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Financial Action Task Force

Goodwin

The Publication of the CSSF’s Annual Report 2023

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On September 19th, 2024, the CSSF published its 2023 annual report, highlighting key regulatory challenges, particularly in the realm of crypto-assets following the implementation of the Markets in Crypto-Assets Regulation...more

Barnea Jaffa Lande & Co.

Israel’s Money Laundering and Terror Financing Prohibition Authority Updates List of At-Risk Countries of the FATF

The international Financial Action Task Force (FATF) recently issued two announcements updating the list of countries and jurisdictions at high risk of money laundering, terrorist financing, and proliferation financing, and...more

Latham & Watkins LLP

SFO Announces Ambitious Five-Year Plan

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The Serious Fraud Office’s strategy for 2024 to 2029 indicates aspiration to be a more effective agency and to incentivise personnel. On 18 April 2024, the UK’s Serious Fraud Office (SFO) published an ambitious, albeit...more

Hogan Lovells

UAE removed from the FATF's grey list

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The Financial Action Task Force ("FATF") has announced that the UAE has been removed from its 'grey list' following substantial improvement in the stringency of its anti-money laundering ("AML") and combating the financing of...more

WilmerHale

The Financial Conduct Authority’s Review of Firms’ Approaches to Politically Exposed Persons

WilmerHale on

The UK Financial Conduct Authority (FCA) launched in September a review of the treatment of domestic politically exposed persons (PEPs) by UK-regulated financial services firms. This review will look at firms’ arrangements...more

Conyers

Regulatory & Risk Advisory Review: Cayman Islands – May to July 2023

Conyers on

Welcome to the second instalment of our Cayman Islands Regulatory & Risk Advisory Review. As we cover in this issue, there have been a number of exciting recent developments, including news from the Financial Action Task...more

A&O Shearman

FATF recognises significant improvements to the UAEs anti-money laundering regime

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Summary - In June 2023, the Financial Action Task Force (FATF) issued a report addressing the progress made by the UAE in improving its level of compliance with the FATF Standards, since the FATF’s previous Mutual...more

Goodwin

CFTC Announces Two New Task Forces

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In this Weekly Roundup Issue. The Commodity Futures Trading Commission’s (CFTC) Division of Enforcement unveiled two new task forces aimed at tackling derivatives market issues; and the Office of the Comptroller of the...more

Latham & Watkins LLP

HM Treasury Consults on Reforms to UK Anti-Money Laundering Supervision

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The consultation sets out four potential models for reform, and also considers reform to sanctions supervision. On 30 June 2023, HM Treasury published a consultation on reforms to anti-money laundering (AML) and...more

Goodwin

Marketing Crypto-Assets in and Into Europe: MiCAR, the EU’s New Uniform Crypto Code

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The EU Markets in Crypto-Assets Regulation (MiCAR) was published in the Official Journal of the European Union on 9 June 2023. MiCAR is a the major, step toward an EU-wide uniform code governing crypto-assets, such as BTC,...more

Holland & Knight LLP

Colombia evidencia progreso en el cumplimiento de las 40 recomendaciones del GAFI

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El Grupo de Acción Financiera de Latinoamérica (GAFILAT) publicó el séptimo informe de seguimiento intensificado y el segundo informe de recalificación de cumplimiento técnico para Colombia. Lo anterior, para efectos de...more

Goodwin

Mandatory Licensing Regime for Virtual Asset Exchanges in Hong Kong

Goodwin on

Hong Kong has traditionally been a hub for digital asset businesses in the region. As regulators in Hong Kong are working to tighten the regulatory regime on virtual asset exchanges, market players and investors seeking to...more

BakerHostetler

Financial and Crypto Firms Explore Integration; NFT Market Expands; FATF/Basel Publish Crypto Guidance; DOJ/CFTC Bring Crypto...

BakerHostetler on

Financial Firm Launches Crypto Group, MakerDAO Votes to Integrate with Bank - A major multinational financial institution recently “announced the formation of its Digital Assets and Financial Markets group.” According to...more

Hogan Lovells

U.S. Department of Commerce solicits public comments on digital asset technologies framework

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The U.S. Department of Commerce is seeking comments from the public to inform its development of a framework for enhancing U.S. competitiveness in and leveraging digital asset technologies. This framework is mandated by the...more

A&O Shearman

Financial Action Task Force Publishes Report on Effectiveness of FATF Standards

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The Financial Action Task Force has published a report on the effectiveness of FATF member states' efforts to tackle money laundering and counter terrorism financing. The report is part of the FATF's 2019 Strategic Review...more

Goodwin

FinCEN Warns Against Evasion of Russian Sanctions

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In this Issue. The Financial Crimes Enforcement Network (FinCEN) published an alert warning financial institutions of possible efforts to evade U.S.-imposed sanctions on Russia and Belarus; the U.S. Department of the Treasury...more

Bennett Jones LLP

FATF’s Take on Digital Assets: Updated Guidance and Recommendations

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The rise of cryptocurrency and other virtual assets has pushed regulatory and supervisory bodies responsible for anti-money-laundering rules around the world to develop new guidance and regulations for persons and businesses...more

Pillsbury - Internet & Social Media Law Blog

Department of Treasury Study Addresses NFTs, Online Platforms and the Emerging Digital Art Space

Last week, the U.S. Department of the Treasury released a report entitled “Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art” that discussed risks in the art sales ecosystem,...more

Barnea Jaffa Lande & Co.

Regulating Israeli Banks’ Provision of Services to Licensed Cryptocurrency Service-Providers

The Bank of Israel is proposing to regulate the provision of services to licensed cryptocurrency service providers (i.e., exchange platforms). The purpose of the proposal is to ensure banks are not able to sweepingly refuse...more

Holland & Knight LLP

Colombia reguló la noción de Beneficiarios Finales y su registro ante la DIAN

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La Dirección de Impuestos y Aduanas Nacionales (DIAN) de Colombia, el 27 de diciembre de 2021, expidió la Resolución 000164 mediante la cual reglamentó los artículos 631-5 y 631-6 del Estatuto Tributario con el objetivo de...more

Morrison & Foerster LLP

FinCEN Issues a Proposed Beneficial Ownership Rule

On December 7, 2021, the Financial Crimes Enforcement Network (“FinCEN”) issued a Notice of Proposed Rulemaking (NPRM or “Proposed Rule”) to implement the beneficial ownership information (BOI) reporting provisions of the...more

Morrison & Foerster LLP

FinCEN Looks to Regulate the Real Estate Market

Morrison & Foerster LLP on

On December 6, 2021, the Financial Crimes Enforcement Network (FinCEN) announced an Advance Notice of Proposed Rulemaking (ANPRM) to solicit comments in preparing a proposed rule that would increase transparency in the U.S....more

K2 Integrity

Implications of Mounting Legal and Regulatory Scrutiny on Binance

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Binance Holdings Limited (Binance), the world’s largest cryptocurrency exchange platform by trading volume, is facing growing legal and regulatory scrutiny across many jurisdictions, signaling increasing pressure on the...more

Latham & Watkins LLP

El Salvador Christens Bitcoin as Legal Tender

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A sovereign nation’s decision to adopt Bitcoin as legal tender raises interesting questions — and legal ramifications. On June 8, 2021, El Salvador’s Legislative Assembly voted to establish Bitcoin as unrestricted legal...more

Jones Day

Australian Financial Services Regulatory Update - May 2021

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This edition of the Update covers: 1. Recent legal and regulatory developments, including the release of ASIC's immunity policy for market misconduct offences, a FATF consultation on proliferation of financial risk and...more

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