FATF

The UAE Continues to Combat Bribery and Corruption

The United Arab Emirates (the “UAE”) continues to lead the Arab world in terms of its anti-bribery and corruption (“ABC”) endeavors. The UAE offers a business-friendly environment with an effective and efficient public administration; it criminalizes active and passive bribery, embezzlement, abuse of functions, and facilitation payments, it enforces its domestic ABC legislation and it … Continue Reading

Wolfsberg Group Releases Guidance on Negative News Screening

By Rebecca Worthington on July 13, 2022 Posted in anti-money laundering, anti-terrorism financing laws, Bank Secrecy Act, FATF, FinCEN, Uncategorized

The Wolfsberg Group, an association of thirteen global banks which develops frameworks and guidance for the management of financial crime risks, particularly with respect to KYC, AML, and CFT policies, recently released a set of frequently asked questions on negative news screening and other forms of adverse information searches. Negative news screening can assist financial … Continue Reading

FinCEN and Federal Reserve Seek Comments on Proposed Amendments to the Recordkeeping and Travel Rules

By Kevin McCart on November 10, 2020 Posted in anti-money laundering, anti-terrorism financing laws, Bank Secrecy Act, bitcoin, Compliance Program, Cryptocurrency, FATF, FinCEN, Uncategorized, US Treasury

On October 23, 2020, the Board of Governors of the Federal Reserve System (the ‘‘Board’’) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) (collectively, the “Agencies”) issued a joint Notice of Proposed Rulemaking (“NPRM”) soliciting public comment on questions relating to potential amendments to Bank Secrecy Act (“BSA”) regulations. The proposed … Continue Reading

United Arab Emirates Issues New AML Law in Context of FATF Evaluation

By Richard Gibbon, Kevin McCart and Ben Wood on October 1, 2019 Posted in Anti-corruption, anti-money laundering, FATF, Financial Action Task Force, United Arab Emirates

The Financial Action Task Force (FATF), an intergovernmental organization founded 30 years ago to develop and uphold policies to combat money laundering and terrorist financing, is conducting a peer review (or “mutual evaluation”) of the United Arab Emirates (UAE) this year. FATF last assessed the UAE in 2008, and found the country’s systems and frameworks … Continue Reading