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Financial Action Task Force

All articles tagged with #financial action task force

finance1 year ago

UAE Successfully Removed from Global Money Laundering Watchlists

The United Arab Emirates has been removed from the Financial Action Task Force's 'grey list' of countries at risk of illicit money flows, marking a significant win for the nation and potentially bolstering its international standing. The move follows the UAE's efforts to strengthen its anti-money laundering measures, including increased financial investigations and prosecutions, international cooperation, and alignment of virtual asset regulation with international standards. While this delisting is seen as a positive development for the UAE, it contrasts with the European Union's assessment, which still considers the UAE a high-risk country for money laundering and terrorist financing.

via Reuters|
#anti-money-laundering-efforts#finance#financial-action-task-force
finance2 years ago

Russia Urges India to Help Avoid Global Financial Blacklist

Russia is pressuring India to help avoid being blacklisted by the Financial Action Task Force (FATF) in June, warning that key energy and weapons deals would be at risk. If blacklisted, FATF members, banks, investment firms, and payment-processors must perform additional due diligence and could even enact countermeasures. Russia has also said that even being added on the FATF's "gray list" would still threaten deals. Russia has turned to other governments for similar support, while Ukraine has championed the blacklisting, but is not a member itself.

via Yahoo Finance|
#blacklisting#energy-deals#finance
finance2 years ago

Lebanon faces grey-listing by financial crime watchdog.

Lebanon is likely to be placed on the "grey list" of countries under special scrutiny over unsatisfactory practices to prevent money laundering and terrorism financing, according to sources familiar with the matter. The country's economy was evaluated by the Middle East and North Africa section of the Financial Action Task Force, which found that Lebanon was only partially compliant in several categories, including anti-money laundering measures and transparency on beneficial ownership of firms. Being put on the FATF grey list could disrupt a country's capital flows, risk reputational damage, credit ratings adjustments, trouble obtaining global finance, and higher transaction costs.

via Reuters|
#finance#financial-action-task-force#grey-list