Day: November 30, 2021

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

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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/

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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

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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/

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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

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