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The report has highlighted areas of high priority that need further study and the risks associated with COVID-19, cryptocurrencies, and shell companies among others.
The Asia/Pacific Group on Money Laundering, commonly known as APG, has issued a new report based on the Anti-Money Laundering (AML) efforts made between July 2020 and June 2021.
The APG releases these reports each year that provide information such as case studies, observation on trends, enforcement of Anti-Money Laundering and Counter-Terrorist Financing standards as set out by the FATF, and examples of international cooperation. The main purpose of the report is to highlight the areas that need further study.
APG’s report has listed out 145 cases received from 15 APG member jurisdictions.
“The featured case studies are a small part of the work by law enforcement and intelligence agencies in APAC and other regions to detect and combat money laundering and terrorism financing, as many cases cannot be shared publicly due to their sensitive nature or ongoing investigative and judicial processes”, states the report.
A key chapter included in the report includes information regarding the risks associated with proliferation financing in light of the amendments to Recommendation 1 and its Interpretive Note that was adopted by the FATF (Financial Action Task Force) back in October 2020.
Case studies in the report include details on the risks of money laundering and terrorism financing when it comes to cryptocurrencies, COVID-19, shell companies, the real estate sector, and the gambling industry.
The report is available for download here.
The report has pointed out systemic weaknesses that have facilitated drug trafficking in Pacific jurisdictions and makes a series of recommendations for improved AML/CFT measures.