedom to carry out audits without external influence. 3.     Capacity Building: Continuous development of audit staff and methodologies. 4.     Performance Audits: Assessing the efficiency and effectiveness of government programs. 5.     International Support: Leveraging global resources and guidance to strengthen SAI capabilities. By safeguarding our independence, we enhance our ability to fight corruption, foster public confidence, and contribute to sustainable development. The autonomy of our audit institutions contributes for a brighter future. #AuditIndependence #Transparency #GoodGovernance #SAIs #PublicSector #Cameroon

Join us for a game-changing webinar! On April 23, our client, the Financial Services Commission (FSC) Belize, is hosting a free webinar titled "Navigating Compliance Standards: Strategies for Caribbean Nations in Response to FATF and EU Designations." The webinar will delve into how the Financial Action Task Force (FATF) and the European Union (EU) exert significant influence over global financial regulations, notably through their identification of high-risk jurisdictions. Currently, FATF has blacklisted 3 countries and greylisted 21, while the EU has identified 27 countries as high-risk third countries due to weak measures to combat money laundering and terrorist financing (AML/CFT). The situation is dire, but Belize's successful removal from the EU's list serves as a beacon of hope, emphasizing the importance of strategic diplomacy and regulatory compliance. We are happy to be at the forefront of technological solutions that address compliance challenges and aid in combating money laundering and terrorist financing. We introduce BOREG© – our Beneficial Ownership Register, a powerful tool designed for collecting, processing, storing, and publishing accurate and timely data about the beneficial owners of businesses. Join us for insightful discussions, expert presentations, and valuable networking opportunities as we navigate the complex terrain of regulatory compliance in the Caribbean. Don't miss this chance to learn from industry leaders and contribute to shaping the future of financial governance in our region. 📅 Save the Date: April 23, 2024 ⏰ Time: 19:00 (EEST/GMT+3) 🌍 Registration page: https://ow.ly/loqI50RbvIG We will be there, will you? #BeneficialOwnership #ComplianceStandards #FinancialRegulations #FATF #EU #CaribbeanNations #Blacklist #Greylist

Internal Auditors: mind the (regulatory) Gap! The EU-US regulatory gap gets ever wider. Many anticipate softer rules or even a rollback of some legislation with the upcoming new US administration. We see the radical opposite in the EU. It is one of the points raised in the report produced by Mario Draghi in September 2024: EU policymakers are the world champions of red tape and rule making. A recent Financial Times article was indicating that « there are now 100 tech-related laws across the EU’s 27 members states enforces by 270 regulators ». And this is before the implementation of the EU AI Act!!!! The risk of non compliance is real. Internal auditors and compliance officers are essential to advise and support firms in navigating this complexity. This is not only a conversation for EU firms. International organizations operating in the EU are mostly subject to these regulations. So all auditors need to assess the risk exposure in the EU. #Risk #EU #internalaudit #compliance The Institute of Internal Auditors Inc. ECIIA | European Confederation of Institutes of Internal Auditing 🌎 FLAI Auditores Internos LATAM THE AFRICAN FEDERATION OF INSTITUTES OF INTERNAL AUDITORS(AFIIA) ARABCIIA - الاتحاد العربي لجمعيات المراجعين الداخليين

FATF adds Monaco & Venezuela to its “grey list” On Friday the Financial Action Task Force (FATF) added both Monaco and Venezuela to its “grey list” of nations requiring increased monitoring. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to swifty resolve the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. The FATF also removed Jamaica and Turkey from the grey list, noting that the two nations had made significant progress in improving their #AML & #CTF regimes. There was no change to the three countries (Democratic People’s Republic of Korea, Iran and Myanmar) on the “black list” subject to a Call for Action.  Firms should be aware of FATF black and grey list countries and what that designation entails. The changes to the grey list should be used as an opportunity to review your firm’s jurisdictional risk assessment and consider the potential regulatory risk associated with countries that do not maintain international compliance standards. As ever, if you need support please reach out to us as contact@avyse.co.uk.  

Yesterday, the ministers of the Financial Action Task Force (#FATF) published a new declaration reaffirming the importance of the FATF and their commitment to its actions and its role as global setter of international #AML/ #CFT/ #CPF standards. The FATF also welcomed its 40th member, Indonesia. Through this declaration, the ministers of the FATF also highlight the February 2023 suspension of the Russian membership and address a message to stay vigilant to all jurisdictions. This declaration points out several of the actions and steps taken these last two years, notably in the fields of: 1.     Asset recovery, through the provision of toolkits and reinforced beneficial ownership frameworks 2.     Corruption, through the identification of risks in relation with citizenship residency and ways to mitigate these risks Additionally, the ministers of the FATF set out several areas of action and commitments for the future: 1.     Assessment process Recognizing the importance of its assessment, the FATF announced that it will prioritize the provision of more focused, risk-based and timely mutual evaluations. 2.     Strengthening the global network In the context of ongoing progress and support in relation to illicit finance, the ministers of the FATF pledge to support low-capacity countries in the strengthening of their systems and risks faced. Additionally, they address the number of low-capacity countries which are found in lists of countries with strategic deficiencies and commit to refining the risk-based criteria in that regard, in order to proceed with the identification of countries that pose a higher threat. 3.     Effectiveness of the implementation of the FATF standards On the one hand, the ministers of the FATF highlight that FATF standards related to beneficial ownership have been strengthened, but additionally commit to improve access to accurate and up-to-date information on beneficial ownership in a timely manner, as well as to develop more robust asset recovery systems. On the other hand, the ministers also bring forward the FATF’s will to focus on combating the misuse of its standards, as well as the previous revisions of the FATF’s standards. In this context, the ministers highlight their support to the efforts of the FATF in ensuring that countries do not misuse the FATF requirements to restrict the activities of NPOs. 4.     Monitoring and responses to evolutions in finance Finally, FATF members address the evolutions in finance and commit to keeping up-to-date standards. Furthermore, they reaffirm their will to continue working with other international organizations as well as to engage in strategic initiatives in finance, such as the facilitation of cross-border payments or the development of Central Banks Digital Currencies. The Declaration of the Ministers of the Financial Action Task Force can be found here *Declaration of the Ministers of the Financial Action Task Force (fatf-gafi.org)