Moayad Aleassa (CAMS)’s Post

FATF Greylist: Countries in Focus to Boost Financial Compliance – October 2024 🚨 Update The Financial Action Task Force (FATF) has published its latest grey list, which includes countries in need of improving their systems in combating money laundering and terrorist financing. Countries listed include: Lebanon, Algeria, Venezuela, Nigeria, the Philippines, and Yemen. 🔍 These countries are under monitoring to ensure enhanced transparency and adherence to international standards, which contributes to the stability of the global 🌐 financial system. Compliance is not an option, but a necessity to ensure confidence in financial markets. #FATF # compliance #GlobalComplianceCanada

South Africa has taken a decisive step toward addressing financial crimes and enhancing its global standing in combating illicit activities. The draft General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, 2024, aims to refine the nation’s regulatory framework and align it with international standards. This move comes at a critical time as the country seeks to exit the Financial Action Task Force (FATF) greylist and solidify its reputation as a secure financial environment. Table of Contents: - Key Amendments in the Anti-Money Laundering Bill - Enhancing Compliance to Exit the FATF Greylist - The Role of Public Participation in Shaping the Bill - Conclusion: A Step Toward Financial Security Read the full article (4 min) on FinCrime Central: https://lnkd.in/ekv7AqKD

South Africa has taken a decisive step toward addressing financial crimes and enhancing its global standing in combating illicit activities. The draft General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, 2024, aims to refine the nation’s regulatory framework and align it with international standards. This move comes at a critical time as the country seeks to exit the Financial Action Task Force (FATF) greylist and solidify its reputation as a secure financial environment. Table of Contents: - Key Amendments in the Anti-Money Laundering Bill - Enhancing Compliance to Exit the FATF Greylist - The Role of Public Participation in Shaping the Bill - Conclusion: A Step Toward Financial Security Read the full article (4 min) on FinCrime Central: https://lnkd.in/eFwGkWkW

According to two financial sources cited by Reuters, Lebanon has been added to the global "grey list" by the Financial Action Task Force (FATF)‼️ This listing places Lebanon under increased monitoring for its financial practices and compliance with international standards for combating money laundering and terrorism financing. Correspondent Banks might re-think their relationships with Lebanese Banks. Here is another challenge the Lebanese financial sector faces.

#Nigeria and #China have taken a significant step in strengthening their financial cooperation to combat financial #crimes, including #money laundering and terrorist financing. The two countries have agreed to enhance their collaboration on financial intelligence sharing to support Nigeria’s efforts to safeguard its #financial and foreign exchange #markets. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring

#CDHAlert | In today's alert, Marelise van der Westhuizen and Loyiso Bavuma discuss the update from the National Treasury on South Africa's progress in getting off the FATF grey list. National Treasury released a statement providing feedback on South Africa's participation in the October 2024 Financial Action Task Force (FATF) Plenary, where FATF recognised the improvements made in South Africa's structures to monitor and prevent anti-money laundering/combatting the financing of terrorism (AML/CFT). National Treasury confirmed that South Africa now complies or largely complies with 37 of the 40 FATF Recommendations, including complying or largely complying with all 6 core Recommendations. A reminder that in terms of the 2021 mutual evaluation that brought the country onto the grey list, South Africa was found to be wanting in 20 of the FATF 40 Recommendations. Click here to read more - https://bit.ly/4ee8yN2 #NationalTreasury #FATF #Greylist #AntiMoneyLaundering #FATFRecommendations

Finally, my copy is here “a practical guide which assists you to comply with the legislation around prevention of money laundering, terror financing and proliferation of arms.” Thanks to Louis De Koker Manet Basson John Symington And our sister company LexisNexis 🥰 #RiskReadyAfrica2024 #FinancialCrimeCompliance #AML #moneylaundering #ctf #relx LexisNexis Risk Solutions RELX FSCA South Africa Financial Intelligence Centre South African Reserve Bank

The Philippines has made commendable strides in combating money laundering and terrorism financing, earning praise from the International Monetary Fund (IMF). These efforts mark a turning point in restoring global trust in the nation’s financial systems, a crucial factor in maintaining its economic credibility and attracting foreign investment. Table of content: - Anti-Money Laundering Reforms: A Key Milestone - Exiting the Grey List: A Boost to Financial Credibility - Strengthening Legislation and Oversight - Sustaining Momentum Against Financial Crime - Conclusion Read the full article on FinCrime Central: https://lnkd.in/ei5vJhJd

Recommendation 32 was developed with the objective of ensuring that terrorists and other criminals cannot finance their activities or launder the proceeds of their crimes through the physical cross-border transportation of currency and bearer negotiable instruments. Specifically, it aims to ensure that countries have measures to: (a) detect the physical cross- border transportation of currency and bearer negotiable instruments; (b) stop or restrain currency and bearer negotiable instruments that are suspected to be related to terrorist financing or money laundering; (c) stop or restrain currency or bearer negotiable instruments that are falsely declared or disclosed; (d) apply appropriate sanctions for making a false declaration or disclosure; and (e) enable confiscation of currency or bearer negotiable instruments that are related to terrorist financing or money laundering.

The Financial Intelligence Analysis Unit (FIAU) released its 2023 Annual Report, documenting important successes, strategic goals, and ongoing efforts to protect Malta's financial system against money laundering and terrorism funding. Take a look at our article 👇 https://lnkd.in/d74iH2Me #FIAU #AML #BDOMalta