FINTRAIL produces a monthly summary of FinCrime regulatory changes and publications. This document covers:
Key updates from global and local regulators
Key updates from industry guidelines
Additional insights identified from financial intelligence units
June 2024
This month’s highlights include:
The Financial Action Task Force (FATF) held its final plenary under the presidency of T Raja Kumar of Singapore. Jamaica and Turkey were removed from the list of jurisdictions under increased monitoring (the so-called “grey list”), while Monaco and Venezuela were added.
FATF is in the process of updating its guidance on National Risk Assessments (NRAs) in particular concerning money laundering NRAs, and is inviting contributions from the private sector, civil society and academia.
The EU has agreed a new sanctions package against Russia, which for the first time will target supplies of liquified natural gas (LNG), which several member states still import from Russia.
The Financial Conduct Authority (FCA) announced that it will delay the output of its review into the treatment of domestic PEP - now expected in July.
The Global Coalition to Fight Financial Crime (GCFFC) has published a Financial Scams Report: An Assessment of Scams in East Asia - in Australia, Hong Kong and Singapore. It identifies 20 main types of scams and analyses factors which make countries more attractive targets.
What other publications and regulatory changes caught your eye in June? If you are interested in speaking to the FINTRAIL team about any of the items in the RegCap, have any ideas for inclusion, or want to discuss any other financial crime topic, please get in touch: contact@fintrail.com