EU Global Facility on AML/CFT’s Post

Diversion risk is probably the most significant financial crime risk facing NPOs, so to try to help Jersey's prescribed NPOs mitigate that risk and prepare for a possible Jersey Financial Services Commission themed examination, we've set out some thoughts on relevant controls. #terroristfinancing #NPO

In 2022 Partners Albania for Change and Development launched the first risk assessment methodology for the non-profit sector regarding terrorism financing and money laundering designed under an cooperation agreement with Drejtoria e Pergjithshme e Tatimeve -DPT, participation of various law enforcement agencies and support of Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. Happy to see that this methodology is referenced and taken into account in Albania’s national risk assessment. It is a significant achievement for us and the NPO sector in Albania, that the analysis provided in the Report is based on the developed methodology and that the conclusion for the sector in this national evaluation is consistent with our 2022 assessment: The sector is assessed as having a low risk for money laundering and terrorism financing. The National Risk Assessment serves as one of the primary tools used by countries to identify and understand potential risks, and it lays the groundwork for taking decisive measures and developing strategies to address these risks. For Albania, this marks the fourth national risk assessment. For more information, please refer to this public summary of the report: Vleresimi_Kombetar_Riskut.pdf (fiu.gov.al) #CTF #AML #FATF #civilsociety

HOW NPOs CAN MITIGATE THE RISK OF FUNDS BEING DIVERTED The Jersey Financial Services Commission has announced that the theme for its examinations of prescribed non profit organisations (“NPOs”) in 2024 is diversion mitigation. To assist prescribed NPOs in assessing relevant controls in preparation for these examinations, we’ve posted an article on our website with some thoughts as to how they can mitigate the risk of their funds being diverted to terrorist or other criminal organisations and comply with the requirements of the Non-Profit Organisations Order and the JFSC Handbook, with reference to the following controls: ·      Assess exposure to terrorist financing risks, including diversion risk ·      Maintain a culture of integrity and ethical conduct ·      Adopt AML and CFT controls ·      Strengthen financial controls and oversight ·      Monitor and evaluate the effectiveness of controls ·      Educate staff and volunteers ·      Promote ethical fundraising practices ·      Engage in collaboration and information sharing If you work at an NPO and would like to understand more about how your organisation can strengthen its resilience against diversion risk and prepare for a JFSC examination, please get in touch. #NPO #terroristfinancing #JerseyCI

Over the past two days, we attended a conference organized by the FRC, courtesy of the UNDC, titled Sensitization Conference of the DNFDPs on Kenya Money Laundering and Terrorist Financing Risks. Earlier this year, in February, Kenya was added to the FATF (Financial Action Task Force) grey list. The FATF is an international watchdog that sets global standards for combating money laundering and terrorism financing. Why Was Kenya Listed? Kenya was grey-listed due to weaknesses identified in its systems that make it vulnerable to criminal activity. These weaknesses include: A lack of prosecutions for money laundering and terrorism financing. Absence of regulations governing cryptocurrencies and non-profit organizations. Insufficient implementation of a risk-based approach to anti-money laundering (AML) and counter-terrorism financing (CTF). What Does Grey Listing Mean? Being grey-listed means Kenya has committed to working with the FATF to address these weaknesses and strengthen its regulatory framework. Implications of the Grey Listing The grey listing presents several challenges for Kenya’s financial sector and international trade, including: Increased scrutiny and due diligence requirements from foreign partners and lenders. Potential barriers to financial transactions and investments. Proposed Reforms Some of the reforms proposed to address these issues include: Upholding the independence of the judiciary. Operationalizing public benefit organizations. Enhancing efforts to prosecute money laundering and terrorism financing cases. Strengthening collaborations between the Law Society of Kenya and the Financial Reporting Centre (FRC). During the sensitization meeting, my takeaway is that compliance is critical for all of us. As a realtor, my profession has been flagged as one of the high-risk sectors prone to money laundering. This highlights the importance of strict adherence to AML/CTF guidelines. Your Thoughts? What are your thoughts on this matter? Is your organization compliant? For more details, you can visit the following links: https://lnkd.in/dRYvMpu2 https://lnkd.in/dY86MX7k Financial Reporting Centre What Will Get Kenya Off the Grey List?

📌 In 2022 Partners Albania for Change and Development launched the first risk assessment methodology for the non-profit sector regarding terrorism financing designed under a cooperation agreement with Drejtoria e Pergjithshme e Tatimeve -DPT, participation of various law enforcement agencies and support of Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. 🙌 Happy to see that this #methodology is referenced and taken into account in 🇦🇱 Albania’s national risk assessment. It is a significant achievement for us and the #NPO sector in 🇦🇱 Albania, that the analysis provided in the Report is based on the developed methodology and that the conclusion for the sector in this national evaluation is consistent with our 2022 Assessment: 𝐓𝐡𝐞 𝐬𝐞𝐜𝐭𝐨𝐫 𝐢𝐬 𝐚𝐬𝐬𝐞𝐬𝐬𝐞𝐝 𝐚𝐬 𝐡𝐚𝐯𝐢𝐧𝐠 𝐚 𝐥𝐨𝐰 𝐫𝐢𝐬𝐤 𝐟𝐨𝐫 𝐦𝐨𝐧𝐞𝐲 𝐥𝐚𝐮𝐧𝐝𝐞𝐫𝐢𝐧𝐠 𝐚𝐧𝐝 𝐭𝐞𝐫𝐫𝐨𝐫𝐢𝐬𝐦 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠. 👉 The National Risk Assessment serves as one of the primary tools used by countries to identify and understand potential risks, and it lays the groundwork for taking decisive measures and developing strategies to address these risks. For Albania, this marks the fourth national risk assessment. ℹ For more information, please refer to this public summary of the report: Vleresimi_Kombetar_Riskut.pdf (fiu.gov.al) #CTF #AML #FATF #CivilSociety

Mozambique's “Strong Commitment” to Getting Off the “Gray List” The International Financial Action Task Force (FATF) praised Mozambique's “strong commitment” to getting off the 'gray list', which includes countries with deficiencies in the fight against money laundering and terrorist financing.    “This is the fifth progress report for Mozambique. Mozambique continues to show a strong commitment to dedicating resources and prioritizing the actions needed to complete its Action Plan,” says the FATF's fifth assessment, consulted today by Lusa.   The country has made “some important progress, with six action items having been partially updated for broad participation,” the report says. Mozambique's efforts, it continues, have resulted in improvements in the conduct of risk-based supervision. “In addition, the country has made significant progress in resourcing its FIU [Financial Intelligence Unit], in its ability to strengthen its system of comprehensive statistics on the number and nature of money laundering investigations,” reads the document. The FATF notes that the country still has to comply with six remaining activities, which have to do with supervisory entities, and the country is due to present its next report on November 24. On October 22, 2022, Mozambique was placed on the FATF's so-called 'gray list', for not having eliminated deficiencies in the fight against money laundering and terrorist financing. https://ift.tt/ghvadOV

🔍 Unveiling AUSTRAC's Latest Insights on Money Laundering and Terrorism Financing Risks in Australia 🌐💼 AUSTRAC's recent updates underscore the critical vulnerabilities and ongoing challenges Australia faces in combating money laundering and terrorism financing. Here are the essential takeaways: 🔹 Risk Assessments Updated: AUSTRAC has published detailed risk assessments to guide businesses in identifying and mitigating potential threats. These documents are designed to help refine internal controls and meet reporting obligations effectively. 🔹 Emphasis on Comprehensive Strategies: The guidance emphasizes the importance of understanding the specific risks associated with different sectors and adjusting security measures accordingly. This tailored approach helps businesses protect against the exploitation of their systems by criminal elements. 🔹 Enhanced Reporting and Compliance Needs: With the ever-evolving nature of financial crimes, AUSTRAC encourages organizations to stay vigilant and proactive in their compliance efforts, ensuring that their risk assessments and mitigation strategies are up-to-date and responsive to new threats. For those deeply involved in regulatory compliance and risk management, these insights are invaluable in fortifying defenses against financial crimes. Dive deeper into AUSTRAC’s comprehensive analysis and recommendations by visiting their official site. 🔗 Explore AUSTRAC's Full Report: https://buff.ly/3VYJpPi #AUSTRAC #FinancialCrime #RiskManagement #Compliance #AML #CTF

EOCN Issues UAE's National Risk Assessment on Proliferation Financing (PF) This is an important step forward in the fight against financial crime. The Executive Office for Control & Non-Proliferation (EOCN) has officially released the UAE's National Risk Assessment on Proliferation Financing. The National Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations Committee (NAMLCFTC) has approved this assessment. The UAE took a proactive approach to better understanding and effectively implementing Rec.1 set out in Immediate Outcome 11 by conducting this risk assessment, staying ahead of global standards and best practices. The recent 5th round of mutual evaluations under FATF international standards requires all countries to conduct a Proliferation Financing (PF) risk assessment, further emphasizing the importance of this initiative. The National Risk Assessment plays a pivotal role in our collective efforts to combat financial crime. It is crucial for identifying, assessing, understanding, and mitigating the risks associated with proliferation financing, especially the funding of activities related to the proliferation of weapons of mass destruction (WMD). This understanding is key to our success in this endeavor. This assessment helps financial institutions (FIs), designated non-financial businesses and professions (DNFBPs), and virtual asset service providers (VASPs) understand the main threats and vulnerabilities that proliferators might use to finance their illegal activities. I also encourage the institutions to take enhanced measures to manage and mitigate PF risks and incorporate them into their risk assessments and procedures. This proactive initiative by the EOCN highlights the UAE's leadership in combating financial crime and ensuring compliance with global non-proliferation efforts. For more details refer to the EOCN website. #FTAF #PFNRA #EOCN #UAE #ProliferationFinancing #FinancialCrime #Compliance #RiskManagement #AML #CFT

🔍 Unveiling AUSTRAC's Latest Insights on Money Laundering and Terrorism Financing Risks in Australia 🌐💼 AUSTRAC's recent updates underscore the critical vulnerabilities and ongoing challenges Australia faces in combating money laundering and terrorism financing. Here are the essential takeaways: 🔹 Risk Assessments Updated: AUSTRAC has published detailed risk assessments to guide businesses in identifying and mitigating potential threats. These documents are designed to help refine internal controls and meet reporting obligations effectively. 🔹 Emphasis on Comprehensive Strategies: The guidance emphasizes the importance of understanding the specific risks associated with different sectors and adjusting security measures accordingly. This tailored approach helps businesses protect against the exploitation of their systems by criminal elements. 🔹 Enhanced Reporting and Compliance Needs: With the ever-evolving nature of financial crimes, AUSTRAC encourages organizations to stay vigilant and proactive in their compliance efforts, ensuring that their risk assessments and mitigation strategies are up-to-date and responsive to new threats. For those deeply involved in regulatory compliance and risk management, these insights are invaluable in fortifying defenses against financial crimes. Dive deeper into AUSTRAC’s comprehensive analysis and recommendations by visiting their official site. 🔗 Explore AUSTRAC's Full Report: https://buff.ly/3VYJpPi #AUSTRAC #FinancialCrime #RiskManagement #Compliance #AML #CTF

𝗚𝗲𝗿𝗺𝗮𝗻𝘆'𝘀 𝗕𝗮𝗙𝗶𝗻 𝗽𝘂𝗯𝗹𝗶𝘀𝗵𝗲𝗱 𝗶𝘁𝘀 𝗮𝗻𝗻𝘂𝗮𝗹 𝗿𝗲𝗽𝗼𝗿𝘁 𝘁𝗼𝗱𝗮𝘆. 𝗜𝘁 𝘄𝗿𝗶𝘁𝗲𝘀 𝗮𝗯𝗼𝘂𝘁 𝘁𝗵𝗲 𝗿𝗶𝘀𝗸𝘀 𝗼𝗳 𝗶𝗻𝗮𝗱𝗲𝗾𝘂𝗮𝘁𝗲 𝗺𝗼𝗻𝗲𝘆 𝗹𝗮𝘂𝗻𝗱𝗲𝗿𝗶𝗻𝗴 𝗽𝗿𝗲𝘃𝗲𝗻𝘁𝗶𝗼𝗻:   💸 The risk of being misused for money laundering purposes remains very high for financial intermediaries. 𝗧𝗵𝗲 𝗿𝗶𝘀𝗸 𝗼𝗳 𝗺𝗼𝗻𝗲𝘆 𝗹𝗮𝘂𝗻𝗱𝗲𝗿𝗶𝗻𝗴 𝗮𝗻𝗱 𝘁𝗲𝗿𝗿𝗼𝗿𝗶𝘀𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴 𝗶𝘀 𝗽𝗮𝗿𝘁𝗶𝗰𝘂𝗹𝗮𝗿𝗹𝘆 𝗵𝗶𝗴𝗵 𝗶𝗻 𝗶𝗻𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀. 𝗜𝘁 𝗵𝗮𝘀 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗲𝗱 due to the unstable geopolitical situation, 𝗲𝘀𝗽𝗲𝗰𝗶𝗮𝗹𝗹𝘆 𝗶𝗻 𝘁𝗵𝗲 𝗮𝗿𝗲𝗮 𝗼𝗳 𝘁𝗲𝗿𝗿𝗼𝗿𝗶𝘀𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴.   🔍 BaFin intensified its anti-money laundering supervision in 2023, paying particular attention to the issues of terrorist financing and transaction monitoring.   BaFin's goal for 2024 is to clarify the interpretation of the provisions of the Anti-Money Laundering Act for obliged entities and to provide them with specific guidance.   In 2023, BaFin conducted an audit campaign on terrorist financing, focusing on risk analysis, due diligence, and IT monitoring. This was preceded by a survey of more than 40 institutions.   𝗧𝗵𝗲 𝗿𝗲𝘀𝘂𝗹𝘁 𝘄𝗮𝘀 𝘁𝗵𝗮𝘁 𝗶𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻𝘀 𝗻𝗲𝗲𝗱 𝘁𝗼 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁𝗶𝗮𝘁𝗲 𝘁𝗵𝗲𝗶𝗿 𝗮𝗻𝘁𝗶-𝗺𝗼𝗻𝗲𝘆 𝗹𝗮𝘂𝗻𝗱𝗲𝗿𝗶𝗻𝗴 𝗮𝗻𝗱 𝗮𝗻𝘁𝗶-𝘁𝗲𝗿𝗿𝗼𝗿𝗶𝘀𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴 𝗺𝗲𝗮𝘀𝘂𝗿𝗲𝘀 𝗺𝗼𝗿𝗲 𝗰𝗹𝗲𝗮𝗿𝗹𝘆 𝗮𝗻𝗱 𝗳𝗼𝗰𝘂𝘀 𝗺𝗼𝗿𝗲 𝗼𝗻 𝗶𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻-𝘀𝗽𝗲𝗰𝗶𝗳𝗶𝗰 𝗿𝗶𝘀𝗸𝘀 𝗶𝗻 𝗼𝗿𝗱𝗲𝗿 𝘁𝗼 𝗮𝘃𝗼𝗶𝗱 𝘁𝗵𝗲 𝗿𝗶𝘀𝗸 𝗼𝗳 𝗯𝗲𝗶𝗻𝗴 𝗺𝗶𝘀𝘂𝘀𝗲𝗱 𝗳𝗼𝗿 𝘁𝗲𝗿𝗿𝗼𝗿𝗶𝘀𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴.   BaFin conducted 628 regular or ad hoc supervisory meetings or visits (previous year: 336). It also sent numerous deficiency letters and requests for information.   At the end of 2023, special officers were monitoring the prevention of money laundering at seven institutions (previous year: six).