INSIGHT: Monaco faces likely greylisting at FATF plenary; would be huge shock to principality’s €160bn finance sector; Venezuala also set for watchlist

Regulatory Watch News

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  Treasury Sanctions Mexico- and China-Based Money Launderers Linked to the Sinaloa Cartel

  OFAC

  July 1, 2024

  Washington — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned a Mexico-based money launderer and China-based members of a money laundering organization with criminal links to the Sinaloa Cartel as part of ongoing efforts to disrupt the flow of illicit narcotics into the United States. This action is the result of the U.S. government’s ongoing efforts, in cooperation with the Mexican government, to disrupt the trafficking of fentanyl and save lives — a priority under the President’s Unity Agenda. Today’s action furthers efforts by Treasury’s Counter-Fentanyl Strike Force, which leverages Treasury’s unique expertise and capabilities to disrupt the illicit financial networks relied upon by the cartels.

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  SEC, MSRB, FINRA to Hold Hybrid Compliance Outreach Program

  SEC

  July 1, 2024

  Washington D.C., July 1, 2024 —

  The Securities and Exchange Commission, Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) today announced the opening of registration for both in-person and virtual attendance of their Compliance Outreach Program for municipal market professionals. The event is open to the public and will take place on Wednesday, Nov. 20, and Thursday, Nov. 21, 2024, at the Byron Rogers Federal Building in Denver, Colorado.

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  Singapore Refreshes the Terrorism Financing National Risk Assessment and National Strategy for Countering the Financing of Terrorism

  MAS

  July 1, 2024

  Singapore, 1 July 2024… Singapore published today its updated Terrorism Financing (TF) National Risk Assessment (NRA) and National Strategy for Countering the Financing of Terrorism (CFT) as part of its continuous efforts to deal with the threat of terrorism. Terrorist actors may exploit Singapore’s economic openness as an international financial, business, and transport hub for TF purposes. There is therefore a need for constant vigilance. Furthermore, as the global terrorism landscape evolves, Singapore’s TF risks will evolve too, hence this refreshed assessment and strategy. Singapore has developed and implemented a systematic and comprehensive whole-of-government approach to identify, monitor, and mitigate TF risks. The security, intelligence (including financial intelligence), law enforcement, supervisory, and regulatory agencies constantly scan for existing and emerging TF risks, informed by TF cases in Singapore, international reports, and feedback from foreign counterparts on observed TF risks with a Singapore nexus. We also actively engage and cooperate with the private sector and academia to enhance our understanding of TF risks.