News & Updates
Zimbabwe’s Removal from the FATF Grey List
On the 4th of March 2022, Zimbabwe was removed from the Financial Action Task Force (FATF) grey list. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. Jurisdictions under increased monitoring actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. The ESAAMLG 7th enhanced follow up report on Zimbabwe indicated that the country would remain in enhanced follow-up and will continue to inform the ESAAMLG of the progress made in improving and implementing its AML/CFT measures.
Understanding Wolfsberg Financial Crime Principles for Correspondent Banking
On the 28th of October 2022 the Wolfsberg Group published the Wolfsberg Financial Crime Principles for Correspondent Banking. The principles aim to:
• Promote effective risk management and enable Institutions to exercise sound business judgement with respect to their correspondent banking customers.
• Furthermore, adherence to these Principles will support the aim of Group members and the wider industry to prevent the use of global networks for criminal purposes…
2022 Corruption Perception Index (CPI)
The impact of corruption goes beyond the corrupt individuals, the innocent colleagues who are implicated, or the reputation of the organisations they work for. It raises serious social, moral, economic and political concerns, undermines good governance, hinders development and distorts competition. It erodes justice, undermines human rights and is an obstacle to the relief of poverty. It also increases the cost of doing business, introduces uncertainties into commercial transactions, increases the cost of goods and services, diminishes the quality of products and services, which can lead to loss of life and property, destroys trust in institutions and interferes with the fair and efficient operation of markets…
Understanding the Basel Anti-Money Laundering Index
The Basel AML Index measures the risk of money laundering and terrorist financing (ML/TF) in jurisdictions around the world. Risk, as measured by the Basel AML Index, is defined as a jurisdiction’s vulnerability to ML / TF and its capacities to counter it; it is not
intended as a measure of the actual amount of ML/ TF activity in a given jurisdiction.
It assesses money laundering risks in various jurisdictions and provides the results in two forms:
1. on a map
2. on a ranking list…
2021 Corruption Perception Index (CPI)
Corruption is a widespread phenomenon. It raises serious social, moral, economic and political concerns, undermines good governance, hinders development and distorts competition. It erodes justice, undermines human rights and is an obstacle to the relief of poverty. It also increases the cost of doing business, introduces uncertainties into commercial transactions, increases the cost of goods and services, diminishes the quality of products and services, which can lead to loss of life and property, destroys trust in institutions and interferes with the fair and efficient operation of markets.