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The FATF published a report in July 2021 titled “money laundering from environmental crime”. This study reinforces FATF’s understanding of the money laundering risks in this criminal sector, highlighting the need to continue working on this issue.
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Last August of 2020, the Federal Reserve of the United States, along with other North American regulatory agencies such as the Financial Crimes Enforcement Network and the National Credit Union Administration, issued a joint statement providing some clarity on the measures to be taken regarding politically exposed persons in the USA.
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Following the trend of other European Union member states such as Spain, France, or the Netherlands, the Portuguese jurisdiction also defines politically exposed persons — PEPs —. Similar to other countries in the region, this definition and the regulatory framework in the area of anti-money laundering derives from European directives, along with the influence of the Financial Action Task Force (FATF) on this matter.
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Like all European Union member states, the Netherlands derives its regulations on the prevention of money laundering from initiatives developed within the EU. The main law governing this area is the Wet ter voorkoming van witwassen en financieren van terrorisme — the Anti-Money Laundering and Anti-Terrorism Financing Act —, enacted in 2008 and subject to various amendments over the years.
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Politically exposed persons are individuals who hold or have held significant public offices. Due to their positions of power, anti-money laundering legislation assigns them specific regulations, which result in a special duty of action for obliged entities. And, as in many other countries, Spain is no stranger to the concept of the politically exposed person.
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The Financial Action Task Force—FATF—stated in 2013 that politically exposed persons, due to the power they hold and the influence they enjoy, are in positions that could potentially be abused for purposes of money laundering, corruption, or activities aimed at financing terrorism. Consequently, FATF recommended that additional preventive measures should be applied to these individuals.
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The concept of a person with public responsibility is an institution commonly spread across the globe. This is due to intergovernmental cooperation led by the FATF and the inclusion of PEPs in its Recommendations.
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The fight against money laundering and the financing of terrorism is being addressed from multiple fronts. From private initiatives that promote and encourage the prevention of money laundering, to international institutions or national governments that apply and enforce prevention regulations. Among all these actors, supervisory authorities stand out as the link between public and private sector entities.
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With more than 70 members, the Financial Action Task Force — FATF — stands as the international body that sets the standards and guidelines to prevent money laundering and terrorist financing. This organization, through its recommendations, significantly influences the legislative framework for preventing money laundering in many current states.
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On January 10, the deadline for the transposition of the so-called “Fifth Directive” regarding the prevention of money laundering and terrorist financing concluded — Directive 2018/843 —.
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