FINTRAIL produces a monthly summary of FinCrime regulatory changes and publications. This document covers:
Key updates from global and local regulators
Key updates from industry guidelines
Additional insights identified from financial intelligence units
January 2023
This month’s highlights include:
The Financial Action Task Force has released its annual report for 2021-2022. The report highlights the global watchdog’s critical work, including its standard on beneficial ownership transparency, and strategic priorities for the next two years, including increasing capabilities to effectively recover criminal assets, overall strengthening of the global network, and leveraging
digital transformation to tackle money laundering and terrorist financing.Transparency International has released its 2022 Corruptions Perception Index, showcasing that corruption levels, with an unchanged global average score, are at a worldwide standstill. According to the report, 26 countries have fallen to their lowest scores yet, and 155 countries have made no significant progress against corruption or have declined since 2012.
The National Crime Agency (NCA) has published its 2022 Suspicious Activity Reports (SARs) Annual Report. The report notes a 21% increase in total SARs received, 120% increase in funds denied from Defence Against Money Laundering (DAML) requests, and 21% decrease in total DAMLs received over 2021 and 2022.
What other publications and regulatory changes caught your eye in January? If you are interested in speaking to the FINTRAIL team about any of the items in the REG-CAP, have any ideas for inclusion, or want to discuss any other financial crime topic, please get in touch: contact@fintrail.com