The Financial Action Task Force (FATF) has issued a press release following its latest plenary meeting. The main issues dealt with at the meeting were: updates on the FATF’s efforts to combat terrorist financing including (i) updating the 2015 report on ISIL financing to reflect recent developments, (ii) revising FATF recommendation 8 to protect non-profit […]

The Isle of Man Government has updated its stance against money laundering and the financing of terrorism with a new national strategy published today (Thursday March 24, 2016). The document sets out priority goals and actions identified following a review of existing defences – a national risk assessment (NRA) – carried out across the public […]

An international anti-money laundering group wants government financial intelligence agencies to give extra scrutiny to transactions and business relationships involving Iran and North Korea. Paris-based Financial Action Task Force (FATF) said on Friday that it remained “particularly and exceptionally concerned” about what it called Iran’s “failure to address the risk of terrorist financing and the […]

Real estate is an established method of money laundering internationally; the Financial Action Task Force (FATF) has recognized that the real estate sector is a high-risk sector for money laundering, and it frequently attracts criminals who want to launder their dirty money.  So why it is easier to launder money through real estate than the […]

As can be seen from the following a top international political priority currently is the fight against terrorist financing. The Egmont Group European Commission’s Action Plan UK govt FATF In meeting this objective bolstering the Global anti-money laundering regimes is seen as one way to tackle this problem and a number of decisions have been […]

The EU’s executive body has promised new legislation in the Spring to make sure the exchanges and users of virtual currency platforms such as Bitcoin are identifiable and traceable. The reason? Terrorism. The move was announced as part of a raft of measures to make it harder for terrorists and their backers to move around […]

MONEYVAL – the wait is over for Guernsey!!! The report on the 4th assessment visit of Guernsey by MoneyVal was published on Friday 15th January. Full 322 page Report here – http://bit.ly/1QhsPDl executive summary here – http://bit.ly/1OuGSkj Guernsey was found to be compliant or largely compliant with all but one of the 40 FATF recommendations and the […]

The report on the 4th assessment visit of Guernsey by Moneyval was published today (executive summary here). Generally the report is excellent news for Guernsey (and justifiably so). Guernsey was found to be compliant or largely compliant with all but one of the 40 FATF recommendations and the nine special recommendations; the exception being in […]