July 2014 Newsletter – Designated Non-Financial Businesses and Professions (DNFBPs)
In view of increased legislative requirements for financial institutions to develop and implement measures to combat money laundering and terrorist financing, money launderers may look at DNFBPs to try and conceal laundered proceeds and revenues of crimes. Thus, there is potentially, significant risks in the services offered by this sector being misused for money laundering and the financing of terrorism.
Read MoreFATF Advisory – improving global AML/CFATF Compliance 27 June, 2014
As part of its on-going review of compliance with the AML/CFT standards, the FATF has to date identified the following jurisdictions which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF.
Read MoreCFATF Public statement on Guyana and Belize
The Caribbean Financial Action Task Force (CFATF) issued a Public Statement on Guyana and Belize following its XXXIX Plenary Meeting in Miami, Florida over the period 25-29 May, 2014.
Read MorePublic statement under Step 3 of MONEYVAL’s Compliance Enhancing Procedures in respect of Bosnia and Herzegovina
The Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has been concerned since December 20101 with deficiencies in the anti-money laundering/combating the financing of terrorism (AML/CFT) regime in Bosnia and Herzegovina.
Read MoreJune 2014 Newsletter – How to Become a Licensed Registered Agent for International Insurance
The NIIO was enacted in April of 2004 and has provided registered insurers and auxiliary service providers the ability to carry on related business from within Nevis. These types of businesses require the use of proper supervision and regulatory guidelines in order to ensure that there are flexible and progressive provisions, while at the same time maintaining strong regulatory standards.
Read More