Day: August 26, 2022

On 26 August, FATF published the third follow-up report, saying that overall, the Philippines has made good progress in addressing the technical compliance deficiencies identified in its mutual evaluation report.  FATF Recommendation 28 is re-rated Largely Compliant and Recommendation 32 is re-rated Largely Compliant.  The Philippines now has 37 FATF Recommendations rated C/LC and remains in enhanced follow-up and will continue to report back to the FATF-style regional body, APG, on progress to strengthen its implementation of AML/CFT measures. The next progress report is due 1 February.

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/APG-Philippines-FUR-2022.pdf

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On 26 August, FATF published the 4^th follow-up report on Pakistan, saying that overall, Pakistan has made good progress in addressing the technical compliance deficiencies identified in its MER and has been re-rated on the following FATF Recommendations – Recommendation 28 is re-rated Largely Compliant; Recommendation 33 is re-rated Compliant; Recommendation 37 is re-rated Largely Compliant; and Recommendation 38 is re-rated Partially Compliant.  It has FATF 38 Recommendations rated C/LC and will remain in enhanced follow-up and will continue to report back to the FATF-style regional body, APG, on progress to strengthen its implementation of AML/CFT measures.  The next progress report is due 1 February.

https://www.fatf-gafi.org/publications/mutualevaluations/documents/fur-pakistan-2022.html

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On 26 August, FATF published the 4^th follow-up report for Myanmar, saying that it has made some progress in addressing the technical compliance deficiencies identified in its mutual evaluation report and follow-up reports.  FATF Recommendation 33 has been re-rated to LC, and Recommendation 28 has been re-rated to PC and Myanmar now has 24 FATF Recommendations rated C or LC and will remain in enhanced (expedited) follow-up and will continue to report back to the FATF-style regional body, APG, on progress to strengthen its implementation of AML/CFT measures.

https://www.fatf-gafi.org/media/fatf/documents/reports/fur/APG-Myanmar-FUR-2022.pdf

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On 26 August, FATF published the 5^th follow-up report.  Overall, Mongolia has made significant progress in addressing the technical compliance deficiencies identified since the amendment of FATF Recommendation 15 and its last follow-up report and only minor deficiencies remain.  Recommendation 15 has been re-rated Largely Compliant.  Mongolia has 39 FATF Recommendations rated C/LC and will remain in enhanced follow-up and will continue to report back to the FATF-style regional body, APG, on progress to strengthen its implementation of AML/CFT measures.  The next progress report is due 1 February.

https://www.fatf-gafi.org/media/fatf/documents/reports/fur/APG-Mongolia-FUR-2022.pdf

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On 26 August, FATF published the 5^th follow-up report.  It says that, as a result of  progress in addressing the technical compliance deficiencies identified in its mutual evaluation report, Cambodia has been re-rated on the following FATF Recommendations – Recommendation 13 from Partially Compliant to Compliant, and Recommendations 16, 18, 22 and 35 from Partially Compliant to Largely Compliant.  Cambodia now has 32 Recommendations rated C/LC, and will remain in enhanced follow-up and will continue to report back to the FATF-style regional body,  APG, on progress to strengthen its implementation of AML/CFT measures. 

https://www.fatf-gafi.org/media/fatf/documents/reports/fur/APG-Cambodia-FUR-2022.pdf

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On 25 August, KPMG reported that the peer reviews released on 16 August were for the Cook Islands, Ecuador, Finland, Pakistan, Poland, Sint Maarten and Sweden. It reports on improvements made and those needed.  Interestingly, it downgrades Finland (of all countries) due to deficiencies identified in respect of the definition of beneficial ownership and supervision activities intended to ensure the availability of adequate, accurate and up-to-date information.  Meanwhile, the report on Portugal highlights significant improvement and upgrades Portugal’s overall rating from “Largely Compliant” to “Compliant”.

https://home.kpmg/xx/en/home/insights/2022/08/e-news-160.html#4

https://www.oecd.org/tax/transparency/documents/global-forum-releases-eight-new-peer-review-reports-on-transparency-and-exchange-of-information-on-request.htm

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On 24 August, the US Senate Committee on Finance released a report following a year-long investigation into the largest alleged individual tax evasion scheme in US history, involving billionaire Robert Brockman and his associates.  The investigation is said to have uncovered the “shell bank” loophole in FATCA, a loophole that allows banks offshore to accept funds from US persons without reporting them to the IRS.  It is said that, with little effort, wealthy tax cheats like Robert Brockman were able to convert shell companies into shell banks, and self-certify they are reporting income held in offshore accounts to the IRS.

https://www.finance.senate.gov/chairmans-news/wyden-investigation-uncovers-major-loophole-in-offshore-account-reporting

https://www.finance.senate.gov/imo/media/doc/Mirabaud%20Report.pdf

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On 24 August, the Monetary Authority of Singapore issued an information paper which follows from a series of AML/CFT thematic inspections and engagements conducted by MAS.  It sets out MAS’ supervisory expectations for effective AML/CFT frameworks and controls and includes good practices and illustrative examples observed.

https://www.mas.gov.sg/-/media/MAS-Media-Library/publications/monographs-or-information-paper/CMI1/2022/Strengthening-AML_CFT-Practices-for-External-Asset-Managers.pdf

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On 26 August, FATF issued an updated schedule of all AML/CFT ratings to date (despite the latest batch of reports not being immediately available on its website!).

http://www.fatf-gafi.org/media/fatf/documents/4th-Round-Ratings.pdf

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On 25 August, the Standard Club issued a notice saying that, following significant reduction in the threat of piracy in the Indian Ocean region, the maritime industry organisations have submitted a notification to the next meeting of IMO Maritime Safety Committee.

https://www.standard-club.com/knowledge-news/removal-of-the-high-risk-area-hra-in-the-indian-ocean-from-1-january-2023-4552/

https://www.standard-club.com/fileadmin/uploads/standardclub/Documents/Import/news/2022-news/MSC_106_agenda_7_HRA_removal_ICS_BIMCO_IMCA_INTERCARGO_INTERTANKO_OCIMF_final.pdf

https://www.standard-club.com/fileadmin/uploads/standardclub/Documents/Import/news/2022-news/HRA_PR_2022_Final.pdf

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