scholarly journals Malta

2019 ◽  
Vol 19 (345) ◽  
Author(s):  
Keyword(s):  
Banking Sector ◽  
Task Force ◽  
Action Plan ◽  
Financial Sector ◽  
Technical Note ◽  
Evaluation Report ◽  
Financial Action Task ◽  
The Republic ◽  
Financing Of Terrorism ◽  
Mutual Evaluation

This technical note (TN) sets out the findings and recommendations of the Financial Sector Assessment Program (FSAP) for the Republic of Malta in the areas of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). It summarizes the findings of a targeted review of several aspects of Malta’s progress in addressing AML/CFT vulnerabilities in the financial sector, specifically the banking sector. A full assessment of the AML/CFT framework against the current Financial Action Task Force (FATF) standard was conducted by MONEYVAL in 2018, and the mutual evaluation report was published in July 2019. 2,3 Although significant steps have been taken to strengthen the AML/CFT regime since the March 2012 fourth round MONEYVAL mutual evaluation report to bring the AML/CFT framework into line with the 2012 FATF standard and improve its effectiveness, overall effectiveness is still lacking. The authorities developed an ambitious national strategy and action plan for prioritizing AML/CFT policies and activities, but it is still in its initial phase of implementation.

scholarly journals Austria

2020 ◽  
Vol 20 (65) ◽  
Author(s):  
Keyword(s):  
Banking Sector ◽  
Service Providers ◽  
Task Force ◽  
Technical Note ◽  
Evaluation Report ◽  
Assessment Program ◽  
Cross Border ◽  
Financial Action Task ◽  
Mutual Evaluation ◽  
Made In

This Technical Note (TN) sets out the findings and recommendations made in the context of the 2019 Financial Sector Assessment Program (FSAP) for Austria in the areas of AML/CFT. It provides a targeted review of Austria’s progress in addressing the ML/TF vulnerabilities in the banking sector, including AML/CFT supervision and cross-border activities, progress in enhancing the transparency of legal persons and arrangements, and risks related to virtual assets (VAs) and virtual assets service providers (VASPs). This review is not an assessment or evaluation of the country’s AML/CFT regime. In this regard, Austria’s AML/CFT system was assessed by the Financial Action Task Force (FATF) against the current FATF standard and the Mutual Evaluation Report (MER) was adopted in September 2016. The authorities are focused on improving the effectiveness of the legal, regulatory, and supervisory framework in mitigating ML/TF risks.

Who's the Legislator Anyway? How the Fatf's Global Norms Reshape Australian Counter Terrorist Financing Laws

2017 ◽  
Vol 45 (1) ◽  
pp. 127-151 ◽  
Author(s):  
Doron Goldbarsht
Keyword(s):  
Task Force ◽  
International Standards ◽  
Soft Law ◽  
Evaluation Report ◽  
Financial Action Task Force ◽  
Terrorist Financing ◽  
Decisive Influence ◽  
Financial Action Task ◽  
Global Norms ◽  
Mutual Evaluation

This article focuses on the Australian implementation of the Financial Action Task Force (FATF) Recommendations, so-called ‘soft law’ instruments, which represent the international standards in Counter Terrorist Financing (CTF) but which force legislators to conform. The article will fill the gaps existing in the literature today by focusing on the origins and motives of broad CTF legislation in Australia, then detailing each of the FATF's CTF Recommendations and the ways in which they are implemented in Australia. This approach differs significantly from other literature in the field, which deals solely with Australian implementation of one of the FATF's components. The current paper's examination will reveal the CTF regime in Australia, a decade after the FATF's first CTF Mutual Evaluation Report on Australia, and its decisive influence.

Updates on Hong Kong’s anti-money laundering laws 2020

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Foster Hong-Cheuk Yim ◽  
Ian Philip Lee
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
High Standard ◽  
Case Law ◽  
Evaluation Report ◽  
Content Type ◽  
Financial Centre ◽  
Salient Points ◽  
Financing Of Terrorism ◽  
Mutual Evaluation

Purpose The purpose of this paper is to discuss the latest developments of anti-money laundering (AML) laws in terms of case law and to give meaningful response in relation to certain key findings (KFs) and recommendations by the financial action task force contained in its mutual evaluation report dated September 2019. Design/methodology/approach In terms of AML case law, the authors analyse the latest judgment from the Hong Kong (HK) court of final appeal. In terms of the evaluation report, the authors outline salient points from the KFs and recommendation, commenting on their likelihood of success. Findings With the developments in AML case law and the KFs identified, HK is expected to maintain its high standard in AML/counter financing of terrorism (CFT) compliance. Originality/value A robust AML/CFT regime is the bedrock of HK’s reputable status as an international financial centre. This study seeks to illicit meaningful interactions amongst all stakeholders.

Qatar’s progress towards preventing terror finance through the abuse of charitable status and the financial sector

2016 ◽  
Vol 19 (4) ◽  
pp. 500-516 ◽  
Author(s):  
Jon Truby
Keyword(s):  
Design Methodology ◽  
Task Force ◽  
Financial Sector ◽  
Financial Action Task Force ◽  
Content Type ◽  
Financial Regulations ◽  
Novel Approach ◽  
Financial Action Task ◽  
Mutual Evaluation

Purpose This paper aims to track Qatar’s progress in preventing abuse of charitable status or of its financial regulations to prevent terror finance. Design/methodology/approach Qatar’s progress towards meeting the demands of the Central Themes will thus be summarised and explored. This paper tracks its history in response to evolving Financial Action Task Force (FATF) standards, and considers how Qatar can take measures to enhance their reputation. Findings Qatar’s efforts were found to be sustained but these still fall short of emerging standards. This paper advocates for higher standards. Originality/value This original paper and novel approach is useful to policymakers and researchers of AML/CTF law. It is particularly timely in advance of the 2017 mutual evaluation of Qatar. It advances the findings of on another article written by the author.

Legitimacy of the Summer 2017 GCC crisis and Qatar’s AML framework

2017 ◽  
Vol 20 (4) ◽  
pp. 405-416 ◽  
Author(s):  
Mohammed Ahmad Naheem
Keyword(s):  
United Nations ◽  
Money Laundering ◽  
Task Force ◽  
Financial Sector ◽  
Content Type ◽  
Terrorist Financing ◽  
The World ◽  
Regulatory Bodies ◽  
Financial Action Task ◽  
Mutual Evaluation

Purpose In June 2017, members of the Gulf Cooperation Council (GCC) ended diplomatic ties with Qatar. There is a legitimate concern about the accusation levied on Qatar. This paper aims to analyse the progress Qatar’s financial system has made with respect to its anti-money laundering (AML) and counter-terrorist financing (CFT) regulations, which further serves as the country’s effort to combating the financing of terrorism (CTF). The paper further wishes to advance the discussion by considering the legitimate goals of the aforementioned bodies and their discourse on creating national and international obligations towards reducing terrorist financing through robust AML frameworks. Design/methodology/approach The paper analyses Qatar’s legislative and regulatory overhaul following the Financial Action Task Force’s Mutual Evaluation Report. Qatar had distinctively strengthened its approach against Money Laundering and Terrorist Financing. The paper takes an ex ante approach by understanding Qatar’s “strategic deficiencies” before the FATF’s mutual evaluation. Subsequently, the paper studies independent international evaluations of Qatar’s AML/CTF legislation and regulation. Findings The paper finds Qatar in significant compliance to the recommendations of the various international bodies, including the Financial Action Task Force (FATF), Basel AML Index, IMF’s financial sector reviews, United Nations and independent reports on AML progress from regulatory bodies around the world. None of these organizations present obligatory rules but have set and determined and international standard for AML/CTF laws. Originality/value The primary aim is to draw parallels between Qatar’s regulatory AML and CTF efforts through the country’s compliance with international initiatives, such as the FATF guidelines, Basel AML Index, IMF’s financial sector reviews, United Nations and independent reports on AML progress from regulatory bodies around the world.

Comprehensive cross-border declaration system as money-laundering prevention mechanism

2017 ◽  
Vol 20 (3) ◽  
pp. 292-300
Author(s):  
Salwa Zolkaflil ◽  
Normah Omar ◽  
Sharifah Nazatul Faiza Syed Mustapha Nazri
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Task Force ◽  
Asia Pacific ◽  
Evaluation Report ◽  
Content Type ◽  
Cross Border ◽  
Future Improvement ◽  
Financial Action Task ◽  
Mutual Evaluation

Purpose This study aims to discuss the Financial Action Task Force (FATF) Special Recommendation IX (SR IX) and the importance of complying with the recommendation, which focuses on cross-border declaration or disclosure with the objective to detect and prevent illicit cross-border transportation of cash and bearer negotiable instruments (BNIs). This study also looks into compliance ratings of Asia Pacific Group (APG) 40 countries on the FATF SR IX. Design/methodology/approach This study reviews the mutual evaluation reports issued by APG on money laundering from 2006 to 2012. Based on the mutual evaluation reports, this study also looks into recommendations and comments given by respective panels. The compliance ratings together with panel’s recommendations and comments compiled in this study will be helpful to relevant authorities for future improvement. Findings Complying to FATF SR IX helps relevant authorities in detecting and preventing illicit from cross-border transportation of cash and BNIs. Out of 40, only two countries received compliant rating, which shows the need of improvement to ensure that the country is compliant on FATF SR IX. Research limitations/implications This study is limited to the panel’s reviews and recommendations on mutual evaluation report and only focuses on FATF SR IX. Originality/value This paper analyzes the compliance characteristics of countries based on their FATF mutual evaluation report. It highlights the comments and recommendation for future improvement to ensure that these countries will comply with FATF SR IX.

Anti-money laundering and combating the financing of terrorism compliance

2019 ◽  
Vol 22 (3) ◽  
pp. 451-471 ◽  
Author(s):  
Emmanuel Senanu Mekpor
Keyword(s):  
Money Laundering ◽  
High Frequency ◽  
Task Force ◽  
Developed Countries ◽  
Individual Country ◽  
Content Type ◽  
Financial Action Task ◽  
Financing Of Terrorism ◽  
The Individual ◽  
Mutual Evaluation

Purpose The purpose of this paper is to investigate how well countries comply with global anti-money laundering and counter-financing of terrorism (AML/CFT) regulations. Design/methodology/approach With the help of an AML/CFT compliance index composed by the author, this study is able to numerically quantify countries’ AML/CFT compliance levels. Countries were selected based on their membership with the Financial Action Task Force (FATF), precisely members who have gone through at least one round mutual evaluation and have duly submitted a report to the task force. The AML/CFT index was composed by assigning numeric values to the individual country ratings across all 49 FATF recommendations contained in their mutual evaluation reports (MER). Findings Some notable findings include the yearly global level of AML/CFT compliance between the period 2004 and 2016, as well as compliance levels across continents for the same period. Compliance levels for the seven components of the FATF recommendations were also reported to help assess which set of recommendations countries comply with the most and why they do. It was also found that countries’ lack of compliance was as a result of high cost of compliance with FATF recommendations. Research limitations/implications The main limitation of this study was a lack of high-frequency AML data of countries, especially less-developed countries. Originality/value The uniqueness of this paper lies in the fact that the AML/CFT compliance index constructed and used in the study is the first of its kind.

scholarly journals France

2019 ◽  
Vol 19 (326) ◽  
Author(s):  
Keyword(s):  
Real Estate ◽  
Service Providers ◽  
Task Force ◽  
Technical Note ◽  
Terrorist Financing ◽  
Assessment Program ◽  
Cross Border ◽  
Financial Action Task ◽  
Financing Of Terrorism ◽  
Made In

This technical note (TN) sets out the findings and recommendations made in the Financial Sector Assessment Program (FSAP) for France in the areas of anti-money laundering and combating the financing of terrorism (AML/CFT). The TN summarizes the findings of a targeted review of France’s AML/CFT framework with respect to measures to prevent and combat terrorist financing (TF), risk-based supervision of banks, real estate agents, company service providers and lawyers, measures to tackle cross-border crimes, and fintech. It provides a factual update on the key measures taken by the authorities since France’s previous assessment against the Financial Action Task Force (FATF) standard during 2010-2011. The TN is not, in any way, an evaluation or assessment of France’s AML/CFT system. France is scheduled to undergo a comprehensive assessment against the prevailing standard during 2020–2021 by the FATF.

Measuring Qatar’s compliance with international standards on money laundering and countering the financing of terrorism

2016 ◽  
Vol 19 (3) ◽  
pp. 264-277 ◽  
Author(s):  
Jon Truby
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
Research Field ◽  
International Standards ◽  
International Terrorism ◽  
Regulatory Requirements ◽  
Content Type ◽  
Financial Action Task ◽  
Financing Of Terrorism ◽  
Mutual Evaluation

Purpose Under scrutiny in light of the growing threat of international terrorism, Qatar faces pressure and accusations that it is not doing enough to counter terror financing and clamp down money laundering. The issue is not that Qatar is avoiding positive action, but that by the time measures are implemented, they become outdated because the international community has by then tightened its regulatory requirements. Qatar’s slow pace has led to a case of cat-and-mouse chase with respect to updating its standards, with a revised set of rules being required by the time Qatar implements the last set of international standards. This study aims to draw on lessons from the past to help Qatar avoid findings of it falling below international standards in the upcoming 2017 mutual evaluation. Design/methodology/approach The primary purpose of this article is to catalogue Qatar’s efforts to comply with international anti-money laundering (AML) and anti-terror finance standards. It demonstrates the real legislative progress post-2008 recorded by Qatar to minimize money laundering and terrorist financing. The paper also contests the view that Qatari law is insufficient. Findings The paper explains Qatar’s efforts to comply with the recommendations made by each evaluation by the Financial Action Task Force (FATF). It also highlights the potential for Qatar to be caught out again by the evolution of international expectations in an upcoming review, which, it is understood, is likely to take place in 2017. Originality/value No article exists specifically on this research field. As Qatar prepares for its 2017 FATF evaluation, it should be reminded of the need to comply with all new standards.

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