Day: February 4, 2020

The FATF-style regional body, GAFILAT, has published a number of follow-up assessment reports, including this one, which analyses the progress of Honduras in remedying technical compliance deficiencies identified in its Mutual Assessment Report.  As is normal with such reports, effectiveness of the controls was not addressed.  The original mutual evaluation report was in 2015 and this report is the 7^th follow-up report on progress since 2015.  As a result of progress made, Honduras has been re-rated on FATF Recommendations: 3, 10, 17, 23, 29 and 34.  While GAFILAT acknowledges the progress made by Honduras in improving technical compliance with FATF Recommendations 1, 2, 28 and 35, it is considered that the progress made so far does not allow to upgrade the rating of these Recommendations.  Honduras continues in the enhanced follow-up process and to continue to report back to GAFILAT.

https://www.gafilat.org/index.php/es/biblioteca-virtual/miembros/honduras/informes-de-seguimiento-9/3744-seventh-enhanced-follow-up-report-of-honduras/file

The FATF-style regional body, GAFILAT, has published a number of follow-up assessment reports, including this one, which analyses Peru’s progress in remedying technical compliance deficiencies identified in its Mutual Assessment Report.  This was a follow-up to the mutual evaluation report of 2018.  As with most countries assessed under the current assessment system, Peru was placed in the enhanced follow-up process.  As a result of progress made, Peru has been upgraded for 1 FATF Recommendation, being upgraded from “Partially Compliant” to “Largely Compliant” on Recommendation 24 (Transparency and beneficial ownership).  Peru remains in the enhanced follow-up process and will continue to report back to GAFILAT.

https://www.gafilat.org/index.php/es/biblioteca-virtual/miembros/peru/informes-de-seguimiento-14/3747-first-enhanced-follow-up-report-of-peru/file

The FATF-style regional body, GAFILAT, has published a number of follow-up assessment reports, including this one, which analyses Nicaragua’s progress in remedying technical compliance deficiencies identified in its Mutual Assessment Report. The country is in enhanced follow-up, and will continue to report back to GAFILAT on progress.  The original mutual evaluation report was in July 2017, and this new report is the fourth report on technical compliance progress since then.  As normal with such reports, it does not address effectiveness of controls.  Nicaragua was re-rated in relation to FATF Recommendations 8, 22, 23 and 28.

https://www.gafilat.org/index.php/es/biblioteca-virtual/miembros/nicaragua/informes-de-seguimiento-11/3746-fourth-enhanced-follow-up-report-of-nicaragua/file

On 3 February, Freshfields Bruckhaus Deringer published an article saying that, just weeks after Germany finished implementing the 5^th EU AML directive (5AMLD), the Federal Ministry of Justice has drafted a bill implementing the requirements of the 6^th EU AML directive (6AMLD).  It says that ehile 5AMLD mostly aimed to increase transparency, 6AMLD lays down minimum requirements for the definition of the crime of money laundering, effectively setting an EU-wide minimum standard for Member States to combat money laundering using the criminal law.  A draft version of the new Bill has been made available, and goes far beyond the minimum standard set out in 6AMLD.  The article details the contents of the draft.

https://riskandcompliance.freshfields.com/post/102fxzm/extending-criminal-liability-for-money-laundering-germanys-new-draft-law-to-imp

On 4 February, the UN announced that the relevant Sanctions Committee had added KOUFA AMADOU to the ISIL/Al-Qaida sanctions list.  A Mali national, he was founder of the Katiba Macina of Jama’a Nusrat ul-Islam wa al-Muslimin (JNIM) and an executive of the Organization of Al-Qaida in the Islamic Maghreb.

https://www.un.org/press/en/2020/sc14097.doc.htm

On 3 February, ZD Net reported on a proposed Bill that, if passed, would essentially block the purchase of goods over AU$10,000 via cash and would also introduce offences for entities that make or accept cash payments of AU$10,000 or more.  Under current law, businesses that provide certain “high risk” services must report cash payments for goods and services of AU$10,000 or more; and a person entering or departing Australia must declare amounts of physical currency of AU$10,000 or more.

https://www.zdnet.com/article/australia-to-ban-cash-payments-over-au10000-in-the-name-of-thwarting-crime/