On 15 June, FATF published an updated version of the consolidated AML/CFT schedule of all ratings, following published of the follow-up report on Mexico.
https://www.fatf-gafi.org/media/fatf/documents/4th-Round-Ratings.pdf
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On 15 June, FATF published the 3rd enhanced follow-up report following the mutual evaluation review of Mexico’s AML/CFT framework in 2018.
Mexico has been in an enhanced follow-up process since 2018 and has been uprated for a number of FATF Recommendations: 8 – Non-profit organisations, from partially compliant to largely compliant; 10 – CDD, from partially compliant to largely compliant; 12 – PEP, from partially compliant to compliant; 16 – Wire transfers, from partially compliant to compliant;
17 – Reliance on third parties, from partially compliant to compliant.
The report also looks at whether Mexico’s measures meet the requirements of FATF Recommendations 2, 7, 15, 18 and 21, which changed since their mutual evaluation and FATF has agreed to upgrade the rating of Recommendation 15 (New technologies), to largely compliant.
Therefore, Mexico is compliant on 8 of the 40 FATF Recommendations and largely compliant on 22. It remains partially compliant on 9 Recommendations, and non-compliant on 1 Recommendation. Mexico will continue to report back to the FATF on its progress.
https://www.fatf-gafi.org/media/fatf/content/images/FUR-Mexico-2021.pdf
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On 15 June, a post on Lexblog sets out to explore the AML risks associated with virtual assets and provides a glance at the current international regulatory and legal framework governing the virtual asset industry.
https://www.lexblog.com/2021/06/15/into-the-web-aml-risks-of-virtual-assets-part-i/
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On 14 June, a briefing from Eversheds Sutherland says that a recent High Court case highlights the issue of legal privilege in the context of investigations. It says that there is a growing trend for financial institutions to commission external law firms to conduct internal investigations into complex issues. Maintaining privilege over documents produced during the course of an investigation is imperative to avoid disclosure of potentially damaging investigatory materials. It explains that to establish LAP, the communication must be between lawyer and client and for the dominant purpose of seeking and receiving legal advice in a relevant legal context. Gathering information in order to advise on an investigation, for example, in the form of an interview note, will not be covered by LAP. Recent case law has taken a narrow view when considering what is the ‘dominant purpose’ of an investigation. The briefing includes 6 steps one can take to protect your position.
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On 15 June, the US State Department issued a news release announcing the public designation of former Namibian government officials Bernhardt Esau and Sakeus Shanghala, due to their involvement in significant corruption in their official capacities as Minister of Fisheries and Marine Resources (Esau) and Minister of Justice (Shanghala). This action renders Esau and Sanghala ineligible for entry into the US.
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An Occasional Paper from RUSI on 15 June assesses the extent to which the FATF framework has impacted digital financial inclusion. It finds that the FATF framework has several effects on digital financial inclusion and financial inclusion more generally. It says that that the FATF framework could be used to better support financial inclusion. However, without appropriate recognition, committed action and proper incentives to do so, financial inclusion will continue to be overlooked.
https://www.rusi.org/sites/default/files/267_op_gates_financial_inclusion.pdf
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On 15 June, Malta Today reported that the Government has published a list of all government jobs whose authority and control on vast amounts of money and influence, qualifies them as political exposed persons (PEP). Such PEP have to undergo a more rigorous assessment when their business relations are being process by bankers or notaries, among other professionals.
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