You'll fall in love with your regulator… and with us!
In December 2020, the United States Congress passed the United States-Northern Triangle Enhanced Engagement Act — commonly known as the Engel List. This legislative provision aims to support the Northern Triangle countries — Guatemala, El Salvador, and Honduras — on issues such as economic development, combating corruption, drug trafficking, and similar matters.
Continue reading “Engle List”
Currently, a variety of entities and organizations are engaged in different ways in preventing money laundering and the financing of terrorism. One notable category among these entities is the FATF-style regional bodies — FSRBs. Currently, there are nine FSRBs globally, such as MONEYVAL, all of which are part of the global network of supervisors under the FATF. One such FSRB, responsible for part of the Americas, is the Financial Action Task Force of Latin America.
Continue reading “GAFILAT and money laundering prevention”
Among the objectives of the Financial Action Task Force — FATF — is the establishment of common standards and benchmarks for the correct implementation of legal and operational measures aimed at preventing money laundering and the financing of terrorism. To achieve this goal, FATF issued its 40 Recommendations, and in this article, we will address the eighth recommendation of FATF.
Continue reading “FATF Recommendation 8th”
Like other European states, such as Portugal, France, and the Netherlands, Sweden also defines the concept of politically exposed person within its regulatory framework for prevention. Like its European counterparts, this framework is influenced by the recommendations of the FATF and European directives that have shaped Swedish legislative development.
Continue reading “Sweden and its definition of PEP”
Germany, much like its continental counterparts such as Italy, Portugal, or Sweden, has also incorporated the concept of a politically exposed person (PEP) into its legal framework. This regulation stems from initiatives driven by the FATF and the legislative developments facilitated by European Directives.
Continue reading “Germany and its definition of PEP”
The European Union introduced a legislative package in 2021 aimed at strengthening the regulatory and institutional framework for combating money laundering and the financing of terrorism. This legislative push includes a new Anti-Money Laundering Directive and the new European Regulation on Money Laundering and Terrorist Financing Prevention. Alongside these rules, a European Regulation has been enacted to establish the Anti-Money Laundering and Counter-Terrorism Financing Authority — AMLA, by its English acronym.
Continue reading “AMLA, Authority for Anti-Money Laundering and Countering the Financing of Terrorism”
The Financial Action Task Force — FATF — among its various responsibilities, promotes legal and operational standards to combat money laundering and terrorism financing. To achieve this goal, it issued the 40 Recommendations. In this article, we will analyze the FATF’s seventh recommendation.
Continue reading “7th FATF Recommendation”
Just like its European counterparts such as Sweden, Portugal, or Spain; Italy also defines its concept of politically exposed person in its prevention regulations. Like its European peers, its provisions are influenced by the regulatory framework set by the FATF and the legislative developments brought forward by the European Union through its Directives.
Continue reading “Italy and its definition of PEP”
Politically exposed persons are a group of individuals on which anti-money laundering regulations focus. Over the years, as a result of intergovernmental cooperation promoted by various entities, including the FATF, states have been strengthening their regulations concerning politically exposed persons. In this article, we will examine the case of the Dominican Republic and the definition given by this country on PEPs.
Continue reading “Dominican Republic and its definition of PEP”
The concept of a politically exposed person in prevention regulations is a common reality across all States. This widespread existence stems from cooperation between governments initiated by entities such as the FATF. Thanks to this joint effort, the laws and regulations of each State define their own notion of a politically responsible person. In this article, we will examine the case of Guatemala.
Continue reading “Guatemala and its definition of PEP”