Egmont Group of Financial Intelligence Units’ Post

Summary of the FATF Plenary Outcomes (June 26-28, 2024) Held at Singapore Key Highlights: 1. Leadership: This was the final Plenary under T. Raja Kumar of Singapore's Presidency. 2. Participation: Delegates from over 200 jurisdictions (Yes, including Nigeria) and international organizations attended. Main Outcomes: Country Monitoring: - Removed: Jamaica and Türkiye. - Added: Monaco and Venezuela. - High-Risk: DPRK's AML/CFT deficiencies and proliferation risks were emphasized. Strategic Milestones: - Revised criteria for the International Cooperation Review Group (ICRG) process, making it more risk-based and considerate of least developed countries' challenges. Standards and Evaluations: - New assessment methods for compliance with revised FATF standards, focusing on asset recovery and international cooperation. - Adoption of mutual evaluation reports for India and Kuwait. New Initiatives and Reviews: - Continued suspension of Russia's FATF membership. - Completion of a review on measures to prevent misuse of professionals for money laundering. - Update on the implementation of FATF standards on virtual assets. Global Network and Cooperation: - Priorities set for the Global Network and FSRBs, focusing on mutual evaluations, strengthening AML/CFT expertise, and enhancing cooperation. Publication of Reports: The mutual evaluation reports of India and Kuwait will be published after quality and consistency reviews. Further Dialogue: Continued discussions on payment transparency standards and virtual asset regulations. References: - High-Risk Jurisdictions subject to a Call for Action - Jurisdictions under Increased Monitoring - Women in FATF and the Global Network

Today, the final Plenary of the Financial Action Task Force (FATF) under the #Singaporean Presidency has concluded. FATF has removed two countries from its increased monitoring list (i.e., grey list) following successful onsite visits and updated its statements on high-risk and other monitored jurisdictions. Congrats to #Turkiye and #Jamaica for their removal from the grey list after their significant progress in addressing the strategic AML/CFT deficiencies previously identified during their mutual evaluations. Also, I am pleased to note that one of the key priorities of the incoming #Mexican Presidency for 2024-2026 is to advance Financial #Inclusion by promoting the risk-based implementation of the FATF Standards under the principle of proportionality. For more details on the outcomes of the #FATF Plenary, 26-28 June 2024, and to learn about other key priorities of the incoming Mexican Presidency, you can visit this link https://lnkd.in/edngSXrQ Louis De Koker, Ivo Jeník, CGAP #FinancialInclusion #AML #RBA

🏆 The #ECOFEL, in partnership with the Financial Crimes Investigation Board of Türkiye (MASAK), conclude the “Financial Investigative Techniques” regional workshop for the EG’s Europe II and Eurasia regions from May 20-21, 2024, in Istanbul, Türkiye. 💡 This two-day workshop welcomed 40 stakeholders from FIUs and law enforcement agencies from 22 jurisdictions in the region to enhance their ability to conduct effective investigations through adopting different investigative techniques to gather evidence, learning how to plan and prepare financial investigations and cultivating tools to improve international and domestic interagency cooperation. 💪 The ECOFEL looks forward to delivering future installments of this training to help global stakeholders conduct more effective investigations and lead successful prosecutions and assets recovery. 👏 The ECOFEL would like to thank all attendees, Mr. @Graeme Millar for sharing his knowledge and expertise with the attendees and the event co-organizer, the Financial Crimes Investigation Board of Türkiye (MASAK), for their ongoing support and hospitality. 🙏 The ECOFEL also acknowledges the generous financial contributions of its donors: U.S. Department of State - Bureau of International Narcotics and Law Enforcement Affairs (INL) SECO Economic Cooperation and Development AUSTRAC UAE Financial Intelligence Unit Saudi Arabia FIU (SAFIU) Anti-Money Laundering Division (AMLD) – Taiwan Grand Duchy of Luxemburg #amlcft #financialinvestigation #financialintelligence

After hearing about Angola's addition to the FATF Grey List, I wanted to take a closer look at what this might mean for the country. On October 25, 2024, the Financial Action Task Force (FATF) placed #Angola on its Grey List, indicating that #Angola, along with other countries like #Algeria, #Côte #d’Ivoire, and #Lebanon, will undergo increased monitoring due to strategic deficiencies in its anti-money laundering (AML), counter-terrorism financing (CFT), and counter-proliferation financing (CPF) measures. FATF's Grey List, officially termed "Jurisdictions Under Increased Monitoring," includes countries actively collaborating with FATF to strengthen these frameworks. For #Angola, this designation underscores the need to address gaps in regulatory and enforcement standards related to #financial crimes. Being Grey Listed is a prompt for #Angola to commit to improved oversight and compliance reforms. While there are some challenges, such as potential impacts on international investment and more scrutiny of financial transactions, this move could also act as a catalyst for regulatory modernization. By meeting FATF’s requirements, #Angola may improve its #financial #transparency, attract #sustainable foreign #investment, and build confidence in its #financial system. To dig a bit deeper, I’ve broken down some potential Pros and Cons: Pros: - Increased Transparency: Grey listing provides #Angola with a roadmap to elevate its #financial standards, building credibility with #international partners. - Long-term Economic Benefits: Successfully implementing FATF recommendations can attract more stable #investment by reassuring #stakeholders of #Angola’s commitment to combatting #financial crime. Cons: - Potential for Reduced Investment and Higher Transaction Costs: Grey List status may temporarily affect #investor #confidence and increase #transaction #costs, as #banks apply enhanced due diligence. - Heightened Regulatory Pressure: #Angola faces increased expectations from FATF to address weaknesses swiftly, which will require dedicated resources and significant #regulatory adjustments. In summary, Angola's inclusion on the Grey List could introduce short-term challenges but may lead to greater stability and transparency in its #financial sector, ultimately positioning #Angola as a more #attractive and trustworthy #global #partner. Anyway, do you believe Angola's Grey List status will drive meaningful change, or will the challenges outweigh the potential benefits? #Africa #Angola #Bank #Business #Commerce #Economy #Finance #Fintech #Internationalbusiness #Trade

👩💻 🏢 Our experts Linda Birziņa and Agnese Abula participate in the exchange of experience of Latvian-Lithuanian #EUFunds Audit Authorities on conducting audits of EU funds. Several topics relevant to auditors have been discussed during the meeting, including control of State aid conditions, specificity of audit of financial instruments, risks of umbrella projects and performance of on-the-spot checks. The meeting was organised with the support of the European Commission's #TAIEXREGIO #REGIOPeer2Peer project.

🌟 A Landmark Day for Malaysia! 🌟 Today, we are proud to announce the launch of the National Anti-Corruption Strategy (NACS) for 2024-2028. It's an honor to have worked alongside a talented group from civil society organizations, government, and law enforcement to shape a strategy that charts a clear path toward a corruption-free future for our nation. NACS is more than a policy document—it is a commitment to integrity and transparency that will drive Malaysia towards global standards in governance. Our strategy focuses on institutional reforms, enhanced accountability, and fostering a culture of integrity across all sectors. It outlines proactive measures to dismantle the roots of corruption and build robust systems that ensure long-term sustainability and trust. As we embrace this ambitious journey, I am excited about the collaborative efforts that will make these goals a reality. Today, we not only celebrate the launch of NACS but also reaffirm our commitment to a brighter, more just Malaysia. Let's stand united in this transformative journey towards ethical governance and societal prosperity. Transparency International Transparency International-Malaysia Malaysian Anti-Corruption Commission Graymatter Forensic Advisory Sdn Bhd #NACS2024_2028 #MalaysiaIntegrity #GovernanceReform #Transparency

All consumer products and services are subject to the risk of #representative #actions: ➡️ Significant representative actions might affect the entire portfolio of products or services and generate financial, reputational and organisational risks. ➡️ They might absorb large quantities of director time and divert attention from core operations. ➡️ Employee time may also be taken up, e.g. dealing with investigations. In the face of widespread publicity, representative actions could also have a negative impact on sales and consumer confidence.   Our new Advising the Board report on CEE Directors' Risk, co-authored by Anna Cudna-Wagner (#CMSPoland), Horia Draghici (CMS Romania), Assen Georgiev (CMS Bulgaria), Tomáš Matějovskýý (CMS Czech Republic), Zsolt Okanyi (CMS Hungary) and Olga Shenk (CMS Ukraine (CMS Cameron McKenna Nabarro Olswang)), looks at the novelties and specifics of the Representative Actions Directive (RAD) from the perspectives of seven jurisdictions: Bulgaria, the Czech Republic, Hungary, Poland, Romania, Slovakia and Ukraine. Find out more: https://lnkd.in/ebtKHaGD #CMSlaw #CEE #classactions #RAD #representativeactions #risk #commercialrisk

The trade relationships between Asia, the Middle East and Africa are closely interconnected, with China serving as a key trading partner throughout the MEA region. China is: 🏅 The #1 bilateral trade partner for Saudi Arabia and Iraq. 🏅 The top import partner for the United Arab Emirates and Oman. 🏅 Among the top 5 import partners for Egypt, Jordan and Yemen. (Sources: CEIP, ChinaMed Project) These partnerships pave the way for abundant opportunities in many sectors. However, cross-border trade brings its own set of challenges, notably in identifying and verifying all businesses, entities and beneficial owners involved in each transaction. ☕Our webinar provides insights on the challenges of cross-border Know Your Business (KYB) and Ultimate Beneficial Owner (UBO) compliance in APAC, MEA and Europe – along with innovative solutions from the industry experts at Diligencia, AsiaVerify and Kyckr. Watch the webinar now to discover: • Strategies for enhancing UBO transparency and increasing cooperation among organisations to drive better informed risk-based decisions. • Practical tools designed to streamline and accelerate compliance processes across multiple jurisdictions. Tune in here ▶️ https://hubs.ly/Q02Nz1fs0 #UBO #UltimateBeneficialOwner #Ownership #Compliance #RiskManagement #AML #FinancialCrime #MiddleEast #Africa #MEA #Europe #APAC #Asia #China #Iraq #Saudi #UAE #Oman #Egypt #Jordan #Yemen #EntityData #KYC #Onboarding #AML #BusinessIntelligence

The trade relationships between Asia, the Middle East and Africa are closely interconnected, with China serving as a key trading partner throughout the MEA region. China is: 🏅 The #1 bilateral trade partner for Saudi Arabia and Iraq. 🏅 The top import partner for the United Arab Emirates and Oman. 🏅 Among the top 5 import partners for Egypt, Jordan and Yemen. (Sources: CEIP, ChinaMed Project) These partnerships pave the way for abundant opportunities in many sectors. However, cross-border trade brings its own set of challenges, notably in identifying and verifying all businesses, entities and beneficial owners involved in each transaction. ☕Our webinar provides insights on the challenges of cross-border Know Your Business (KYB) and Ultimate Beneficial Owner (UBO) compliance in APAC, MEA and Europe – along with innovative solutions from the industry experts at Diligencia, AsiaVerify and Kyckr. Watch the webinar now to discover: • Strategies for enhancing UBO transparency and increasing cooperation among organisations to drive better informed risk-based decisions. • Practical tools designed to streamline and accelerate compliance processes across multiple jurisdictions. Tune in here ▶️ https://hubs.ly/Q02Nz0lg0 #UBO #UltimateBeneficialOwner #Ownership #Compliance #RiskManagement #AML #FinancialCrime #MiddleEast #Africa #MEA #Europe #APAC #Asia #China #Iraq #Saudi #UAE #Oman #Egypt #Jordan #Yemen #EntityData #KYC #Onboarding #AML #BusinessIntelligence

Several #APAC countries are gearing up for their Financial Action Task Force (FATF) mutual evaluations, with Maldives and Niue expected in October 2024, Malaysia and Singapore in 2025, and China and Australia following in 2026. Access LexisNexis Risk Solutions playbook which offers strategic insights for improving #compliance and enhancing defenses against financial crime in the region. #FATF #FCC #mutualevaluation #LNRS