FATF: TURKEY AML/CFT ASSESSMENT UPDATE REPORT

On 30 November, FATF published an enhanced follow-up report following the 2019 mutual evaluation report on the AML/CFT system of Turkey.  Turkey has been in the enhanced follow-up process since the report, and FATF has now re-rated the country on the following Recommendations:

  • 6 – Targeted financial sanctions related to terrorism and terrorist financing, from partially compliant to largely compliant;
  • 7 – Targeted financial sanctions related to proliferation, from partially compliant to largely compliant;
  • 18 – Internal controls and foreign branches and subsidiaries, from partially compliant to largely compliant; and
  • 35 – Sanctions, from partially compliant to largely compliant.

As Turkey did not meet the new requirements, FATF Recommendation 15 (new technologies), was re-rated NC (non-compliant).  Therefore, Turkey is compliant on 11 of the 40 Recommendations and largely compliant on 20 of them.  It remains partially compliant on 7 Recommendations and non-compliant on 2 Recommendations.  It will remain in enhanced follow-up and will report back to FATF on progress achieved on improving the implementation of its AML/CFT measures in June 2022.

In October, Turkey was added to the FATF Grey List, on the basis of a number of serious concerns raised in the 2019 report.

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/Follow-Up-Report-Turkey-2021.pdf

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

INTER-AMERICAN DEVELOPMENT BANK (IDB) HAS DEBARRED A BELGIAN ENGINEERING AND CONSULTANCY COMPANY FOR 3 YEARS AND 10 MONTHS FOR FRAUDULENT AND CORRUPT PRACTICES

On 29 November, the FCPA Blog reported that Brussels-based Tractebel Engineering SA is ineligible to participate in projects and operations financed by the IDB (or the World Bank and other development banks) during the 46-month debarment.  The debarment relates to a project in Haiti.

https://fcpablog.com/2021/11/29/idb-debars-belgium-engineering-company-for-fraud-and-corruption/

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

MALDIVES: SUPREME COURT CANCELS 5-YEAR JAIL TERM OF EX-PRESIDENT CONVICTED OF CORRUPTION

On 30 November, ANI News reported that former President Abdulla Yameen has seen his sentence for embezzlement of $1 million in 2019 cancelled by the Supreme Court.

https://www.aninews.in/news/world/asia/maldives-cancels-5-year-jail-term-of-ex-president-convicted-of-corruption-reports20211130171928

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

ECONOMIC CRIME (ANTI-MONEY LAUNDERING) LEVY 

On 30 November, the House of Commons Library published a briefing says that new levy will first be charged in the financial year running from 1 April 2022 to 31 March 2023 on any medium, large and very large entities regulated for AML purposes at any point during that year.  The levy will first be paid by in-scope entities at the end of each financial year, meaning first payments will be due in the financial year 1 April 2023 to 31 March 2024. It is estimated that the levy will impact 4,000 businesses.

https://commonslibrary.parliament.uk/research-briefings/cbp-9380/

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

LITHUANIA: MONEYVAL FINDS SOME IMPROVEMENT IN FIGHTING MONEY LAUNDERING AND TERRORIST FINANCING

On 30 November, the Council of Europe reported a follow-up report, saying that Lithuania has improved measures to combat money laundering and terrorist financing, demonstrating significant progress in the level of compliance with the FATF standards.  This follows the original mutual evaluation review of 2018.  MONEYVAL has decided to re-rate from “partially compliant” to “largely compliant Lithuania´s level of compliance with the FATF Recommendation on regulation and supervision of financial institutions considering the country´s progress, namely the adoption of a new AML/CFT supervision policy for financial institutions and related risk assessment methodology.  Nevertheless, it says that more efforts remain necessary for the country.  Lithuania has achieved full compliance with 8 of the 40 FATF Recommendations, but will remain in enhanced follow-up and will continue to report back to MONEYVAL on progress to strengthen its implementation of AML/CFT measures.  It is expected to report back within 1 year’s time.

https://www.coe.int/en/web/moneyval/-/lithuania-some-improvement-in-fighting-money-laundering-and-terrorist-financing

https://rm.coe.int/moneyval-2021-30-fur-lithuania/1680a4b585

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

EUROPEAN GAMING AND BETTING ASSOCIATION (EGBA) BELIEVES THE EU NEW AML FRAMEWORK WILL ENSURE A MORE ROBUST AND UNIFORM FRAMEWORK ACROSS THE EU

On 29 November, iGB reported that the trade body was backing a new EU Anti-Money Laundering Authority (AMLA) established as a centralised body coordinating AML and FIU across all Member States. 

https://igamingbusiness.com/egba-ec-rules-will-ensure-a-consistent-application-of-aml-standards/

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

US ADDS 27 TO ENTITY LIST IMPOSING EXPORT RESTRICTIONS

On 24 November, the US Commerce Department’s Bureau of Industry and Security (BIS) has added 27 entities to the Entity List for illegally selling technology to China, North Korea and other sanctioned countries, for supporting China’s military modernisation efforts or for contributing to Pakistan’s nuclear and missile programmes.  Included are 12 Chinese concerns. 

https://www.indiablooms.com/world-details/SA/32312/us-blacklists-27-entities-including-12-in-china-over-national-security-concerns.html

https://www.commerce.gov/news/press-releases/2021/11/commerce-lists-entities-involved-support-prc-military-quantum-computing

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

TRAFFICKING OF HUMAN BEINGS FOR THE PURPOSE OF ORGAN REMOVAL IN NORTH AND WEST AFRICA

On 25 November, ENACT Africa produced a report which provides insight and analysis to enable law enforcement agencies in North and West Africa to devise appropriate responses to the threat.  Trafficking in human beings for organ removal (THBOR) is driven largely by the global shortage in organs for ethical transplant.

https://enact-africa.s3.amazonaws.com/site/uploads/2021-10-04-interpol-organ-removal.pdf

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

OECD: COMBATING BRIBERY OF FOREIGN PUBLIC OFFICIALS IN INTERNATIONAL BUSINESS TRANSACTIONS – AMENDED RECOMMENDATION

On 25 November, a proposal of the OECD Working Group on Bribery in International Business Transactions had been accepted and a Recommendation dating from 2009 had been amended.  The Recommendation on combating bribery of foreign public officials in international business transactions is replaced.  The new version seeks to update and expand upon the 2009 Anti-Bribery Recommendation with a view to further supporting the full implementation of the Anti-Bribery Convention by reflecting recent trends and challenges in the foreign bribery field, to ensure that it remains relevant and effective.  New sections have been included on key topics that have emerged or significantly evolved in the anti-corruption area since 2009, in particular: 

  • Addressing the Demand Side of Foreign Bribery Cases;
  • Sanctions and Confiscation;
  • Non-Trial Resolutions;
  • International Co-operation;
  • Protection of Reporting Persons;
  • Incentives for Compliance; and
  • Data Protection.

The draft revised Recommendation also updates or broadens the scope of provisions on pre-existing topics, including enforcement as well as awareness raising, training and guidance.

https://legalinstruments.oecd.org/en/instruments/OECD-LEGAL-0378

 

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

COMPONENTS FROM US, ASIA, THE MIDDLE EAST, AND EU IN RUSSIAN DRONES

A report from Conflict Armament Research contains a case study which looks at 6 different Russian-manufactured military unmanned aerial vehicles (UAV – commonly called ‘drones’) that CAR documented in Ukraine.  CAR’s investigations found that the Russian military industry has been obtaining key components for these UAV – such as GPS modules, electronic parts, cameras, and engines – from the US, Asia, the Middle East, and EU, both before and after the start of the conflict in Ukraine in 2014, and despite an EU arms embargo on Russia.

https://storymaps.arcgis.com/stories/b9b6bca72ee54b0a9c5f683708248b32

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y