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FATF lauds Oman’s measures to combat money laundering and terrorism financing
In December 2024, the Financial Action Task Force (FATF) reported that Oman has significantly improved its legal, operational and supervisory framework on anti-money laundering and combating the financing of terrorism (AML/CFT) in recent years through robust technical compliance with the FATF recommendations.
The mutual evaluation of Oman assessed the effectiveness of the country’s measures to combat money laundering, terrorist financing, and proliferation financing and their level of compliance with the FATF recommendations during an on-site visit between January and February 2024.
Source : https://www.fatf-gafi.org/en/publications/Mutualevaluations/MER-Oman-2024.html
FATF says Argentina has improved AML/CTF measures
In December 2024, the FATF said that Argentina had strengthened its laws and processes on AML and CFT since its previous mutual evaluation in 2010, which highlighted substantial gaps in compliance. However, Argentina still faces shortcomings in delivering effective outcomes, apart from cooperation with international partners, where it is achieving positive results.
The mutual evaluation of Argentina assessed the effectiveness of the country’s measures to combat money laundering, terrorist financing, and proliferation financing and their level of compliance with the FATF recommendations during an on-site visit in March 2024.
Source : https://www.fatf-gafi.org/en/publications/Mutualevaluations/MER-Argentina-2024.html
US appeals court halts enforcement of AML law
A United States (US) appeals court halted on 26 December 2024 the enforcement of an AML law that requires corporate entities to disclose the identities of their real beneficial owners to the US Treasury Department ahead of a deadline for most companies to do so. The New Orleans-based court reinstated a nationwide injunction issued by a federal judge in Texas who had concluded the Corporate Transparency Act was unconstitutional.
Most companies had faced a 13 January 2024 deadline to submit their initial reports to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). But in light of the order, FinCEN said on 27 December 2024 that companies are not required to file beneficial ownership information with the agency. “However, reporting companies may continue to voluntarily submit beneficial ownership information reports,” FinCEN said.
Canada proposes more powers for AML regulator amid increasing scrutiny
Canada proposed new measures that will help its AML regulator impose stronger penalties for financial crimes after a big national bank pleaded guilty in the US for failures in its compliance program. In a fiscal update released on 16 December 2024 and known as the Fall Economic Statement, the country proposed changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act that include a 40-fold surge in penalties, criminal offence for false or incomplete information by a reporting entity, and a 10-time jump in fines for all criminal offences.
MONEYVAL publishes progress reports on Croatia, Georgia, and Monaco
The Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) published in December 2024 follow-up reports on Croatia, Georgia, and Monaco assessing their compliance with the 40 FATF recommendations.
Croatia has taken numerous steps to strengthen its AML/CFT systems and has improved its compliance with several FAFT recommendations. As a result, the country is rated compliant or largely compliant with 36 FATF recommendations and partially compliant with four of them, MONEYVAL said.
Georgia has improved its AML/CFT measures, especially in relation to the assessment of AML and CFT risks and regulation of virtual assets service providers. However, it is still rated as non-compliant on a recommendation related to non-profit organizations and partially compliant on eight other recommendations, according to MONEYVAL’s report on the country.
Monaco has made significant progress in complying with the FATF standards since the adoption of the mutual evaluation report in 2022. MONEYVAL found the country largely compliant with FATF recommendations.
Croatia and Georgia – in one year – and Monaco – in three years – are expected to report back to MONEYVAL on further progress the countries achieve in strengthening their measures against money laundering and the financing of terrorism.
Turkey introduces stricter cryptocurrency regulations to combat financial crime
Turkey introduced new cryptocurrency regulations during the final week of 2024, requiring users executing transactions of more than TL 15,000 (USD 425) to share their identifying information with the country’s crypto service providers. The new regulations, set for implementation on 25 February 2025, aim to prevent the laundering of illicit funds and terrorism financing through cryptocurrency transactions.
Source: https://cointelegraph.com/news/turkey-new-crypto-regulation-aml-2024
AML/CTF amendment act overhauls Australia’s legislative landscape
On 10 December 2024, Australia’s Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 received royal assent. Set to commence in March 2026, this legislation makes material amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and brings about significant reform to Australia’s AML/CTF regime. It aims to strengthen compliance, mitigate financial crime risks, and adhere to global compliance standards.
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