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The FATF Recommendations are international standards set by the FATF to combat money laundering and terrorist financing, which countries must implement within their territories. In this post, we will analyze FATF Recommendation 1, which calls on countries to identify, assess, and understand their exposure to money laundering and terrorist financing risks.
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In due diligence processes, once we have verified the identity of our clients, we must gather information about the purpose and nature of the business relationship, as well as additional documentation. This is where the search for adverse news comes into play.
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In previous posts, we discussed the importance of adverse news in due diligence processes, as well as in the internal procedures of obligated entities. Therefore, today we are going to analyze OCCRP — Organized Crime and Corruption Reporting Project — and the impact their investigations have generated.
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At the end of last year, the FATF published its 2020-2021 annual report. This report covers all the work carried out under the German presidency of the FATF, as well as the future objectives the organization will address.
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Currently, there are numerous entities involved in preventing money laundering. In previous posts, we have discussed the FATF, the Wolfsberg Group, and the European Banking Authority. In this article, we will analyze the role of MONEYVAL in preventing money laundering and terrorist financing.
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On January 30, the European Banking Authority (EBA) launched its database for combating money laundering and terrorist financing, accompanied by a draft of regulatory technical standards submitted to the European Commission.
Continue reading “EuReCA, the new database of the Banking Authority”
There are various entities involved in the prevention of money laundering and terrorist financing. From intergovernmental organizations like the FATF, to obliged entities responsible for applying preventive measures, and supervisory bodies such as the European Banking Authority. Among the wide range of participants in the prevention process, today we want to examine The Wolfsberg Group.
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The present Directive serves as a preventive tool against money laundering through Criminal Law. Supported by the subsidiarity principle as outlined in Article 5 of the Treaty on European Union, it aims to subject the crime of money laundering in Member States to effective criminal sanctions, while also standardizing the concepts related to this crime and judicial cooperation mechanisms.
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The concept of money laundering began to be used in the early 1970s by the U.S. media, due to the scandal caused by Watergate.
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On September 20 of 2020, the FinCEN Files were made public, a journalistic investigation following the leak of more than 2,000 reports from FinCEN’s database. These reports reveal transactions and account movements that suggest money laundering activities. However, today we want to focus not on this journalistic investigation, but on analyzing what FinCEN is.
Continue reading “What is FinCen?”