News in Brief – November 2020

AUSTRALIA
  • AML reform laws known as Tranche 1.5 has passed in the lower house in Australia. There is a motion from the Greens to extend laws to professions such as lawyers, realtors, company and trust service providers alike. These professions are typically exploited by financial criminals to launder their proceeds
  • AUSTRAC have announced they are preparing up to 10 risk assessment guides to support Tranche 1.5
  • Crown Casino proves the difficulty in managing financial crime vulnerabilities
  • AUSTRAC has released the Fintel Alliance Performance Report 2019 – 2020 this month. The Fintel Alliance outlines the impact they have on protecting the Australian financial system and community from serious and organised crime
ASIA
  • The Philippines Government is under a 12-month observation however this has been extended to February 2021 due to COVID-19. The Anti-Money Laundering Council (AMLC) has advised this is the last opportunity to address the deficiencies and to avoid gray-listing
  • An Associated Press investigation found that palm oil workers from some of the poorest countries in Asia were exploited with most serious abuses including child labour, outright slavery and allegations of rape
EUROPE
  • EU Finance Ministers have agreed to launch a European-wide regulatory body that focuses on fighting money laundering
NORTH AMERICA
  • Goldman and Sachs received a US$3B fine due to their involvement with the 1MBD scandal which is a good example of the enforcement of anti-bribery and corruption laws
  • In the US, money laundering experts are proposing AML reforms to manage the aftermath of the FinCEN file leaks

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