3 May
Financial Action Task Force ("FATF") questions South African anti-money laundering laws
. FATF has compiled a report detailing deficiencies in anti-money laundering legislation in South Africa. The existing Financial Intelligence Centre Act requires a financial institution to verify the identity of the client, but there is no requiremnt to identify the true beneficial owner of the property. The report also highlighted that the numerous exemptions to the Act and inadequate law enforcement undermined the effectiveness of existing legislation.
4 May
Anti-money laundering agreement signed by Andorra and Monaco.
The Andorran anti money laundering group, Unitat de Prevencio de Blanqueig ("UPB"), signed an agreement today with its counterpart in Monaco, Service d'Information et de Controle sur les Circuits Financiers ("SICCFIN"). The agreement will improve cooperation between the two countries and will allow the exchange of information about suspected money launderers. UPB plans
