NEWS: MONEYVAL calls on Bulgaria to improve regulatory framework as country shows ‘low level’ of effectiveness in use of financial intelligence

Regulatory Watch News

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  Financial sanctions update: Iran

  OFSI

  April 18, 2024

  13 entries added to the consolidated list

  On 18 April 2024 the Foreign, Commonwealth and Development Office updated the UK Sanctions List on GOV.UK. This list provides details of those designated under regulations made under the Sanctions Act. 13 entries have been added to the Iran financial sanctions regime and are now subject to an asset freeze.

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  European Parliament resolution on Commission Delegated Regulation of 14 April 2024 amending Delegated Regulation (EU) 2016/1675 as regards adding Kenya and Namibia to the table in point I of the Annex and deleting Barbados, Gibraltar, Panama, Uganda and the United Arab Emirates from that table

  European Parliament

  April 18, 2024

  Whereas Commission Delegated Regulation (EU) 2016/1675, its annex and the amending Commission delegated regulation of 14 March 2024 identify high-risk third countries with strategic deficiencies as regards anti-money laundering and countering terrorist financing (AML/CTF) which represent a threat for the Union financial system and for which enhanced customer due diligence measures shall be applied by Union obliged entities under Directive (EU) 2015/849;

  Whereas, according to the 2020 methodology for identifying high-risk third countries under Directive (EU) 2015/849, set out in Commission Staff Working Document of 7 May 2020 (the 2020 methodology), the Commission can largely rely on the assessments of third countries carried out by international bodies, such as the Financial Action Task Force (FATF), since the assessment by the FATF follows due process based on objective criteria and the specific thresholds for being listed permit identification of countries presenting very material and profound strategic deficiencies; whereas, in principle, any third country representing a risk to the international financial system, as identified by FATF, is presumed to represent a risk to the internal market;

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  FinCEN Renews Real Estate Geographic Targeting Orders

  FinCEN

  April 17, 2024

  WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate. The terms of the GTOs are effective beginning April 19, 2024, and ending on October 15, 2024. The GTOs continue to provide valuable data on the purchase of residential real estate by persons possibly involved in various illicit enterprises. Renewing the GTOs will further assist in tracking illicit funds and other criminal or illicit activity, as well as continuing to inform FinCEN’s regulatory efforts in this sector. FinCEN renewed the GTOs that cover certain counties and major U.S. metropolitan areas in California, Colorado, Connecticut, Florida, Hawaii, Illinois, Maryland, Massachusetts, Nevada, New York, Texas, Washington, Virgina, and the District of Columbia.