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NEWS: UAE remains on FATF ‘grey list’ but has made progress in addressing its AML issues, watchdog says

Premium July 7, 2023

LEADERS: Xolisile Khanyile, director of South Africa's Financial Intelligence Centre (FIC) and chair of the Egmont Group with Hamid Alzaabi at the FATF plenary in Paris last month. He is Director of the UAE's AML-CTF Executive Office.

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INSIGHT: Singapore banks scrutinise China, Turkey, Caribbean and Cyprus customers in wake of $2.4BN AML scandal; accounts being closed, CDD taking four months

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US Treasury launches US-China economic, financial working groups

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More than 50 arrested in latest Italy raid against ‘Ndrangheta mafia

The United Arab Emirates (UAE) has taken significant steps to address the shortcomings in its AML/CFT framework, according a FATF follow-up report released this week (Thurs). However, the country remains on the FATF ‘grey list’ otherwise known as its Enhanced Follow-Up process Overall, the UAE is now “compliant” with 15 of the forty FATF Recommendations,…

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Premium

INSIGHT: Singapore banks scrutinise China, Turkey, Caribbean and Cyprus customers in wake of $2.4BN AML scandal; accounts being closed, CDD taking four months

 Premium

US Treasury launches US-China economic, financial working groups

 Premium

More than 50 arrested in latest Italy raid against ‘Ndrangheta mafia

Regulatory Watch News

  • Two Tax Shelter Promoters Found Guilty in Billion-Dollar Syndicated Conservation Easement Tax Scheme

    US Department of Justice

    Defendants Sold Over $1.3 Billion in Fraudulent Tax Deductions
    A federal jury sitting in Atlanta convicted Jack Fisher and James Sinnott today of conspiracy to defraud the United States, conspiracy to commit wire fraud, aiding and assisting the filing of false tax returns and subscribing to false tax returns. Fisher was also convicted of money laundering.

  • Goldman to Pay SEC $6 Million in Penalties for Providing Deficient Blue Sheet Data

    SEC

    Washington D.C., Sept. 22, 2023 —

    The Securities and Exchange Commission today announced settled charges against Goldman Sachs & Co. LLC for failing to provide complete and accurate securities trading information, known as blue sheet data, to the SEC. Goldman agreed to pay a $6 million penalty to resolve the SEC's charges.

  • 3 entries have been amended under the ISIL (Da’esh) and Al-Qaida financial sanctions regime.

    OFSI

    On 22 September 2023 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. The following entries have been amended under the ISIL (Da'esh) and Al-Qaida regime and remain subject to an asset freeze:

    • Taha Ibrahim Abdallah Bakr Al Khuwayt (Group ID: 13720)
    • Amir Muhammad Sa'id Abdal-Rahman al-Salbi (Group ID: 13840)
    • Nurjaman Isamuddin Riduan (Group ID: 7156)
    OFSI’s consolidated list of asset freeze targets has been updated to reflect these changes.

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