The Anti-Money Laundering Council (AMLC) has transferred P50 million in funds suspected of terrorism financing to the Bureau of the Treasury, following a ruling by a Regional Trial Court in Manila initiated by the AMLC. The court determined that the funds were linked to terrorism financing related to the Marawi City Siege, involving efforts by the Maute family to establish a terroristic government. These funds were discovered by the Armed Forces of the Philippines (AFP) during operations to regain control of Marawi City. The turnover was achieved through collaborative efforts involving the AMLC, AFP, Treasury Bureau, Bangko Sentral ng Pilipinas, Land Bank of the Philippines, and Office of the Solicitor General.
Each year brings forth a set of significant new anti-money laundering (AML) regulations, and 2024 is no different. Here are five key changes anticipated to shape the landscape of financial crime:
- Corporate Transparency Act (US): The Corporate Transparency Act (CTA), effective from January 1, 2024, mandates firms, both domestic and foreign, operating in the US, to report their beneficial owners to the government, aiming to enhance transparency. Non-compliance could result in fines and potential jail time for company directors.
- New AML Package for Europe (EU): The EU is expected to finalize a new AML package in Q1 2024, aimed at harmonizing anti-money laundering and counter-terrorism financing measures across its member states. The package includes the establishment of an AML Authority, an updated directive for domestic frameworks, clearer guidelines for obliged entities, and revised regulations concerning the transfer of funds, including crypto assets.
- Economic Crime Plan 2 (UK): The UK’s Economic Crime Plan 2 (ECP2), introduced in 2023, outlines measures to combat money laundering, fraud, and illicit finance. It includes increasing resources for law enforcement, expanding the National Crime Agency’s capacity, supporting beneficial ownership registries, and implementing reforms in information sharing and law enforcement.
- Tranche 2 Reforms (Australia): Australia is set to introduce Tranche 2 reforms in 2024/2025 to address concerns and avoid inclusion on the FATF grey list. These reforms aim to strengthen the anti-money laundering and counter-terrorism financing regime by regulating entities such as lawyers, real estate agents, and auditors, among others, and enhancing AML/CFT frameworks and penalties for non-compliance.
- AI Regulations (G7): International efforts to regulate artificial intelligence (AI) systems are underway, with the G7 issuing guiding principles and a code of conduct for organizations developing advanced AI systems. These efforts aim to ensure the responsible development of AI while addressing potential risks, including those related to anti-money laundering and counter-terrorism financing.
These regulatory changes reflect a concerted global effort to combat financial crime and promote transparency in financial systems.
Explore top supply chain news stories at The Supply Chain Report. Visit ADAMftd.com for free international trade tools.
#FinancialCrimeImpact #GlobalAMLChanges #RegulatoryLandscape #AntiMoneyLaunderingTrends
