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On 6 August, FATF released a further updated schedule of consolidated AML/CFT assessments, following the release of a further MER and 2 further follow-up reports.
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On 6 August, FATF issued a new mutual evaluation report (MER) and 2 follow-up reports –
The MER of the Holy See dated April 2021 was undertaken by MONEYVAL and the findings have been reviewed and endorsed by the FATF. The on-site visit took place 30 September to 12 October 2020.
The follow-up report on Malta, also dated April 2021, says that, Malta has made progress in addressing the technical compliance deficiencies identified in its 5th Round MER and has been re-rated on 8 FATF Recommendations (8, 13, 20, 24, 26, 28, 36, and 38). Recommendations 8, 13, 24, 26, 28 and 38, initially rated Partially Compliant are re-rated as Largely Compliant; and Recommendations 20 and 36, initially rated Partially Compliant are re-rated Compliant. However, Malta will remain in enhanced follow-up and will continue to report back to MONEYVAL on progress to strengthen its implementation of AML/CFT measures. Malta is expected to report back to the FATF Plenary in 2 years.
The follow-up report on Hungary says that, overall, Hungary has made progress in addressing the technical compliance deficiencies identified in its 5th Round Mutual Evaluation. FATF Recommendation 12 initially rated Partially Compliant is re-rated Largely Compliant. It also notes that measures taken by the Hungary authorities with respect to virtual assets and VASP are not sufficiently in compliance with the revised requirements of FATF Recommendation 15. Therefore, Hungary has been re-rated as PC (having been re- rated as C in its first enhanced FUR). Hungary will remain in enhanced follow-up, and will continue to report back to MONEYVAL on progress to strengthen its implementation of AML/CFT measures.
Any modest contributions for my time and ongoing expenses are welcomed! I have a page where you can do so, and where contributions start as low as $3, athttps://www.buymeacoffee.com/KoIvM842y
Any modest contributions for my time and ongoing expenses are welcomed! I have a page where you can do so, and where contributions start as low as $3, athttps://www.buymeacoffee.com/KoIvM842y
In 2018, the Home Secretary commissioned Her Majesty’s Inspectorate of Constabulary and Fire & Rescue Services (HMICFRS) to carry out a thematic inspection of fraud. This report has now been published. In 2019, the report made 16 recommendations and identified 5 areas for improvement (AFI). It has e revisited the previous inspection to see how the police service has responded to the recommendations and AFI made in that report. This report presents findings on the progress that has been made. It says that since the publication of the 2019 report, not enough has changed. Too many victims still receive a poor service and are denied justice. The investigation and prevention of fraud offences, by police forces, remain under-resourced and are not given enough priority. Also, there are too few fraudsters held to account, and the conclusions from the 2019 report remain largely unresolved. Nonetheless, the report has made 3 further recommendations.
Any modest contributions for my time and ongoing expenses are welcomed! I have a page where you can do so, and where contributions start as low as $3, athttps://www.buymeacoffee.com/KoIvM842y
Any modest contributions for my time and ongoing expenses are welcomed! I have a page where you can do so, and where contributions start as low as $3, athttps://www.buymeacoffee.com/KoIvM842y
Following the publication of the 3 latest follow-up reports on 6 August, FATF has released an updated version of consolidated schedule of all current AML/CFT assessments.
Any modest contributions for my time and ongoing expenses are welcomed! I have a page where you can do so, and where contributions start as low as $3, athttps://www.buymeacoffee.com/KoIvM842y
Botswana has made progress in addressing deficiencies in technical compliance identified in its MER to justify re-rating of FATF Recommendation 9 to Compliant; and Recommendations 13, 16, 18, 22, 33 and 34 to Largely Compliant. However, due to moderate shortcomings in Recommendations 19, 25, 26 28 and 35 a partially complaint (PC) rating was warranted. Botswana will remain in enhanced follow-up.
Ethiopia has made sufficient progress in addressing deficiencies in technical compliance identified in its MER to justify a re-rating of FATF Recommendation 34 initially rated Partially Compliant to Largely Compliant. However, Recommendation 15, which was originally rated Largely Compliant in the 2015 MER has been downgraded from LC to Partially Compliant. Ethiopia will remain in enhanced follow-up.
Zimbabwe has made progress in addressing some of the technical compliance deficiencies identified in its MER, and FATF Recommendation 1 is re-rated from Partially Compliant to Largely Compliant; Recommendation 24 is re-rated from Non-Compliant to Largely Compliant. For those Recommendations that are being re rated due to the changes made to the FATF Standards, Recommendation 2 (originally rated LC) has been downgraded to PC, Recommendation 5 (originally rated C) has been downgraded to LC, Recommendation 15 (re rated to C in the previous FUR) has been downgraded to PC, and Recommendation 21 (originally rated C) remains C. Zimbabwe will remain in enhanced follow-up.
On 6 August, an article in Editor 99 reported that a federal bankruptcy court in Manhattan had authorised an attorney representing Israel to recover assets from a $ 150 million Ponzi scheme, believed to be the worst such scam ever carried out in the US. The ruling is against Michael Ben-Ari (aka Michel Greenfield), an Israeli-American accused of defrauding hundreds of people in both countries in a 15-year scam.
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The Institute for Chartered Accountants in England & Wales has published information referring to a recent Home Office Circular on ‘Money laundering: the confidentiality and sensitivity of suspicious activity reports (SAR) in the context of disclosure in private civil litigation. It is recommended that the new guidance should be read in conjunction with a 2015 Circular which sets out the standard procedures followed by the police, other law enforcement agencies and the NCA in relation to the disclosure of SAR. It explained that the revised guidance sets out the steps that will help prevent SAR becoming disclosable in civil litigation cases. In particular, it helps to address the circumstances that arose from a civil case in 2019, where the court ordered that a SAR should be disclosed to the subject of that SAR as it was relevant to a breach of contract, breach of the Data Protection Act 1998 and defamation claim by a client.
Any modest contributions for my time and ongoing expenses are welcomed! I have a page where you can do so, and where contributions start as low as $3, athttps://www.buymeacoffee.com/KoIvM842y
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