KnowYourCountry’s Post

🌍🤝 AML/CFT Cooperation Between Countries: A Global Effort 🌐💼 In the battle against financial crime, international cooperation is vital. Here’s why and how countries work together to combat money laundering and terrorist financing: 1. Shared Intelligence: Countries share critical intelligence through networks like the Egmont Group and FATF-Style Regional Bodies (FSRBs) to track and disrupt cross-border financial crimes. Joint databases and watchlists help track suspicious entities and transactions globally. 2. Mutual Legal Assistance: Countries assist each other with legal processes, such as subpoenas and evidence collection, facilitating the prosecution of international financial crimes. Bilateral and multilateral agreements outline how countries will cooperate on investigations and enforcement. 3. Standardized Frameworks: The Financial Action Task Force (FATF) provides a global framework for AML/CFT practices, which member countries adopt to ensure consistent and effective measures. The European Union’s directives offer a harmonized approach to AML/CFT within its member states, promoting cohesive cross-border efforts. 4. Capacity Building and Training: Countries collaborate on training programs for law enforcement, financial institutions, and regulatory bodies to enhance skills and knowledge in AML/CFT practices. Developed countries often provide technical support to developing nations to strengthen their AML/CFT capabilities. 5. Coordinated Action: International task forces and working groups tackle large-scale financial crime cases, coordinating efforts across jurisdictions. Regular international summits and conferences foster dialogue and cooperation among countries, sharing best practices and strategies. 6. Challenges and Solutions: Diverse legal systems and cultural approaches can complicate cooperation. Harmonizing practices and fostering mutual understanding are key to overcoming these challenges. Unequal resources across countries can impact effectiveness. International support and resource-sharing initiatives help bridge these gaps. 🌐 Impact and Importance: Effective AML/CFT cooperation enhances global security by dismantling criminal networks and preventing the misuse of the financial system. Collaborative efforts build stronger, more resilient financial systems, safeguarding economies and protecting global financial stability. By working together, countries can effectively combat financial crimes and ensure a safer, more transparent global financial system. 🌍🔒 #AML #CTF #InternationalCooperation #FinancialSecurity #GlobalEfforts

Don’t miss this impactful keynote session on “Round-up on the Latest Developments on International Sanctions and AML/TF Developments-Key Trends and Challenges” by George Apostolides, Head of Compliance and Anti Money Laundering Compliance Officer at Eurobank Cyprus Ltd, at the 19th NextGen Payments & RegTech Forum on 6-7 November 2024 at the Four Seasons Hotel, Limassol, Cyprus. George Apostolides is the Head of Compliance and Anti Money Laundering Compliance Officer at Eurobank Cyprus. George has extensive experience in the area of Banking for Anti Money Laundering and combating Terrorism Financing, Implementation of Financial Sanction Programs and Regulatory Compliance. George is approved to head the Compliance Department of the Bank by the European Central Bank. Prior to his career as a Compliance Officer, George was involved in the area of auditing holding a senior position in the Internal Audit Department of Eurobank Cyprus and as a External Auditor for a Big4 firm. He holds the professional qualification of a Charter Accountant (ICAEW) and the Russian Sanctions Risk Management Specialist certification (K2-Integrity). To register and access the Agenda: https://bit.ly/47J6SIn To request information, please contact: info@qubevents.com #qubevents #fintech #npf #payments #regtech #event2024 #Limassol #Cyprus #CEO #Insights #AI #Finance #Fintech #Sponsor #Europe #Cyprus #DigitalPayments #conference #networking #speakers #forum #regulatory #nextgen #financialservices #aml #joinus #compliance #trends

𝗙𝗔𝗧𝗙 𝗽𝗹𝗲𝗻𝗮𝗿𝘆 𝗺𝗲𝗲𝘁𝗶𝗻𝗴 𝘂𝗽𝗱𝗮𝘁𝗲𝘀 FAFTs plenary meeting concluded last month, the meeting brought together delegates from FATF’s Global Network of over two hundred jurisdictions and observers from international organisations to discuss key money laundering, terrorism financing and proliferation financing issues. 𝗞𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀: ➤ The FATF agreed a revised criteria for prioritising countries under its international cooperation review group (grey or blacklisting process). This will come into effect in the next round of evaluations. ➤ The nine FATF-Style Regional Bodies (FSRB) and the president of FAFT agreed on a set of Global Network priorities for the upcoming year, further strengthening their participation. ➤ Venezuela and Monaco have been added to the list of countries under increased scrutiny by the Financial Action Task Force (FATF). ➤ Jamica and Turkey (Türkiye) have been removed from the grey list, after their successful commitment to their action plan to resolve identified strategic deficiencies in the agreed timeframes. ➤ Democratic People`s Republic of Korea`s (DPRK) are still failing to address deficiencies in its AML/CFT regime and the threat of illicit activities related to the proliferation of weapons of mass destruction and financing. ➤ Virtual assets – currently three quarters of jurisdictions are either partially or noncompliant with the FATF standards of virtual assets and virtual asset service providers (VA/VASPs). ➤ Payment transparency - FATF are in the process of revising standards in accordance with the evolution of cross board payment systems and industry standards. The continued suspension of Russian Federation continues to stand. Outcomes FATF Plenary, 26-28 June 2024 (fatf-gafi.org) 𝗞𝗲𝗲𝗽 𝘂𝗽𝗱𝗮𝘁𝗲𝗱 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗹𝗮𝘁𝗲𝘀𝘁 𝗿𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝘂𝗽𝗱𝗮𝘁𝗲𝘀 𝗮𝗻𝗱 𝗳𝗼𝗿 𝗺𝗼𝗿𝗲 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗖𝗿𝗶𝗺𝗲 𝗻𝗲𝘄𝘀 𝗯𝘆 𝗳𝗼𝗹𝗹𝗼𝘄𝗶𝗻𝗴 Hartford Consulting Ltd #FinancialCrime #Countryrisk #Compliance #FCA #Globalcompliance #sanctions #MoneyLaundering #AML #Tax #Regulation #Hartfordconsulting #FAFT #global 

Don’t miss this impactful keynote session on “Round-up on the Latest Developments on International Sanctions and AML/TF Developments-Key Trends and Challenges” by George Apostolides, Head of Compliance and Anti Money Laundering Compliance Officer at Eurobank Cyprus Ltd, at the 19th NextGen Payments & RegTech Forum on 6-7 November 2024 at the Four Seasons Hotel, Limassol, Cyprus. George Apostolides is the Head of Compliance and Anti Money Laundering Compliance Officer at Eurobank Cyprus. George has extensive experience in the area of Banking for Anti Money Laundering and combating Terrorism Financing, Implementation of Financial Sanction Programs and Regulatory Compliance. George is approved to head the Compliance Department of the Bank by the European Central Bank. Prior to his career as a Compliance Officer, George was involved in the area of auditing holding a senior position in the Internal Audit Department of Eurobank Cyprus and as a External Auditor for a Big4 firm. He holds the professional qualification of a Charter Accountant (ICAEW) and the Russian Sanctions Risk Management Specialist certification (K2-Integrity). To register and access the Agenda: https://bit.ly/47J6SIn To request information, please contact: info@qubevents.com #qubevents #fintech #npf #payments #regtech #event2024 #Limassol #Cyprus #CEO #Insights #AI #Finance #Fintech #Sponsor #Europe #Cyprus #DigitalPayments #conference #networking #speakers #forum #regulatory #nextgen #financialservices #aml #joinus #compliance #trends

The European Parliament has in recent days adopted a package of laws strengthening the EU’s toolkit to fight money-laundering and terrorist financing. The new laws include enhanced due diligence measures and checks on customers’ identity, as well as enhanced vigilance provisions regarding ultra-rich individuals (total wealth worth at least EUR 50 000 000, excluding their main residence), an EU-wide limit of EUR 10 000 on cash payments, and measures to ensure compliance with targeted financial sanctions and avoid sanctions being circumvented. To supervise the new rules on combatting money laundering, a new authority - the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) - will be established in Frankfurt. This new Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) package consists of the sixth Anti-Money Laundering (AML) directive, the EU “single rulebook” regulation, and the Anti-Money Laundering Authority (AMLA) regulation. Next steps The laws still need to be formally adopted by the European Council, before publication in the EU’s Official Journal later this year. After this, adoption will begin in the individual EU member states. To learn more on these measure, check out our Chartered Accountants Ireland Technical Hub AML pages at the link below as updated by my colleague Lilian Halpin: https://lnkd.in/dUJ6eEUV #charteredaccountants #Ireland #aml #moneylaundering

Effective AML/CFT frameworks are vital for countries to achieve macroeconomic objectives and to safeguard integrity, stability and growth. They also foster more inclusive and prosperous societies, enabling more people and societies to benefit from economic opportunities, while promoting long-term well-being. Ahead of #G20Brasil FATF President Elisa de Anda Madrazo spoke to The Global Governance Project about how leaders at Rio should reiterate their commitment and support to enhanced efforts to eradicate illicit finance 👇 https://lnkd.in/eG-kYPxn #moneylaundering #terroristfinancing #proliferationfinancing #FollowTheMoney #FATF #G20Brazil

Fintech services and cryptocurrency technologies/platforms will accelerate the proliferation of money laundering globally. Hence, governments and experts should invite VCs,CEOs,Developers and Students to future meetings.#G20 Brazil #FATF # Tech impact on The Multilateral Export Control Regimes

“The successful start of the next round of countries’ assessments is a top priority for the FATF. This new round will be notably shorter, with a sharp focus on country-specific risks and context, and on adequate measures to eradicate financial crimes. The FATF’s assessment processes have been proven very successful in identifying shortcomings in countries’ financial crime prevention regimes and helping them to close these gaps. For this new round, we have made the procedures even more risk based. The revised prioritisation threshold for FATF’s compliance process, commonly known as the ‘grey list’, now reflects actual risks better, reducing the burden on the least developed countries, while allowing for greater flexibility in handling diverse contexts. Our focus on low-capacity countries is another key element in strengthening cohesion within the Global Network, which includes the FATF, the nine FATF-style regional bodies and their respective members. The Global Network is a unique partnership that thrives on diversity and collaboration, both key to our common success. To enhance transparency and inclusiveness, we will invite more participation from under-represented regions, particularly the Caribbean and Africa. We will work to support the effective implementation of the FATF Standards, particularly the recently revised standards on asset recovery, beneficial ownership and virtual assets, which provide more tools to trace and confiscate ill-gotten assets. And we will continue to deepen and update our understanding of terrorist financing and proliferation risks.”