FATF | FinTelegram News

Category: FATF

June 28, 2024

Turkey’s Removal from the FATF Grey List: An Analysis

In an interesting development, Turkey has been removed from the Financial Action Task Force's (FATF) grey list. This list, which includes countries under increased monitoring due to deficiencies in combating money laundering and terrorist financing, had included Turkey since 2021. The removal follows substantial reforms by Turkey to enhance its Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) systems.

June 25, 2024

Bravo: FATF will Reassess UAE’s Status After OCCRP’s “Dubai Unlocked” Report!

The Financial Action Task Force (FATF), the Paris-based international watchdog focused on combating money laundering and terrorist financing, has announced plans to reassess the United Arab Emirates (UAE) following disturbing revelations in the Dubai Unlocked report from the Organized Crime and Corruption Reporting Project (OCCRP). The UAE was recently removed from FATF’s “gray list” in February.

May 19, 2024

Dubai Unlocked: The Desert Capital Became a Hub for Money Launderers and Cybercrime Activists!

According to Transparency International, the recent OCCRP Dubai Unlocked investigation underscores the urgent need for stronger oversight of the UAE's anti-money laundering (AML) initiatives. The findings highlight significant lapses in detecting and preventing illicit funds from being invested in the country's real estate sector. With a reputation for financial secrecy and low taxes, the city is an appealing option for those looking to launder or hide cash.

May 16, 2024

The Critical Role of Payment Processors in Cybercrime and the Evolving Challenges of Crypto in Money Laundering

In a loud call to action, the heads of FATF, INTERPOL, and UNODC have highlighted the urgent need for international cooperation to combat the vast illicit profits generated by transnational organized crime. These profits fuel conflicts, fund terrorism and impact vulnerable populations globally. At the high-level event during the 33rd Commission on Crime Prevention and Criminal Justice in Vienna, it was emphasized that without facilitating payment processors, cybercrime would hardly be possible.

August 25, 2022

FATF Report Urges The Netherlands To Improve Access To Ownership Data!

According to the FATF, the Netherlands’ main money laundering risks are related to fraud and drug-related offenses, representing 90% of all Dutch proceeds of crime. While the Netherlands’ measures to combat money laundering and terrorist financing are delivering good results, the country needs to do more to prevent legal persons from being used for criminal purposes. Thus, the EU member needs to raise access to beneficial ownership data and improve supervision of non-financial businesses and professionals.

July 13, 2022

Courts Rule That Malta’s FIAU Hugely Over-Fined Firms and Professionals To Impress FATF!

Malta was grey listed by the Financial Action Task Force (FATF) in June 2021. This had been long coming. In a bid to not become grey listed and impress the FATF, Malta’s Financial Intelligence Analysis Unit (FIAU) was over-fining individuals and firms. The FATF did not fall for such games and grey-listed Malta. The FIAU continued issuing very high fines to targeted companies and individuals. Malta has now been removed from the FATF grey list after a year. Some companies and individuals who were hugely fined took legal action against the FIAU.

March 28, 2022

Full list: The Exodus of financial services licensed firms from grey-listed Malta continues

Some 100 licensed firms, funds, and individuals have surrendered their Maltese licenses to date since the Financial Action Task Force (FATF) grey-listed the island nation in June 2021. A monthly average of 11 firms, SICAVs, and funds opted to return their license to the Malta Financial Services Authority (MFSA) and terminate their operations in Malta. Fintelegram is publishing the complete list. Last October, an EY Malta survey revealed that Malta’s attractiveness for business reached an all-time low.

July 31, 2021

MFSA Compliance Issue – Disgraced Maltese regulator rebooting with Irish CEO?

The Times of Malta reported that the Irish lawyer Joseph Gavin (LinkedIn) had been appointed CEO of the Malta Financial Services Authority (MFSA). The former general counsel with the Central Bank of Ireland will start his job in September. Former CEO Joseph Cuschieri had to resign in November after it was revealed that he had flown to Las Vegas with casino owner Yorgen Fenech in 2018, with Fenech footing the bill. Cuschieri's close confident Christopher P. Buttigieg has been acting CEO since. We can hope that the MFSA will finally become a real regulator under its new CEO.

August 3, 2020

Fight Cybercrime – Open EFRI Letter to FATF on the German problem

Currently, the Wirecard tsunami sweeps over Germany and destroys the reputation of the capital market and its institutions. The responsible authorities, auditors, and politicans are sort of playing the "Trip to Jerusalem" or "Musical chair" and deny any guilt in causing this drama. The frightening truth is that Germany has a systemic problem with cybercrime and money laundering. The consequence of this truth is that Germany must review the state of its authorities and its approach to cybercrime. And FATF should have a very close watch!

August 2, 2020

Fight Cybercrime – Open EFRI Letter to FATF on the German problem

August 2, 2020

Fight Cybercrime – Open EFRI Letter to FATF on the German problem

Compliance Report: Sergey Mendeleev, Garantex, and Exved – The Rising Role of Crypto in Russia’s Sanctions Evasion Strategy

Sergey Mendeleev, a prominent figure in Russia's cryptocurrency scene, has played a central role in the establishment and operation of two key platforms—Garantex and Exved. These platforms have been instrumental in facilitating cross-border payments and crypto transactions, potentially serving as important tools for Russia’s sanctions evasion strategy. Mendeleev's growing influence in this space, coupled with Russia's evolving regulatory framework, positions him as a key player in Russia.

Russia’s New Crypto Strategy for Sanctions Evasion

Russia’s new crypto laws, allowing mining and international payments in digital currencies, are part of a broader strategy to evade Western sanctions and reduce dependence on the U.S. dollar. This move, led by the Central Bank of Russia (CBR), opens up new compliance risks for global financial institutions dealing with Russian entities. The new laws are set to take effect in September for cross-border payments and in November for crypto mining.

Secretive Cyprus Funds Used to Obscure Megayachts and Real Estate Linked to Sanctioned Russian Banker

A recent OCCRP investigation revealed that Cyprus-registered RAIFs were used to hide megayachts and real estate linked to sanctioned Russian banker Andrei Kostin. These secretive funds, managed by Inveqo, allowed clients to avoid disclosing their ownership, raising concerns about the effectiveness of sanctions and regulatory enforcement. The case highlights the challenges of ensuring transparency and preventing financial crime in the global investment landscape.

First-Ever Crypto Seizure in Scotland Under New UK Law

Crypto has undoubtedly become mainstream, particularly in the cybercrime sphere. In a first for Scottish law enforcement, £110,000 in cryptocurrency has been confiscated from John Ross Rennie following a violent robbery. Under new UK rules, police can now seize crypto assets without needing to make an arrest, highlighting a growing focus on tackling digital crime as incidents involving cryptocurrency continue to rise.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.