FATF Calls on Italy to Fix Ownership Register, Tighten DNFBP Oversight
Italy has passed a sweeping review of its anti-money-laundering regime but must urgently fix a suspended corporate ownership registry and tighten oversight of non-financial businesses, the Financial Action Task Force (FATF) said in a report published on Thursday.
PwC to Pay $166 Million to Settle Hong Kong Evergrande Allegations
PricewaterhouseCoopers has agreed to pay HK$1.3 billion ($166 million) in fines and compensation to settle regulatory investigations into its audit work for collapsed Chinese property developer China Evergrande Group.
FINTRAC Warns of Rise in Extortion Schemes Targeting Indian Students
Canada’s financial intelligence agency has issued a bulletin warning banks and other institutions to be on alert for money laundering linked to an escalating extortion campaign targeting South Asian diaspora communities, particularly in British Columbia, Alberta, Manitoba, and Ontario.
AMLA Draft Rules Could Lead to ’Significant’ Bank Burden, ITFA Says
Proposed European anti-money-laundering (AML) standards could place a “significant operational burden” on banks by potentially requiring customer due diligence checks on counterparties that are not traditional bank clients, a trade finance industry body has warned.
EU to Adopt New Russia Sanctions Package after Hungary Lifts Veto
European Union member states have agreed a new sanctions package against Russia after Hungary lifted its veto, clearing the way for measures targeting Russian oil transport, banks, crypto platforms, and trade in restricted goods.
House Republicans Vote to Roll Back U.S. Beneficial Owner Reporting
A Republican-led U.S. House committee voted on Tuesday to advance legislation that would exempt American limited liability companies and other businesses from reporting on their beneficial owners under the Corporate Transparency Act.
UK Shuts Down Illegal Crypto Trading Operations in London
The Financial Conduct Authority (FCA) and other UK authorities shut down eight sites across London as part of a crackdown on illegal peer-to-peer crypto trading, the agency announced on Wednesday.
EU Adopts Broad Directive to Penalize and Prevent Corruption
The European Union on Tuesday adopted a new anti-corruption directive that creates bloc-wide minimum rules on corruption offenses, penalties, prevention measures, and enforcement, replacing a 2003 law on private-sector corruption and a 1997 convention covering EU and member-state officials, the Council of the EU said.
Republicans Threaten FinCEN’s Budget over Corporate Transparency Rule
U.S. House Republicans are threatening to block all funding for the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) until the agency finalizes a rule requiring companies to report beneficial ownership information.
New York Sues Coinbase and Gemini over ‘Event Contract’ Wagers
New York Attorney General Letitia James sued crypto exchanges Coinbase and Gemini on Tuesday, accusing them of operating prediction markets that violate state gambling laws.