The Financial Action Task Force (FATF) maintains a "grey list" of countries with strategic deficiencies in their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks. These jurisdictions are included when they fail to meet FATF standards or if there are concerns about their AML/CFT measures. Reasons for inclusion on the list include weak AML/CFT frameworks, insufficient customer due diligence, lack of cooperation, and presence of terrorist financing. Being on the grey list brings increased international scrutiny, impacts access to global financial systems, and affects a country's economy and reputation. To be removed from the list, countries must address the identified deficiencies and demonstrate progress in strengthening their AML/CFT frameworks.
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Championing risk management through sustainability
The last two decades has shown that the globe is not static as major events such as the economic recession, the introduction of new technologies, terrorist attacks, environmental incidents, health emergencies and the introduction of new regulatory requirements occurred. These elements also impacted the corporate world and in fact, various studies found that 8 of the 10 most important business risks are directly related to environmental or social issues. For instance, risks in relation to reputation and brand, legislative change, the ability to attract top talent, and third-party liability are directly affected by sustainability issues.
In recent years, money laundering (hereinafter referred to as ‘ML’) has gained notoriety due to major cases such as the Panama papers. This notwithstanding, ML existed for much longer than this but due to this crime being static, information remains dispersed and vague. The purpose of this article is to explore the development of ML over the years and how it impacted the knowledge about the subject today.
The economic consequences of COVID-19 on future trading assumptions, and the direct impact on many companies, may place some companies under liquidity pressures. We understand these pressures and have compiled some tips for managing cash flow and mitigating any potential impact on your debt obligations.
The code of ethics is an important tool which can enhance the reputation and the perception of the public of a profession and an organisation. In fact, local professionals such as lawyers, accountants, auditors and teachers must abide by a code of ethics which is issued by a recognised organisation. Moreover, businesses tend to establish their own code of ethics when they do not have an official code.