09/08/2007
Industry Guidance key role in Principles-Based Regulation
The Financial Services Authority's (FSA) new framework for recognising Industry Guidance comes into effect last Tuesday - an important step in the move towards Principles-Based Regulation.
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09:03 Posted in UK | Permalink | Comments (0)
09/01/2007
AML/CFT Handbook available soon
The Handbook for the prevention and detection of money laundering and the financing of terrorism has been issued in final draft form (2 July 2007) and will become effective from 1 January 2008, providing regulated financial services businesses with a 6 month period to implement the requirements of the AML/CFT Handbook. The Money Laundering (Jersey) Order 2007 has yet to be issued in final draft form. As a result, regulated financial services businesses should in this interim period refer to the paraphrased statutory requirements contained in the AML/CFT Handbook. Once available, the final draft form of the Money Laundering (Jersey) Order 2007 will be published on this webpage. Any necessary amendments to the AML/CFT Handbook will be made at this time. It is also intended that the Money Laundering (Jersey) Order 2007 will be effective from 1 January 2008.
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18:05 Posted in Jersey | Permalink | Comments (0)
FATF : annual report
The FATF Annual Report 2006-2007 is the 18th Annual Report of the FATF. It summarises the advances made by the FATF in combating money laundering and terrorist financing during the Canadian presidency. Highlights include:
· Expansion of the global AML/CFT network.
· Admission of China as an FATF member.
· Removal of Nigeria and Myanmar from the NCCT list.
· Closer work with the private sector.
· 6 typologies reports released, on: ‘New payment methods’; ‘Misuse of corporate vehicles’; ‘Money laundering associated with (value-added tax) VAT carousel fraud’; ‘Complex money laundering techniques: a regional view’; ‘ML/TF through the real estate sector’; and, ‘Laundering the proceeds of illegal narcotics trafficking’.
· 6 mutual evaluation reports released, on the AML/CFT systems of: Greece, Iceland, the People’s Republic of China, Portugal, Turkey, and the United Kingdom.
· Updates made to the key documents underpinning the evaluation process: the ‘AML/CFT methodology 2004’; and, the ‘AML/CFT handbook for countries and assessors 2004’.
· Greater focus on the FATF’s communications strategy.
(Source : www.fatf-gafi.org)
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11:25 Posted in General | Permalink | Comments (0)