Category: FATF

FATF report on the NetherlandsF
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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.
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FIAU Malta over-fined individuals and organizationsC
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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.
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Greylisted Malta and its disgraced regulatorsF
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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.
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MFSA rebooting with Jospeph GavinM
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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.
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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!
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Open EFRI Letter to FATF cybercrime in GermanyF
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August 2, 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!
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F
Categories
August 2, 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!
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