Latest news with #antiMoneyLaundering
Reuters
2 days ago
- Business
- Reuters
EU includes Monaco in updated list of high-risk jurisdictions for money laundering
BRUSSELS, June 10 (Reuters) - The European Commission on Tuesday included Monaco in its updated list of high-risk jurisdictions presenting strategic deficiencies in their national anti-money laundering and countering the financing of terrorism regimes. The European Commission said in a statement it had added a number of third-country jurisdictions to its list, including Algeria, Angola, Cote d'Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela. Other jurisdictions were delisted, notably Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates. The second smallest state in the world after the Vatican, Monaco is home to celebrities and billionaires and has one of the world's most expensive property markets.
Khaleej Times
2 days ago
- Business
- Khaleej Times
UAE Central Bank fines 6 money exchange houses Dh12.3 million for violating laws
Six exchange houses in the UAE have been penalised with financial sanctions by the Central Bank of the UAE (CBUAE) amounting to Dh12,300,000. The exchange houses failed to comply with policies and procedures related to anti-money laundering and combating the financing of terrorism and illegal organisations. The penalty comes according to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations (AML/CFT) and its amendments, and its amendments. The financial sanctions were imposed based on the findings of examinations conducted by the CBUAE, which revealed the violations and failures of the six exchange houses to comply with the regulations. Through its supervisory and regulatory mandates, the CBUAE works to ensure that all exchange houses, their owners, and staff abide by the UAE's laws, regulations, and standards established by the CBUAE to maintain the transparency and integrity of financial transactions and safeguard the UAE's financial system.
Bloomberg
2 days ago
- Business
- Bloomberg
Crypto's Share of German Suspicious Activity Reports at Record
A top German anti-money laundering watchdog said digital assets accounted for a record share of the suspicious activity reports it received last year from banks and financial-services companies. Notifications related to crypto rose 8.2% to 8,711 even as the overall number of SARs dropped following guidance to the industry on sticking to relevant reports, the Financial Intelligence Unit said on Tuesday in Cologne.
Telegraph
3 days ago
- Business
- Telegraph
Ex-Tory donor's payments company hit by money-laundering crackdown
A payments business controlled by a former Tory donor has been hit by a crackdown by Britain's financial watchdog over anti-money laundering failures. Lycamoney, which is controlled by British-Sri Lankan entrepreneur Allirajah Subaskaran, was targeted by the Financial Conduct Authority (FCA) in 2024 over concerns it would not be able to spot fraud. The shortcomings led to the business being forced into a strict oversight regime with the FCA, while an audit of its anti-money laundering processes was also carried out. The company was forced to stop accepting new customers as a result of the probe, with the block still in place until earlier this year. Bosses addressed the issue in Lycamoney's latest accounts, as they admitted that the company was scrutinised for a 'serious regulatory matter'. The website for Lycamoney, which was set up to help people send money overseas to family and friends, remains offline. The FCA's inquiry into Lycamoney came as part of a broader crackdown on anti-money laundering, as the regulator warned many payment firms last year to tighten up their processes or risk penalties. Mr Subaskaran, who handed more than £2m to the Tories between 2011 and 2016, founded Lycamoney after setting up Lycamobile in 2006. Companies House filings show that he is also the ultimate owner of Lycamoney. However, his sprawling web of mobile, media and payments businesses has come under increasing scrutiny in recent years after a string of accounting and tax issues. Lycamobile, Mr Subaskaran's best-known brand, sells pay-as-you-go SIM cards to migrants making international calls. The company admitted last year that auditors had refused to sign off its accounts, as they warned that they had been unable to find sufficient evidence over loans totalling almost £150m. The majority of the company's staff were then sacked in December. Lycamobile also lost a case against HMRC last August after failing to argue that its call, text and data bundles were exempt from VAT. This left the company facing a potential bill of up to £51m. The company's latest accounts show that it had lost £2.2m in the year ending December 2023.
Zawya
4 days ago
- Business
- Zawya
MoE and Dubai Police sign MoU to enhance cooperation in developing compliance mechanisms for AML/CFT requirements
Abu Dhabi: The Ministry of Economy signed a Memorandum of Understanding (MoU) with Dubai Police General Command to strengthen cooperation and coordination in developing compliance mechanisms for anti-money laundering (AML) and combatting the financing of terrorism (CFT) requirements. The agreement facilitates the exchange and integration of information between the two entities, thus enhancing supervisory roles within the national legislative framework. The MoU was signed on the sidelines of the fourth edition of the World Police Summit, held at the Dubai World Trade Centre under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The agreement was signed by H.E. Safia Hashim Al Safi, Assistant Undersecretary for Commercial Control and Governance at the Ministry of Economy, and H.E. Major General Expert Khalil Ibrahim Al Mansoori, Assistant Commander-in-Chief for Criminal Investigation Affairs at Dubai Police. H.E. Safia Al Safi emphasised that the UAE has made significant strides in developing advanced strategies, policies, and legislation to combat money laundering and terrorism financing in line with the highest international standards. This has further reinforced the national economy's position as a competitive trade and business hub committed to the highest standards of integrity and transparency. H.E. noted that the partnership with Dubai Police aligns with the Ministry's vision to enhance collaboration with federal and local entities, thereby strengthening the national framework and developing mechanisms to combat financial crimes and enhance regulatory infrastructure in accordance with relevant international standards. H.E. Safia Al Safi explained that the MoU establishes a sustainable institutional framework between the Ministry and Dubai Police to collaborate on various AML/CFT procedures within the country, including control, inspection, and monitoring of illicit activities. This partnership aims to elevate the efficiency of control and follow-up systems and serves shared objectives in combating financial crimes within the country. Supporting national efforts H.E. Major General Expert Khalil Al Mansoori said: "The MoU with the Ministry of Economy is a significant milestone in enhancing institutional integration among relevant entities involved in combating financial crimes. Dubai Police is committed to supporting national efforts to counter money laundering and combat terrorism financing by advancing its technical and human competencies. We aim to leverage Dubai Police's research, investigation, and financial analysis ecosystems to develop effective, proactive mechanisms for detecting suspicious activities and enhancing rapid responses to associated risks, in line with global best practices. This plays a role in reinforcing the UAE's position as a secure and transparent global economic hub." H.E. further emphasised that the collaboration marks a significant step forward in integrating national efforts and unifying resources and expertise to develop more precise and effective regulatory tools, while continuing to invest in national talent and smart technologies to build a safer and more stable environment. Counselor Salem Al Tunaiji, Director of the Anti-Money Laundering and Counter-Terrorism Financing Department at the Ministry of Economy, explained that the MoU provides advanced mechanisms for technical and security coordination between the Ministry and Dubai Police. This includes the exchange of data related to money laundering and terrorism financing crimes, aligning with the Ministry's role in supervising Designated Non-Financial Businesses and Professions (DNFBPs) and identifying the real beneficial owners of legal entities. Under the scope of the MoU, both parties will collaborate on developing integrated mechanisms and programs to elevate risk response efficiency related to suspicious financial activities within the DNFBP sector, which include real estate agents and brokers, traders of precious metals and stones, auditors, and company service providers. This will be realised through the exchange of data on suspicious transactions and activities and the activation of secure and effective institutional communication channels to ensure the swift exchange of confidential data in line with the approved legal and regulatory frameworks. These efforts support their awareness endeavours to prevent and deter violators, in line with the applicable legislations and regulations in the UAE. The MoU also outlines the implementation of joint training programs and specialised workshops aimed at enhancing the professional competencies of both parties' staff and the development of periodic analytical reports to support decision-making, ensuring the comprehensive application of administrative and regulatory procedures. Additionally, the MoU includes provisions to support awareness and media campaigns related to institutional compliance and financial crime prevention, as well as collaboration in developing relevant policies and legislation and reviewing regulatory frameworks to ensure their alignment with international requirements. For further information, please contact: Orient Planet Group (OPG) Email: media@ Website:
