Ethics and governance in the European Financial centers

A global conference will take place in Paris about corruption. It will include updates on anti-corruption developments around the world, a roundtable of leading prosecutors, expert discussions of internal investigations and the growing role of auditors in anti-corruption enforcement in Europe, analyses of the year’s major cases and investigations, a workshop on state-of-the art compliance programmes and many more areas.


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Small firms using compliance consultants should act on the advice they are given if it would help them comply with their regulatory requirements, the Financial Services Authority (FSA) said yesterday. The FSA visited 22 small firms employing compliance consultants in early 2007 and found nearly half of them still had significant weaknesses in respect of their regulatory requirements. The work also showed over a third of these firms were not acting on recommendations from their consultants that would have improved their regulatory position


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Factsheet [PDF] designed by the FSA to help small firms select compliance consultants

The FATF published a couple of weeks ago an updated version of the AML/CFT Methodology 2004, including the assessment criteria. This brochure is intended to guide the assessment of a country’s compliance with the international AML/CFT standards as contained in the FATF Forty Recommendations 2003 (updated as of October 2004) and the FATF Nine Special Recommendations on Terrorist Financing 2001 (updated as of February 2006). The criteria within this Methodology do not expand upon or modify the Forty Recommendations and Nine Recommendations which constitute the international standard. The Methodology is a key tool to help assessors when they are preparing AML/CFT detailed assessment reports/mutual evaluation reports. It assists in identifying the systems and mechanisms developed by countries with diverse legal, regulatory and financial frameworks, in order to implement robust AML/CFT systems. The Methodology is also useful for countries that are reviewing their own systems, including in relation to technical assistance projects.

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