Day: August 7, 2021

On 7 August, Exit News reported that a new European Commission report says that Western Balkan countries, including Albania, must step up their efforts in managing migration and asylum and fighting corruption and organised crime.  The report looked at countries which currently benefit from a visa-free regime with the EU including Albania, Bosnia and Herzegovina, and North Macedonia.

https://exit.al/en/2021/08/07/european-commission-report-albania-must-step-up-fight-against-irregular-migration-corruption-and-money-laundering

The report is at –

https://ec.europa.eu/home-affairs/sites/default/files/pdf/04082021_report_commission_european_parliament_council_fourth_report_visa_suspension_mechanism_com-2021-602_en.pdf

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On 6 August, ICAEW reported that Insolvency Practitioners who take on urgent insolvency cases will be prioritised for AML defence under a new agreement secured by the ICAEW.  Under new guidance approved by the Home Office and NCA, insolvency practitioners working on the most pressing appointments where they suspect criminal proceeds may exist in the entity can obtain a fast-tracked safeguard measure.  The fast-track lane was introduced as a goodwill gesture by the NCA, negotiated by the ICAEW, and does not change the statutory timescales for dealing with Defence Against Money Laundering (DAML) requests in general – and it must only be utilised in the most severe and urgent cases.

https://www.icaew.com/insights/viewpoints-on-the-news/2021/aug-2021/Fasttrack-defence-against-money-laundering-lane-opens-for-insolvency-practitione

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On 7 August, NL Times reported that the tax authorities had made this claim, and said that the FIU had uncovered several suspicious transactions in the equestrian industry.  It is said that the billion-euro industry susceptible to fraudulent practices – deals are sometimes made with just a handshake and without a contract, and it is also often not clear who is the owner of a horse. 

https://nltimes.nl/2021/08/07/money-laundering-widespread-dutch-horse-trading-business-tax-authorities-say

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On 6 August, Transparency International published an article saying that its analysis, first released in 2019, has shown that there are significant weaknesses in terms of ensuring transparency of beneficial ownership across FATF countries.  It concluded that it was time for FATF to review its standards and guidance documents, and to adopt a multi-pronged approach to beneficial ownership transparency where registers are already required. It now seems that FATF member states are now finally open to suggestions on the ways to revise of the global standard on beneficial ownership transparency.  Transparency International offers 5 ways to improve the global standard –

make beneficial ownership registers a requirement

clearly define “beneficial ownership”

require independent verification of beneficial ownership data

close loopholes that allow anonymity: bearer shares and nominees

increase ownership transparency of foreign companies

https://www.transparency.org/en/news/fatf-consultation-global-standard-company-beneficial-ownership-transparency-key-fixes

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