Day: June 26, 2022

WOLFSBERG GROUP: AML/CFT EFFECTIVENESS THROUGH COLLABORATION WITH THE PUBLIC SECTOR AND LAW ENFORCEMENT

On 21 June, the Wolfsberg Group of leading banks announced the release of a paper which expands on a key element for developing an effective AML/CFT programme, which is to engage with the public sector, including law enforcement.  The paper specifically focuses on successful engagement through Public-Private Partnerships and is intended to be an introduction to the subject for those who may be less familiar with the principles underpinning these arrangements and the pivotal role that national authorities must play.

https://www.wolfsberg-principles.com/articles/publication-effectiveness-through-collaboration-paper

https://wolfsberg-principles.com/sites/default/files/wb/Wolfsberg%20Effectiveness%20Through%20Collaboration.pdf

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UK TO IMPOSE SANCTIONS ON RUSSIAN GOLD EXPORTS

On 26 June, a news release from the Prime Minister’s Office advised that new exports of Russian gold will no longer be allowed to be enter the UK, Canada, US and Japan thanks to tough new measures to be announced at the G7 Summit.  Gold is a major Russian export, worth £12.6 billion to the Russian economy in 2021. The measures announced build on the action taken by the London Bullion Market on 7 March to suspend 6 Russian refineries.  The import ban, which will come into force shortly, will apply to newly mined or refined gold. It will not impact Russian-origin gold previously exported from Russia, and there are no plans to extend restrictions to Russian gold purchased legitimately before the import ban was put in place.

https://www.gov.uk/government/news/uk-sanctions-russian-gold-exports

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