Daniel Lengue’s Post

FICA Compliance: Critical for South Africa's financial integrity South Africa's addition to the FATF's grey list in 2023 has highlighted a crucial issue: widespread non-compliance with FICA regulations. A recent update from the Financial Intelligence Centre (FIC) reveals alarmingly low submission rates for Risk and Compliance Return (RCR) questionnaires across key sectors: Legal practitioners: 60% Real estate agents: 66% These submission rates are in response to the FIC's Directive 6, issued in March 2023, as part of South Africa's efforts to address deficiencies identified by the Financial Action Task Force (FATF) and potentially exit the grey list. This non-compliance isn't just a regulatory issue - it's obstructing our nation's path to financial integrity and global credibility. Every business plays a role in addressing this challenge. At Fraudcheck, we're committed to simplifying FICA compliance. Our comprehensive solutions help businesses of all sizes meet their obligations effectively, contributing to a stronger, more transparent financial system for South Africa. Embracing robust FICA compliance isn't just about avoiding sanctions; it's about restoring confidence in our financial system and driving economic growth. Let's work together to get South Africa off the grey list and secure our financial future. Interested in enhancing your FICA compliance? Reach out to us at verification@fraudcheck.co.za to protect your business and safeguard our economy. #FICA #Fraudcheck #VerificationIntelligence #Compliance You can read the full BusinessTech article for more details on SA's FICA compliance challenges: https://lnkd.in/dFj_eNFt

Key Updates from FATF October 2024 Plenary The FATF October 2024 Plenary concluded under the new presidency of Elisa de Anda Madrazo of Mexico, with important updates on jurisdiction assessments: New Jurisdictions Added: Algeria, Angola, Côte d’Ivoire, and Lebanon have been placed under increased monitoring due to strategic deficiencies in their AML/CFT frameworks. Senegal Removed from Increased Monitoring: The FATF congratulated Senegal for successfully addressing its previous deficiencies, completing its action plans, and will no longer be subject to increased monitoring. These updates highlight the FATF's ongoing commitment to strengthening global financial integrity. It’s crucial to stay updates and adapt to these changes. #FATF #AML #CFT #Compliance https://lnkd.in/dzATadzN

The #October 2024 #FATF Plenary delivered key updates, including new #AML/#CFT assessment reports, high-risk jurisdiction adjustments, and projects on financial inclusion and #NPO protection. More specifically, the Plenary refers to the adoption of assessment reports for #Argentina and #Oman, enhanced inclusivity by inviting #Senegal and the #CaymanIslands, and updates on monitoring high-risk jurisdictions. Notably, Senegal exited increased monitoring after significant AML/CFT improvements, while #Algeria, #Angola, #CôtedIvoire, and #Lebanon joined. These developments reflect FATF’s drive toward robust global financial security standards. If your organization needs guidance around AML/CFT changes or implementing compliance measures, Andria Papageorgiou Law Firm can assist with expert insights and support. Read more here: https://lnkd.in/dHVuE62B For professional services and legal advice, please contact us: ☎️ +357 96334123 📧: info@apapageorgiou.com 💻: www.apapageorgiou.com #APLAwFirm #Legalservices #CorporateServices #RegulatoryAdvisory #LicensingServices #AML #CFT #FATF #FinancialCompliance #RiskManagement #AndriaPapageorgiouLawFirm #GlobalCompliance #FinancialSecurity

IRGC Corruption - Ahmad Dastjerdi Ahmad Vahid Dastjerdi is a prime example of the IRGC’s entrenched corruption, using his influence across oil, defense, and financial sectors for systemic embezzlement and asset diversion. His strategic positioning of family members abroad, such as his daughter in the UK, demonstrates standard calculated fallback strategy for regime instability. He maintains leadership roles in the Parsian Oil and Gas Development Group and the Sepah Cooperative Foundation. The roles reveal mechanisms of opaque financial systems and overlapping appointments to siphon state resources. Facilitated by figures like Brigadier General Sadegh Rezadoust, his misuse of state systems highlights IRGC’s systemic corruption and the prioritization of elite self-preservation. Enhanced monitoring of Dastjerdi and his networks offers insights into IRGC's global financial tactics and vulnerabilities. Read the brief #AhmadVahidDastjerdi, #IRGC, #FinancialCorruption, #SystemicEmbezzlement, #OffshoreAssets, #RegimeElites, #IranianRegime, #ParsianOilAndGasDevelopmentGroup, #AerospaceIndustriesOrganization, #SepahCooperativeFoundation, #OpaqueFinancialSystems, #BrigadierGeneral, #FatemehVahidDastjerdi, #UK, #PassportFraud, #SadeghRezadoust, #ImmigrationAndPassportPolice, #GeopoliticalVulnerabilities, #EconomicExploitation, #IRGCNetworks, #EconomicSanctions, #FamilyContingencyPlans, #WealthDiversion, #OperationalPriorities, #StateCorruption, #CovertOperations, #IntelligenceMonitoring, #EliteEscapePlans, #IranianEconomy, #LeadershipMisuse, #InternationalSanctions, #GlobalFootprints, #StrategicMovement, #CorruptionIndicators, www.treadstone71.com

Country Risk of 🇩🇿 Algeria, 🇦🇴 Angola, 🇨🇮 Côte d’Ivoire, 🇱🇧 Lebanon and 🇸🇳 Senegal after the FATF Plenary 👇 Financial Action Task Force (FATF): Algeria, Angola, Côte d’Ivoire and Lebanon were added to the FATF grey list, while Senegal was removed following the FATF Plenary session in Paris on October 25, 2024. HM Treasury: According to the HM Treasury, a UK High-Risk Third Country is defined as one listed on either FATF’s grey list or blacklist. Therefore, Algeria, Angola, Côte d’Ivoire, and Lebanon are now designated High-Risk Third Countries, while Senegal is no longer on the list. European Commission: The EU High-Risk Third Country list does not necessarily align with FATF’s grey list or blacklist. As a result, Senegal remains an EU High-Risk Third Country, whereas Algeria, Angola, Côte d’Ivoire, and Lebanon are not listed as such. Sources: Outcomes FATF Plenary, 23-25 October 2024: https://lnkd.in/dzHjRUFs Money Laundering Advisory Notice issued by the HM Treasury: High Risk Third Countries: https://lnkd.in/da8MJcmh Latest version of the list of high-risk third countries issued by the European Commission: https://lnkd.in/dH34hvqc #CountryRisk #JRA #JurisdictionalRisk #Algeria #Angola #CôtedIvoire #cotedivoire #Lebanon #Senegal #FATF #FATFplenary #HMtreasury #HRTC #HighRiskThirdCountry #GreyList #Blacklist #EUcommmission #FinancialCrimeCompliance #AntiFinancialCrime #AFC #MLRO

New White Paper Release: Integrity and Accountability – Saudi Arabia’s Anti-Corruption Drive Saudi Arabia’s fight against corruption is reaching new milestones. With over 1,700 corruption-related arrests in 2024 alone and the introduction of the Nazaha Law (2024), the Kingdom is reinforcing its commitment to transparency, accountability, and investor confidence—key pillars of Vision 2030. At Secretariat, we are pleased to release our latest white paper, which provides an in-depth analysis of: - The evolving anti-corruption legal framework, including the Nazaha Law (2024) and Anti-Bribery Law amendments (2021) - Key corruption trends and case studies from 2020-2024 - The role of Nazaha in enforcement, reporting mechanisms, and oversight - Outlook for 2025 and beyond: What’s next for Saudi Arabia’s compliance and anti-corruption strategy This white paper is authored by Ralph Stobwasser, Dominique Dondelinger, Tarek Bleik, and Mikhail Reshotkin, bringing together extensive expertise in forensic investigations, AML compliance, and financial crime analysis. Download the full report here: https://lnkd.in/dvzTqQ-e We welcome your thoughts—what do you think will be the biggest challenge in strengthening corporate accountability in Saudi Arabia and other emerging economies? #AntiCorruption #Governance #SaudiArabia #Compliance #Forensics #Vision2030 #Transparency #Secretariat

The International Monetary Fund (IMF) has welcomed the planned comprehensive review of governance, anti-corruption and the rule of law in Libya.   The remarks were made in the Staff Concluding Statement of the IMF following its Article IV Mission to Libya at the beginning of July. This involved a staff team visit to Libya to collect economic and financial information, and discussion with officials on the country’s economic developments and policies.   Libya has made significant strides in its efforts to combat economic crime. Earlier in the year, a new Agency for Combating Financial Crimes, Money Laundering and Terrorism was established, under Decision No. 195 of 2024.   The newly formed agency, which reports directly to the Council of Ministers, is charged with combating economic crimes, gathering information on money laundering and terrorism financing crimes.   The Agency operates with an independent budget, and is subject to audit by the Audit Bureau, and will be taking a proactive stance in fighting financial crime by developing a database on such crimes.   Libya already has a number of laws in place to tackle corruption. These include the Law on Economic Crimes, the Anti-Money Laundering Law and the Law on Abuse of Public Authority. Both Administrative Control Authority and the Audit Bureau work on implementing these and other laws to fight corruption.   These laws provide the broad statutory framework that defines acts such as bribery and aggravated bribery, as well as determination of liability and the punishment applicable to such acts.   Eltumi Partners can advise domestic and international companies on ensuring compliance with all aspects of domestic laws.   “We are very encouraged by the IMF Executive Board’s recognition of Libya’s progress in tackling corruption and money laundering,” noted Tarek Eltumi of Eltumi Partners. “As a firm, one of our core principles is to never, directly or through intermediaries, offer or promise anything of value in order to improperly obtain or retain a business or other advantage from a third party (whether public or private). We are apolitical and have no stakes in, or positions on, political affairs or disputes.”   #libya #moneylaundering #anticorruption #IMF

IRGC Corruption - Ahmad Dastjerdi Ahmad Vahid Dastjerdi is a prime example of the IRGC’s entrenched corruption, using his influence across oil, defense, and financial sectors for systemic embezzlement and asset diversion. His strategic positioning of family members abroad, such as his daughter in the UK, demonstrates standard calculated fallback strategy for regime instability. He maintains leadership roles in the Parsian Oil and Gas Development Group and the Sepah Cooperative Foundation. The roles reveal mechanisms of opaque financial systems and overlapping appointments to siphon state resources. Facilitated by figures like Brigadier General Sadegh Rezadoust, his misuse of state systems highlights IRGC’s systemic corruption and the prioritization of elite self-preservation. Enhanced monitoring of Dastjerdi and his networks offers insights into IRGC's global financial tactics and vulnerabilities. Read the brief #AhmadVahidDastjerdi, #IRGC, #FinancialCorruption, #SystemicEmbezzlement, #OffshoreAssets, #RegimeElites, #IranianRegime, #ParsianOilAndGasDevelopmentGroup, #AerospaceIndustriesOrganization, #SepahCooperativeFoundation, #OpaqueFinancialSystems, #BrigadierGeneral, #FatemehVahidDastjerdi, #UK, #PassportFraud, #SadeghRezadoust, #ImmigrationAndPassportPolice, #GeopoliticalVulnerabilities, #EconomicExploitation, #IRGCNetworks, #EconomicSanctions, #FamilyContingencyPlans, #WealthDiversion, #OperationalPriorities, #StateCorruption, #CovertOperations, #IntelligenceMonitoring, #EliteEscapePlans, #IranianEconomy, #LeadershipMisuse, #InternationalSanctions, #GlobalFootprints, #StrategicMovement, #CorruptionIndicators, www.treadstone71.com

🌐 Insights from the Latest #FATF Plenary: Key Actions for #ComplianceOfficers 🌐 The latest Financial Action Task Force (FATF) updates are essential for staying aligned with global #AML & #CFT requirements. Here's what #compliance teams should consider: 1️⃣ FATF's Fourth Assessment Cycle Completion     - Argentina and Oman have been assessed, with noted improvements needed in Argentina's #sanctions and sector oversight and Oman’s focus on investigation and confiscation efforts. 2️⃣ #GreyList Updates     - Countries added: Algeria, Angola, Côte d’Ivoire, Lebanon     - Country removed: Senegal     - No changes were made to the black list. What This Means for Compliance Officers: 👉 Review and Update #CountryRiskRatings:     - Consider adjusting your firm’s country #riskprofiles in line with these latest FATF classifications. Changes may affect #risk exposure and decision-making across various client #jurisdictions. 👉 Enhance Customer Due Diligence (#EDD):     - Ensure targeted #CDD measures are in place for clients connected to newly grey-listed regions, reflecting the increased scrutiny advised by FATF. 👉 Keep Teams Informed:     - Update relevant compliance, operations, and management teams to ensure seamless alignment with these changes. For guidance on adapting your AML/CFT program to meet these updates, reach out to us at Camilleri & Dimech Consultancy. We’re here to support your compliance efforts every step of the way. #directors #csps #tsps #lawfirms #notaries #realestate #fintech #emi #banking #mlro #riskmanagement #JRA #duediligence #regulatoryupdates #staycompliant #financialcrimeprevention https://lnkd.in/eneMHPgn

The FATF achieved a significant milestone in adopting the last two assessment reports in the FATF’s fourth cycle of assessments, the joint FATF-GAFILAT assessment of the Argentine Republic (Argentina) and Sultanate of Oman. FATF will now focus on its new round which will deliver more focused, risk-based mutual evaluations. The FATF removed Senegal from its increased monitoring following a successful on-site visit and updated its statements on ‘high-risk and other monitored jurisdictions’. Members agreed to release for public consultation proposed revisions to the standards related to FATF’s ongoing focus on financial inclusion. FATF also adopted new guidance on national risk assessments to support countries to understand the illicit finance risks they face. The FATF also discussed standards changes related to cross-border payment systems and progressed work to identify the latest terrorist financing and proliferation financing risks. FATF also commenced a project to review its processes to ensure that countries do not misuse the FATF requirements to restrict the activities of NPOs.  Members reported on the value of the horizontal review of DNFBPs technical compliance related to corruption to support necessary reforms. FATF decided to continue discussing follow-up on this issue at its next meeting. The suspension of the Russian Federation continues to stand. Building on the Women in FATF and the Global Network (WFGN) initiative that was launched during the Singapore Presidency, the Plenary discussed proposals to strengthen diversity and inclusiveness throughout the Global Network.   At this Plenary, the FATF added Algeria, Angola, Côte d’Ivoire and Lebanon to the list of jurisdictions subject to increased monitoring. The FATF discussed and adopted the joint FATF-GAFILAT mutual evaluation report of Argentina . The Plenary concluded that Argentina has improved its AML/CFT/CPF framework since its last mutual evaluation in 2010 and demonstrates strengths in domestic cooperation and coordination between agencies. The Plenary also discussed and adopted the FATF-MENAFATF assessment of Oman and concluded that Oman has significantly improved its AML/CFT/CPF framework in recent years with robust technical compliance. The FATF has revised its guidance for a national money laundering risk assessment to reflect experiences and lessons it has learnt since 2013, when the guidance was first issued. The guidance will help countries, and in particular low-capacity countries, understand and mitigate their illicit finance risks. The guidance benefits from the experience of over 90 countries across the FATF Global Network facing different risks, challenges and at various levels of capacity. 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.