Singapore ‘s ACRA’s enhanced regulatory framework: anti-money laundering & counter terrorism financing obligations of corporate service providers – On 9 April 2015, the Accounting and Corporate Regulatory Authority (“ACRA”) announced that the ACRA (Amendment) Act 2014 and its related regulations, will take effect from 15 May 2015. The ACRA (Amendment) Act 2014, is supported by […]

Swiss Corporate Law to be heavily impacted by FATF recommendation N0. 24: In implementing the revised Financial Action Task Force (FATF, or Group d’action financière, GAFI) recommendations, the federal legislator adopted changes to the Swiss Code of Obligations (CO) which will fundamentally impact well-established corporate law. Bearer shares will de facto be abolished and holders […]

Following the publication by the Financial Action Task Force of two statements identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorist financing (AML/CTF) regimes on 27 February 2015   HM Treasury has published an updated advisory notice advising firms to:  – Consider certain specified jurisdictions as high risk for the purposes of the Money […]

On March 16, the Financial Crimes Enforcement Network (FinCEN) issued an advisory announcing that the Financial Action Task Force (FATF) has updated its list of jurisdictions that have strategic deficiencies in their anti-money laundering (AML) and counter-terrorist financing (CFT) regimes. Specifically, FATF has noted that: (1) Indonesia has been removed from FAFT’s list that calls […]

The vice-president of the Financial Action Task Force (FATF), Je-Yoon Shin, has given a keynote speech on the FATF‘s current agenda and priorities. The speech considered: •  The global regulatory arena, including the FATF’s focus on its recommendations relating to anti-money laundering and countering the financing of terrorism; •  The FATF’s recommended “risk-based approach“; • […]

The Financial Action Task Force (FATF) plenary meeting was held in Paris on 25 to 27 February 2015. The actions taken by FATF include: issuing a statement on FATF action on terrorist finance; adopting and publishing a report on the financing of the terrorist organisation Islamic State in Iraq and the Levant; and continuing its […]

The Financial Action Task Force (FATF) has issued a report on the funding of terrorist organisation Islamic State in Iraq and the Levant (ISIL). The report suggests countermeasures that governments can take to combat key terrorist financing risks, and identifies certain risks on which the FATF will conduct further research in order to determine the […]

The Financial Action Task Force (FATF) has provided two updates relating to its task of identifying jurisdictions that threaten the international financial system due to strategic Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) deficiencies. The FATF published the following documents: A public statement on jurisdictions with strategic AML/CTF deficiencies, which calls on FATF members to […]