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US Treasury Describes Its Anti-Money Laundering Options 5/25/2012 A fact sheet issued by the United States Treasury Department has explained how
Section 311 of the USA PATRIOT Act of 2001 provides the Treasury Secretary a range
of options that can be adapted to target specific money laundering and terrorist
financing risks.
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Antigua And Barbuda Highlights Cash Declaration Law 5/22/2012 The government of Antigua and Barbuda has reminded travellers
to and from the nation of the need to declare cash amounts valued at more than
USD10,000.
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Cayman Regulatory Framework Endorsed 5/15/2012 Cayman Finance has welcomed the results of an independent study which places the
Cayman Islands among only two offshore territories which have consistently implemented internationally-accepted
standards on identity verification during due diligence processes.
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Bermuda Signs MLAT With The US 4/23/2012 Bermuda's Prime Minister Paula Cox has noted the recent conclusion of a new
Mutual Legal Assistance Treaty with the United States, which will significantly
boost cooperation between the nations, and aid the countries in more effectively
tackling financial crime.
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FATF Mandate Extended To 2020 4/17/2012 Ministers from nations party to the Financial Action
Task Force's 40+9 recommendations are to extend the organization's mandate to 2020, to allow the agency to continue its role of protecting
the integrity of the international financial system through the development and enforcement of its anti-money laundering
and terrorism financing standards.
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Commission Adopts Report Calling For New EU AML Directive 4/13/2012 In light of the adoption in February this year of revised international anti-money
laundering standards by the Financial Action Task Force, and its
own review process, a report on the application in the European Union of
the Third Anti-Money Laundering Directive has been adopted by the European Commission.
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OECD Issues New Peer Reviews 4/5/2012 The Organization for Economic Cooperation and Development, publishing eleven new peer reviews, has said that the vast majority of territories which have been subject to critical assessments have implemented satisfactory legislative regimes that can facilitate the exchange of information on request.
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Hong Kong Launches New AML/CFT Regime 4/2/2012 Legislation which was approved by the Legislative Council in June 2011 and which
will enhance the Hong Kong financial sector’s anti-money laundering and counter-financing of terrorism regime went into effect on April 1.
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France Welcomes 2011 AML Unit Results 3/14/2012 French Finance Minister François Baroin and Budget Minister Valérie
Pécresse have recently welcomed the 2011 results of Tracfin, the ministry’s
national anti-money laundering unit.
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UK Backs Revised FATF Standards 2/23/2012 The UK has announced its support for the Financial Action Task Force's new standards to combat money laundering and terrorist financing.
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France Backs New FATF Standards 2/21/2012 French Finance Minister François Baroin has welcomed the adoption
of the new Financial Action Task Force anti-money laundering standards following a lengthy process
undertaken in close consultation with the private sector and civil society.
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FATF Adopts Revised International AML Standards 2/20/2012 The Financial Action Task Force anti-money laundering standards have
been revised to strengthen global safeguards and further protect the integrity
of the financial system, by providing governments with stronger tools to take
action against financial and tax crimes.
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Guernsey Urges Vigilance Of Anti-Terror Financing Law 2/7/2012 The Guernsey government has requested that financial institutions and other concerned entities
check their records to ensure they comply with the Terrorist Asset-Freezing (Bailiwick
of Guernsey) Law 2011, which came into force on January 25, 2012.
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Hong Kong To Implement AML Guidelines 2/1/2012 Following the release of a set of consultation conclusions, Hong Kong’s
Securities and Futures Commission has announced the gazetting of a new set
of guidelines on anti-money laundering and counter-terrorist financing,
which will take effect on April 1, 2012.
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DFSA Assumes Regulatory Responsibilities In Dubai 1/18/2012 Dubai has amended its anti-money laundering and counter-terrorism laws, placing responsibility for supervision and enforcement in the hands of the Dubai Financial Services Authority.
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BVI FSC Marks Tenth Operational Year 1/12/2012 The British Virgin Islands Financial Services Commission is celebrating its milestone
achievements to date as the independent regulator of the territory's financial
services sector for a full ten years.
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US Busts Extensive Panamanian Money-Laundering Racket 1/3/2012 The US Department of the Treasury's Office of Foreign Assets Control has announced
a major crackdown on an extensive money laundering network based primarily in
Panama, which includes several money exchange businesses based in the nation.
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IoM Amends AML/CTF Handbook 12/30/2011 The Isle of Man's Financial Supervision Commission has announced amendments to
the territory's Anti-Money Laundering and Countering the Financing of Terrorism handbook.
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Barbados Tops Caribbean In Anti-Corruption Report 12/9/2011 The Caribbean arm of Transparency International has published its 2011 Corruption
Perceptions Index for 2011, providing insight into the levels of corruption present in Caribbean territories, including those with international
financial centres.
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Jersey To Revise Due Diligence Requirements 11/24/2011 The Jersey Financial Services Commission has launched a consultation on proposals
to amend the Money Laundering Order 2008 and the Anti-Money Laundering/Countering the Financing of Terrorism Handbook to revise customer
due diligence requirements.
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Liechtenstein Highlights Role Of FIU 11/15/2011 On the occasion of its tenth anniversary, Liechtenstein’s Financial Intelligence
Unit held a symposium on financial intelligence, during which the key
role and responsibilities of the unit were highlighted as well as its significant
contribution to the reputation of the principality’s financial centre.
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IMF Recommends Bahamas Consumption Tax 11/9/2011 The International Monetary Fund has published its Article IV consultation with the Bahamas, which contains recommendations for the government to introduce a broad-based consumption tax to aid debt reduction efforts amid a continued contraction in the islands' financial services and construction sectors.
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Singapore To Strengthen Anti-Money Laundering Rules 11/1/2011 During a recent speech for the Wealth Management Institute, the Managing Director
of the Monetary Authority of Singapore, Ravi Menon, said that Singapore
welcomed legitimate funds from Europe, or anywhere else, seeking to be managed
out of Singapore, but not illicit funds seeking shelter from scrutiny.
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Jersey MoU Targets Financial Crime 10/10/2011 The Jersey Financial Services Commission and the States of Jersey Police have
entered into a Memorandum of Understanding to forge a cooperative relationship to
more effectively tackle financial crime.
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Hong Kong Consults On AML Guidelines 10/5/2011 Hong Kong’s Securities and Futures Commission has begun a consultation
to solicit public comments on proposals for a new set of guidelines on anti-money
laundering and counter-terrorist financing.
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Caribbean Territories Sign Up To Anti-Corruption Drive 9/15/2011 A number of offshore Caribbean territories have notified their consent to receive
on-site visits to evaluate their compliance with the Inter-American
Convention against Corruption.
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IoM Releases Guidance On CTF Code 2011 8/25/2011 The Isle of Man Insurance and Pensions Authority has produced guidance on
the Prevention of Terrorist Financing Code 2011, published by the Isle of Man
government, to assist regulated entities in the understanding of its requirements.
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IoM Firms Alerted To Anti-Terror Law 8/1/2011 The Insurance and Pensions Authority of the Isle of Man has alerted licenceholders
to the recently-approved Prevention of Terrorism Financing Code 2011, which
was adopted by the island's legislative assembly, the Tynwald in July 2011,
and comes into force on September 1, 2011.
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EC Outlines Terrorist Finance Tracking System 7/19/2011 Responding to a call from the European Parliament and the European Council,
the European Commission has adopted a Communication outlining the main options
for establishing a European Terrorist Finance Tracking System.
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New Zealand Publishes AML Regulations 7/4/2011 Entities subject to the New Zealand Anti-Money Laundering and Countering Financing of Terrorism Act 2009 have two years to be compliant, following the publication of regulations and a commencement order.
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Gibraltar Shuts Down Illicit Money Dealers 6/14/2011 Backed by the Gibraltar Police, the Financial Services Commission has carried out
a targeted crackdown on retail outlets undertaking unlicensed Bureau de Change
business, leading to several arrests, it has been announced.
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Liechtenstein To Broaden Legal Assistance Law 6/10/2011 Liechtenstein’s government has recently submitted a proposal for consultation,
which aims to extend legal assistance in criminal tax matters by implementing changes
to the Principality’s existing legal assistance law and by agreeing to the additional
protocol to the European legal aid agreement.
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Isle Of Man Seeks To Strengthen AML Regime 6/8/2011 The Isle of Man's Treasury Minister, Anne Craine has announced the launch of
a public consultation on proposals to further strengthen the island's defences
against money laundering and other financial crime.
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UK Consults On Money Laundering Regulatory Reform 6/9/2011 Following a government review, the UK has published a consultation on proposals designed to improve its anti-money laundering regime, and strengthen a risk-based approach.
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Switzerland Passes Global Forum Review 6/8/2011 The Swiss Federal Administration has confirmed that the Confederation has passed
the review on administrative assistance in tax matters carried out by the Global
Forum.
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Isle Of Man's Tax Information Exchange Lauded 6/6/2011 The global body reviewing jurisdictions' tax information exchange platforms,
the Organisation for Economic Cooperation and Development, has commended
the Isle of Man on the 'effective and expeditious' way it exchanges information
with other countries' tax authorities.
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UK Cracks Down On Tobacco Smugglers 5/2/2011 The UK's revenue agency has launched a stringent new anti-smuggling scheme, directed at the illicit tobacco trade, with substantial new funds made available for the project.
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Germany Unveils Details Of AML Law 4/8/2011 The German Finance Ministry has recently published details of the new anti-money
laundering law, which strengthens existing rules
on voluntary disclosure.
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Vatican's Financial Transparency Laws Take Effect 4/5/2011 The Vatican has confirmed that its law to prevent money laundering and to establish
a financial regulatory body, that had been published on December 30, 2010, came
into force on April 1.
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Post-Crisis, 'Transparent' World Baneful For San Marino 4/5/2011 San Marino is undergoing an identity crisis, the International Monetary Fund has
suggested in its Article IV consultation – the territory being urged to reform
its financial services sector to a more internationally-acceptable model following
the Italian tax amnesty, which successfully drove depositors away.
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EU Launches Consultation On Online Gambling 3/30/2011 The European Commission has launched a consultation under which it is seeking
the views of stakeholders, and collecting relevant detailed information and data,
so as to obtain a facts-based picture of the existing situation in the European
Union online gambling market and of the different national regulatory models.
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DFSA Censures Bank 3/28/2011 The Dubai Financial Services Authority has censured Saxo Bank Dubai Limited for its failure to comply with the DFSA’s Rules regarding the on-boarding of clients.
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BVI Bucks Offshore's Falling Competitiveness 3/25/2011 The British Virgin Islands has reversed recent trends by becoming the only
offshore financial centre to have its rating boosted in the latest Global Financial
Centres Index.
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Bundestag Sanctions Tougher AML Law 3/23/2011 On the basis of recommendations from the Finance Committee, the German lower house
of parliament or Bundestag recently adopted the government’s anti-money
laundering law, which includes tougher sanctions on undeclared assets.
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EU-US Data-Sharing Deal Raises Concerns 3/22/2011 Debating a watchdog report on the first six months of a joint data-sharing deal,
MEPs on the European Parliament’s Civil Liberties Committee are concerned
that requests from the United States for European Union citizens' banking
data are too general and abstract.
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Caribbean Sharpens Response To Financial Crime 1/19/2011 In an effort to sharpen the regional response to transnational organized crime,
the Caribbean Community Implementation Agency for Crime and Security and the Caribbean
Financial Action Task Force have signed an agreement, laying down a framework for combating
financial crimes including money laundering.
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Guernsey's Regulatory Regime Commended 1/19/2011 The Guernsey government and the Financial Services Commission has welcomed
the publication of six reports by the International Monetary Fund arising from evaluations
carried out in March and May on the island’s financial supervision and
criminal justice frameworks.
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Vatican Establishes Financial Transparency Laws 1/3/2011 Following the seizure of its deposits in Rome earlier this year, and just ahead
of a European Union deadline, the Vatican has announced laws to prevent money
laundering and to establish a financial regulatory body.
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German Bill Toughens Law On Voluntary Disclosures 12/16/2010 The German Finance Ministry has announced details of a draft new law designed
to assist the fight against tax evasion and money laundering by toughening existing
rules on voluntary disclosure.
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UK Sends Tough Message To Carousel Fraudsters 11/23/2010 Convicted VAT Fraudster Emmanuel Hening, already serving a 15-year sentence, has had a further nine years added to his sentence by a court in the UK as the authorities there seek to send the strongest message possible that so-called 'carousel' fraud will no longer be tolerated.
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IoM Amends Anti-Terror Financing Legislation 10/28/2010 The Isle of Man government has noted the conclusion of a public consultation
on new legislation - the draft Anti-Terrorism and Crime (Amendment) Bill 2010
- to govern, among other things, countering the financing of terrorism from the island, in line with
the territory's ongoing efforts to meet international best standards.
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Bermuda's Tax Transparency Lauded By OECD 10/11/2010 Bermuda has welcomed positive feedback from the Organisation for Economic Cooperation
and Development’s Global Forum on Transparency and Exchange of Information, with respect to its adoption of best standards in terms of tax
transparency.
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Cayman Islands To Chair CFATF 9/21/2010 Following recognition as the top specialized financial centre, the Cayman Islands will chair the Caribbean Financial Action Task Force from November, the jurisdiction's government has announced.
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BMA Exercises AML Powers 9/8/2010 The Bermuda Monetary Authority has drawn attention to enforcement action taken
against First Bermuda Group, a Bermuda-based asset management company for a number
of failings related to compliance with recently enacted anti-money laundering legislation. First Bermuda has been fined USD100,000.
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IoM Businesses Alerted To New AML Code 8/23/2010 The Isle of Man's Department of Home Affairs has written to businesses in the island
informing them of new legislation relating to anti-money laundering that is due
to come into force next month.
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UK Uncovers VAT Fraud Network 8/11/2010 The UK tax authority, HM Revenue and Customs, announced on
the morning of August 10 that it had arrested five individuals suspected of
a multi-million value-added tax 'carousel' and money laundering fraud targeting the caravan and motor
home industry.
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IoM Consults On Anti-Terror Legislation 8/5/2010 The Department of Home Affairs in the Isle of Man has launched a consultation
on new legislation that would update the Isle of Man’s anti-terrorism
legislation, including tackling the financing of such.
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Personal Tax Data At Risk Under TIEAs 8/5/2010 A new report by the Society of Trust and Estate Practitioners has highlighted a 'worrying lack of basic measures to protect taxpayers from abuse' when governments exchange tax data under Tax and Information Exchange Agreements.
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Chile Considers Flat Tax Incentive On Repatriated Funds 7/23/2010 Support is growing for a bill to encourage repatriation of untaxed funds held by Chileans abroad. If passed the bill would allow funds to be regularized through a payment of a flat tax.
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Judge Alarmed At UK Tax Fraud 7/9/2010 A Crown Court judge has expressed alarm at the ease with which a Ukrainian criminal gang was able to defraud the UK tax system to the tune of millions of pounds.
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BVI, US Banking Regulators Sign Landmark Arrangement 7/9/2010 The Financial Services Commission
of the British Virgin Islands and banking regulators in the United States have entered into an arrangement to share supervisory information to enhance the regulatory oversight of the industry.
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Italy Launches Major Corporate Tax Probe 6/10/2010 Italy’s financial police, the Guardia di Finanza, have begun a series
of searches in a total of 280 companies, looking for evidence in the investigation
of an alleged EUR150m case of international tax evasion.
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San Marino Remains On Italian Black List 5/14/2010 Following certain media stories that have been circulating in the country, the
Italian Ministry of the Economy and Finances has issued a press release in which
it confirms that San Marino remains on Italy’s 'black list'
of countries considered to be tax havens.
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Guernsey To Overhaul AML/CTF Legislation 4/27/2010 The Guernsey Financial Services Commission has announced the launch of a consultation on proposals to overhaul legislation that governs the prevention of money laundering and the financing of terrorism in the island.
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India Investment Restrictions Take Effect 4/13/2010 Indian government changes to foreign direct investment rules have taken effect from April 1, 2010. The new rules require foreign venture capital funds to obtain prior approval for investment in Indian venture funds, and investment in unregistered trusts is no longer permitted.
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AML Reports At Record High In Switzerland 4/9/2010 The number of suspicious activity reports received this year in Switzerland continued a
three-year upward trend, to an all-time high.
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Swiss Court Agrees Italian VAT Information Request 3/24/2010 The Swiss federal penal court has authorized a request for judicial assistance
from the Italian Customs Agency, looking for information concerning an alleged
case of value added tax fraud and money laundering involving Fastweb, an
Italian subsidiary of Swisscom.
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Annual Fees Proposed For Jersey Non-Financial Businesses And Professions 2/22/2010 The Jersey Financial Services Commission has published a consultation paper on
proposals for annual fees to be paid by Designated Non-Financial Businesses and
Professions carrying on activities specified in Jersey's Proceeds of Crime Law 1999, as amended.
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