Cara Hennessy’s Post

Exciting Collaboration and News Alert! 🚀 Our dynamic team at Provenance, including Cara, Ruan, Leopoldt and Aniel, alongside industry experts including Dr Rufaro Nyakatawa, PhD, CFP®, MBA, TEP (Jersey Finance) and Milton John Osborn, have joined forces and shared thoughts and ideas on the pressing issue of South Africa's Financial Action Task Force (FATF) Greylisting. Dive into the recently published article, where the following crucial questions and actionable insights are explored: 🔍 What does South Africa need to move forward? 🤝 Who are the key players driving change? 💼 How do both public and private sectors contribute? 💡 Turning challenges into opportunities: What's at stake? No matter where you operate—locally or globally— Provenance is here to empower your compliance efforts in the global fight against Money Laundering. Read the full article here: https://lnkd.in/dEk4s32R #AML #Compliance #Crypto #CDD #KYC #FATF #Greylisting

In this edition of EUF Industry Terminology, we explore "Anti-Money Laundering Policy (AML)". A policy put in place to help detect and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation. 🔁 Translations: French - Politique de lutte contre le blanchiment (LAB) German - Richtlinien zur Geldwäscheprävention Greek - Πολιτική για την καταπολέμηση της νομιμοποίησης εσόδων από παράνομες δραστηριότητες Italian - Politiche anti-riciclaggio (AML) Polish - Polityka przeciwdziałania praniu brudnych pieniędzy Portuguese - Política de Luta Contra o Branqueamento de Capital Spanish - Política contra el blanqueo de capitales To learn more, visit https://lnkd.in/eey-8xfA #EUF #factoring #commercial #finance #europe #terminology #industryterminology FCI Fausto Galmarini

📢 News in Financial Compliance! 📢 The Financial Action Task Force (FATF) has made significant updates to its grey list: Turkey has been removed while Monaco has been added, among other changes. 🔍 What does this mean? 🇹🇷  Turkey: Removal from the grey list highlights significant progress in combating money laundering and terrorist financing. Despite some ongoing challenges, this marks a major step forward. 🇲🇨  Monaco: Inclusion in the grey list means increased monitoring to address strategic deficiencies in its AML/CFT framework. As one of Europe's high-profile financial hubs, this development is noteworthy. 📊 These changes reflect ongoing global efforts to enhance financial transparency and security. #FinancialCompliance #AML #CFT #FATF #Monaco #Turkey #FinanceNews

Concerns from the past weeks have come true as #FATF adds #Monaco to it’s #greylist. To keep up with the FATF’s requirements, the country must address the following: - due diligence of tax fraud committed abroad - tracing and freezing of assets abroad - regulatory enforcement of AML/CFT violations and beneficial ownership requirements - strengthen FIU and #STR reporting - asset seizures This leads to increased compliance expectations in working with Monaco customers and financial institutions. To stay up to date with changes, reach out to discuss regular ML/TF country risk solution. Stay vigilant and let me know if you have any FinCrime compliance topics to discuss!

🇲🇨🤒🚨 Monaco Added to FATF Grey List: What This Means for Business and Finance 🚨 🥸The Financial Action Task Force (FATF) has recently placed Monaco on its grey list, signaling increased scrutiny over the country's measures to combat money laundering and terrorist financing. 🤒Causes: Inadequate Legal Framework: - Monaco's existing regulations were found lacking in effectively preventing financial crimes. 🫨Enforcement Issues: - Insufficient enforcement of existing laws has been a significant concern, with gaps in prosecuting and penalizing offenses. - Transparency Shortfalls: Limited transparency in beneficial ownership and inadequate mechanisms for monitoring financial activities have contributed to this decision. Consequences: Increased Compliance Costs: - Businesses operating in or through Monaco will face higher compliance costs as they adjust to new regulations and scrutiny. Reputation Risk: Being on the grey list may tarnish Monaco's reputation as a financial hub, leading to potential loss of investor confidence. Enhanced Due Diligence: Financial transactions involving Monaco will undergo more stringent due diligence, slowing down processes and increasing operational complexity. Potential for Sanctions: Continued non-compliance could escalate to sanctions, further impacting financial operations and international relations. Business Implications: Investors: Need to reassess risk profiles and potential returns in light of new regulatory requirements. Financial Institutions: Must implement rigorous checks and bolster anti-money laundering (AML) frameworks to meet international standards. International Trade: Companies engaged in cross-border trade may experience delays and increased scrutiny in transactions involving Monaco. Monaco's inclusion on the FATF grey list serves as a critical reminder of the importance of robust regulatory frameworks and transparent financial practices. Businesses must stay vigilant and proactive in adapting to these changes to ensure compliance and maintain trust in the global financial system.

#Monaco , the European Country of the super rich has, today , been added to the Financial Action Task Force #Grey list and would need to, amongst its-to -do # resource its FIU. The resourcing of such an institution and guaranteeing its operational independence is very important for a country to demonstrate as it evidences the country's commitment to the effective implementation of AML/CFT/CPF efforts ! other findings are seemingly consequential. The full report is available on the FATF website

Very important update on the FATF's grey list. The "FATF week" brought a new amendment on its "grey list, adding Monaco and Venezuela. These jurisdictions made a high level political commitment to work with FATFand implement an action plan to increase the efficency of their AML/CFT system. With three LE ratings and other 8 ME ratings , measuring the effectiveness of their system, as per their MER Report, Monaco (Moneyval jurisdiction) should step up its efforts to increase efficiency of its confiscation regime, supervision component and investigation and prosecution of TF. #FATF #FATFnews #FATFgreylist

BREAKING: The tiny European country of #Monaco, home to the world's super-rich, was today (Friday) added to #FATF's grey list. It is a big blow to the principality which has been fighting a desperate rearguard action to avoid being placed on the #watchlist. Prince Albert II (pictured) is head of state of the Mediterranean principality, nestled between France and Italy. The country's s financial sector has €160BN under management - 20 times GDP. According to the International Monetary Fund greylisted countries experience “a large and statistically significant reduction in capital inflows.” Monaco, which is effectively the city-state of Monte Carlo, is likely to remain on the watchlist for two years and to be removed, #FATF says it must: - Strengthen understanding of income tax #fraud committed abroad - Identify and seek the seizure of criminal #assets abroad - Apply sanctions for AML/CFT breaches and breaches of beneficial ownership #BO requirements - Properly resource its #FIU and strengthen #STR reporting  - Seize #property bought from criminal activities. Separately on 'AML Intelligence' today we report how #Venezuela was also placed on the #watchlist; while #Turkiye and #Jamaica were removed. Are you an 'AML Intelligence' Member? Don't miss out on the latest regulatory intelligence. Join a community of Members including the world's top banks, regulators, policymakers and governmental bodies. Don't miss out become a Member today here: https://lnkd.in/eMbkm6p #followthemoney #aml #cft #banks #banking #fintech #finreg #regtech #regulators #compliance #FCC #policy #moneyval Stephen Rae James Treacy Paul O'Donoghue Alisha H. Tom Downes Sarah Beth Felix Federica Taccogna Sujata Dasgupta

'African nations featured on the 2024 global watchlist for illicit financial activities - FATF' Adekunle Agbetiloye's insightful article discusses the inclusion of several West African countries on the global dirty money watchlist, highlighting the ongoing struggle against money laundering in the region. This designation not only brings international scrutiny but also points to significant gaps in anti-money laundering frameworks and enforcement. Nations like Nigeria and Ghana are compelled to urgently rectify systemic weaknesses within their financial systems to reduce the risks linked to illicit financial flows. Factors such as lax regulatory oversight, permeable borders, and insufficient law enforcement capabilities facilitate the spread of money laundering, which threatens economic stability and hampers development. To effectively bolster anti-money laundering initiatives and dismantle illicit financial networks, governments, financial institutions, and regulatory agencies must enhance their cooperation. The implementation of greater transparency, stringent due diligence procedures, and adherence to international norms is vital for maintaining the financial sector's integrity and shielding the region from the detrimental impacts of money laundering. West African countries must prioritize extensive reforms and allocate the necessary resources to effectively counteract money laundering. Tackling these systemic issues will enable them to create a more secure and robust financial landscape that supports sustainable growth and prosperity." #MoneyLaundering #FinancialIntegrity #RegulatoryReforms #WestAfrica #AntiMoneyLaundering #GlobalWatchlist Financial Action Task Force (FATF) International Monetary Fund Adekunle Agbetiloye https://lnkd.in/dKkuU9KY

Last week, I had the privilege of representing Ukrposhta at the launch of the Taskforce on Public-Private Partnership in Fighting Financial Crime in Ukraine, supported by the Auswärtiges Amt (Federal Foreign Office) Germany. Co-led by the Centre for Finance and Security (CFS) at RUSI and the Center for Financial Integrity, the event in Warsaw convened key representatives from the public and private sectors, alongside international experts and Ukrainian stakeholders. 📣Key Takeaways from the Event 1️⃣ A National PPP Strategy - A dedicated National PPP Strategy could institutionalize collaboration, promote a culture of trust, and align efforts with international standards. This approach can embed anti-corruption measures into financial crime prevention while improving compliance with MONEYVAL standards. 💡 Insight: A strategic, national-level framework is key to sustainable reform. 2️⃣ Virtual Assets: New Challenges - Virtual assets present unique risks due to their pseudonymity and cross-border nature. PPPs can address these vulnerabilities through robust regulatory frameworks, blockchain analytics, and targeted stakeholder training. 💡 Insight: Effective collaboration is critical to managing corruption risks tied to virtual assets. 3️⃣ Learning from Global Good Practices - Models like the UK’s JMLIT, Lithuania’s AML Center of Excellence, and Poland’s PPP framework illustrate how collaboration enhances effectiveness. Tailoring these lessons to Ukraine’s context is essential to their success. 💡 Insight: Adapting global practices to local realities fosters resilience. 4️⃣ The Power of Trust - Trust emerged as the heart of collaboration. It grows through transparent communication, clear accountability, and mechanisms for continuous improvement. 💡 Insight: Trust is not optional—it is fundamental to PPP success. 5️⃣ Anti-Corruption - Effective PPPs require a strong tone from the top within government bodies. Leadership must prioritize transparency, innovation, and anti-corruption efforts, including: ✅ Specialized Anti-Corruption Units: Focused taskforces to address corruption risks. ✅ Technology for Transparency: Leveraging AI to detect and prevent corruption. ✅ Targeted Training: Equipping stakeholders to tackle corruption in high-risk sectors. ✅ Public Accountability: Regular reporting to build trust and demonstrate progress. To succeed, we need strong leadership, tailored solutions, and unwavering trust. Looking Ahead Tom Keatinge| Oleksandr Hlushchenko| Oksana Ihnatenko| Vlada Yaremenko| Kinga Redlowska| Eglė Lukošienė |Olivia Allison| Nick Maxwell| Nick Lewis OBE| Yurii Gaidai| Olena Korobkova