Tag: FATF

Update on recent FATF and OECD forums to tackle financial crime

There have been two opportunities this month for our industry to come together and address emerging challenges of evolving financial crime. The Organisation of Economic Cooperation & Development (OECD) held its Global Anti-Corruption and Integrity Forum in Paris on the 25th anniversary of the signing of the OECD Anti-Bribery Convention. This was followed by the… Read More Update on recent FATF and OECD forums to tackle financial crime

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FATF invites STEP to discuss potential revision of Recommendation 25

Tooth wheel mechanism with MONEY LAUNDERING letters imprinted on metal surface

The Financial Action Task Force (FATF) is conducting a review of Recommendation 25, which covers the transparency and beneficial ownership of legal arrangements. The FATF’s objective is to improve Recommendation 25 and its Interpretive Note to meet its overall objective of preventing the misuse of legal arrangements for money laundering or terrorist financing. The FATF… Read More FATF invites STEP to discuss potential revision of Recommendation 25

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STEP attends FATF meeting to discuss beneficial ownership regime

STEP attended a virtual meeting held by the Financial Action Task Force (FATF) on 18 March to discuss potential amendments to FATF Standards Recommendation 24 and its implementation. FATF announced its intention to review this area, which may lead to a comprehensive overhaul of the system of beneficial ownership (BO), at a private sector consultative… Read More STEP attends FATF meeting to discuss beneficial ownership regime

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STEP joins Anti-Money Laundering Europe webinar on the future of the EU’s fight against money laundering

On 3 June, STEP joined a webinar hosted by Anti-Money Laundering Europe (AME) on the future of the European Union’s fight against money laundering. John Riches TEP, Chair of STEP’s Public Policy Committee, was joined on the panel by Jérôme Deslandes, Cabinet of the Executive Vice President of the European Commission; and Piers Haben, Director… Read More STEP joins Anti-Money Laundering Europe webinar on the future of the EU’s fight against money laundering

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STEP Bahamas reports to the FATF Forum in Vienna

STEP was invited to attend the Financial Action Task Force (FATF) Private Sector Consultative Forum in Vienna on 23-24 April. The event consisted of several breakout sessions relating to FATF’s global priorities for Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) in 2018. As part of the Forum, Cecil Ferguson TEP, Chair of STEP Bahamas… Read More STEP Bahamas reports to the FATF Forum in Vienna

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STEP attends FATF Joint Experts’ Meeting on Typologies in Moscow

STEP attended the Financial Action Task Force (FATF) Joint Experts’ Meeting on Money Laundering and Terrorist Financing Typologies in Moscow late last month. STEP’s Co-Chair of its Public Policy Committee, John Riches TEP, also attended in his capacity as a trust expert. STEP was invited to participate in a ‘Challenges of establishing beneficial ownership’ round… Read More STEP attends FATF Joint Experts’ Meeting on Typologies in Moscow

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Terrorist financing discussed in Vienna

The Financial Action Task Force (FATF) Private Sector Consultative Forum in Vienna earlier this week explored measures to combat terrorist financing, writes STEP’s Sean Smith. The first day focused on the risk of terrorist abuse in Non-Profit Organisations – a sector deemed vulnerable because of the resources they use and their geographical spread. On the… Read More Terrorist financing discussed in Vienna

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The Risk Based Approach – implications for international business

Many STEP members will have been on holiday over the past few weeks. If so, they may have missed some important indicators of how the authorities plan to use the Risk Based Approach in anti-money laundering regulations aimed at tackling illicit money flows. One of the most significant technical developments in the revised FATF Recommendations… Read More The Risk Based Approach – implications for international business

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