The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

US DOJ Stresses Disclosure of Beneficial Ownership Information to Curb Illicit Finance

n-img-us-doj

The US says that it is important for countries and governments to embrace a policy of disclosing beneficial ownership information to curb illicit finance.

Success in the fight against Financial Flow (IFF) starts with the disclosure of beneficial owners of companies established in their respective countries. It also identified real estate as a major area for criminals in moving their proceeds of crime. 

The Director, Financial Transparency and Regulatory Policy, Office of Terrorist Financing and Financial Crimes, US Department of Treasury, Young Lee, who made the remark during US Foreign Press Center Virtual Briefing on US Anti-corruption efforts, argued that: “Corruption thrives in the financial shadows in Shell corporations that disguise owners’ true identities, in offshore jurisdictions with lax anti-money laundering regulations, and in complex structures that allow the wealthy to hide their income from government authorities.”

Talking about ‘Curbing Illicit Finance’, Lee disclosed that criminals all over the world have adopted the habit of hiding their identities behind corporate structures and laundering their illicit proceeds through real estate.

The director also added that this illicit finance, when not tackled, is capable of undermining and impairing good governance in any country, as well as threatening national security and prosperity.

He stated that as part of efforts in curbing illicit finance, the US has introduced some legislation such as the Anti-Money Laundering Act, 2020, and the Corporate Transparency Act (CTA).

“This legislation passed with bipartisan support was the culmination of many years of effort to address one of the most significant deficiencies in the US AML regime. That is the lack of a nationwide requirement to disclose information about the actual people who own or control companies, also known as the beneficial owners at the time of company formation.

“This was a deficiency highlighted by the Financial Action Taskforce in its 2016 assessment of the US regime, and was one of the main reasons we received the lowest possible rating for the immediate outcome related to preventing legal entities and arrangements from misuse, from money laundering financing and making sure that beneficial ownership information is made available to competent authorities without impediments,” he said.

Suggested read: US DOJ Arrests Two in Alleged NFT Money Laundering, Rug Pull Scheme

Related Posts

News

Pinterest Enhances Age Verification Measures to Protect Users Under 16

Pinterest reveals a new series of security features to make its platforms secure for teens. These...

Pinterest Enhances Age Verification Measures to Protect Users Under 16 Explore More

News

Phase One of the Crypto Regulatory Framework in Switzerland Begins

As of today, phase one of the regulatory framework regarding the cryptocurrency and blockchain in...

Phase One of the Crypto Regulatory Framework in Switzerland Begins Explore More

News

More than HK$8 Billion has been Laundered through Hong Kong Banks in 2020

Victims of online, phone and investment scams have been conned out of more than HK$8 billion (1.0...

More than HK$8 Billion has been Laundered through Hong Kong Banks in 2020 Explore More

News

UK Launches New Crypto Asset Promotion Rules

The UK’s latest obligations on the promotions of the crypto service providers came into force thi...

UK Launches New Crypto Asset Promotion Rules Explore More

News

UAE to Include Crypto Framework in their 2021 Business Agenda

The financial watchdogs in the UAE are looking towards developing a detailed crypto framework in ...

UAE to Include Crypto Framework in their 2021 Business Agenda Explore More

News

AFP Investigates Money Laundering Tactics Employed by Criminals in 2021

The Australian Federal Police is highlighting the hidden channels used by money launderers in 202...

AFP Investigates Money Laundering Tactics Employed by Criminals in 2021 Explore More

News

AML investigation results in NZ police freezing $140 million

Police have collected $140 million from the Canton Business Corporation and its owner Alexander V...

AML investigation results in NZ police freezing $140 million Explore More

News

Internet fraud complaints went up by 30% last year

As per Economic Affairs Minister Nathalie Muylle, Belgium’s Economic Inspection Unit received 29%...

Internet fraud complaints went up by 30% last year Explore More

News

China Enhances AML Obligations to Combat Money Laundering

Chinese authorities have released the latest guidelines to enhance security in the financial sect...

China Enhances AML Obligations to Combat Money Laundering Explore More

News

LifeLabs Hit By a Data Breach Affecting Personal Information of 15 Million People

Canadian laboratory testing company, LifeLabs, disclosed on Tuesday that it had been a victim of ...

LifeLabs Hit By a Data Breach Affecting Personal Information of 15 Million People Explore More

News

EGBA Introduces New Guidelines to Prevent Money Laundering in Gaming Industry

EGBA (European Gaming and Betting Association) has announced new guidelines to improve the anti-m...

EGBA Introduces New Guidelines to Prevent Money Laundering in Gaming Industry Explore More

News

Skyrocketing NFT Sales Raise Concerns for Tax, Law Enforcement

Last month, the sales for a digital art piece was surprisingly high and raised many questions for...

Skyrocketing NFT Sales Raise Concerns for Tax, Law Enforcement Explore More

News

EU Lawmakers to Initiate Discussions on AML Laws for Bitcoin, Ethereum & More

The EU’s parliament, commission, and council are set to initiate discussions on the issue of anti...

EU Lawmakers to Initiate Discussions on AML Laws for Bitcoin, Ethereum & More Explore More

News

Binance’s Regulatory Setback in Singapore Shifts Attention to Middle East

Binance, the world’s largest cryptocurrency exchange, withdrew its application for licence in Sin...

Binance’s Regulatory Setback in Singapore Shifts Attention to Middle East Explore More

News

Ukraine Passes Anti-Money Laundering Law based on FATF

The Government of Ukraine has passed the final version of a money laundering law based on the gui...

Ukraine Passes Anti-Money Laundering Law based on FATF Explore More

News

Singapore sees 300% yearly spike in Q1 cryptojacking attacks amid Coronavirus

Data published by Russian cybersecurity firm Kaspersky depicts that Singapore has witnessed a sud...

Singapore sees 300% yearly spike in Q1 cryptojacking attacks amid Coronavirus Explore More

News

The State Bank of Vietnam Demands More Freedom and Power to be Granted to the Anti-Money Laundering Bureau

The State Bank of Vietnam (SBV) requested the government to enhance security by providing more fr...

The State Bank of Vietnam Demands More Freedom and Power to be Granted to the  Anti-Money Laundering Bureau Explore More

News

Star Casino Faces Class Action for Anti-Money Laundering Failures

The Star casino has been hit with a shareholder class action for its alleged non-compliance with ...

Star Casino Faces Class Action for Anti-Money Laundering Failures Explore More

News

OSCE Hosts Regional Conference on Combating Money Laundering and Terrorist Financing in South-Eastern Europe

The chairperson of the OSCE for North Macedonia addressed issues of corruption, money laundering,...

OSCE Hosts Regional Conference on Combating Money Laundering and Terrorist Financing in South-Eastern Europe Explore More

News

One in Three Western Australians Experience Financial Frauds – Bankwest

Based on reports, every one in three residents of Western Australia has experienced financial abu...

One in Three Western Australians Experience Financial Frauds – Bankwest Explore More

News

The UK Introduces Beneficial Ownership Register for Overseas Entities

The implementation of the UK government’s Economic Crime (Transparency and Enforcement) Bill has ...

The UK Introduces Beneficial Ownership Register for Overseas Entities Explore More

News

South Korean merchants open to accepting digital yuan

According to the South Korean media, the local merchants could accept the upcoming digital yuan a...

South Korean merchants open to accepting digital yuan Explore More

News

Combating COVID-19: Dubai warns of $10 million loan scheme fraud

A recent scam has emerged in Dubai which involves a $10 million loan for young entrepreneurs and ...

Combating COVID-19: Dubai warns of $10 million loan scheme fraud Explore More

News

Cambridge University Hospital Breach Exposes Data of Cancer and Pregnancy Patients

The Cambridge University Hospital admitted they mistakenly leaked over 22,000 pregnant women and ...

Cambridge University Hospital Breach Exposes Data of Cancer and Pregnancy Patients Explore More

News

FIU Recovers $284K From Two Companies Suspected of Money Laundering and Tax Evasion

The Financial Intelligence Unit of Liberia (FIUL) has recovered more than $284,000 from two compa...

FIU Recovers $284K From Two Companies Suspected of Money Laundering and Tax Evasion Explore More

News

Ireland Campaigns to make Dublin the EU AML Authority Headquarter

A team was established in the Department of Finance by the Irish government to campaign for Dubli...

Ireland Campaigns to make Dublin the EU AML Authority Headquarter Explore More

News

FinCEN Releases Final Rule to Implement Beneficial Ownership Reporting Requirements

US Treasury Department’s FinCEN has issued a highly anticipated final rule for the implementation...

FinCEN Releases Final Rule to Implement Beneficial Ownership Reporting Requirements Explore More

News

Shufti Nominated for Yalla Fintech 2020 Award

Shufti, an identity verification service provider offering KYC verification and AML screening...

Shufti Nominated for Yalla Fintech 2020 Award Explore More

News

PayPal Announces Suspension of UK Crypto Purchases from October

PayPal announced a temporary ban on UK cryptocurrency purchases, demonstrating their swift compli...

PayPal Announces Suspension of UK Crypto Purchases from October Explore More

News

Malta Faces 200% Spike in Money Laundering Cases

Financial Intelligence Analysis Unit (FIAU), Malta’s financial regulator, received a 200% increas...

Malta Faces 200% Spike in Money Laundering Cases Explore More

News

UK Authorities Accuse Attorneys of Failure in Combating Financial Crimes

The UK regulatory authorities asserted that new data revealed prosecutors inadequately comply wit...

UK Authorities Accuse Attorneys of Failure in Combating Financial Crimes Explore More

News

Over a Million T-Mobile Customers Affected By a Data Breach

T-mobile suffered a data breach earlier this month, the company confirmed this on their website t...

Over a Million T-Mobile Customers Affected By a Data Breach Explore More

News

FinCEN Implements Stringent KYC Regulations For Digital Wallet

The USA Treasury Department has proposed KYC- Know Your Customer Regulations for the digital asse...

FinCEN Implements Stringent KYC Regulations For Digital Wallet Explore More

News

Yemen Government Accused of Money Laundering by United Nations

Monitors of U.N sanctions have accused Yemen’s government of corruption and money laundering. A r...

Yemen Government Accused of Money Laundering by United Nations Explore More

News

SRA Fines Scarborough Law Firm for Long-term AML Compliance Failures

The Solicitors Regulation Authority (SRA) has fined Scarborough law firm Pinkney Grunwells Lawyer...

SRA Fines Scarborough Law Firm for Long-term AML Compliance Failures Explore More

News

EU Parliament Committee Backs MiCA Deal to Effectively Manage Crypto

The MiCA deal has been approved by the economic committee of the EU Parliament. The committee has...

EU Parliament Committee Backs MiCA Deal to Effectively Manage Crypto Explore More

News

South Africa links fintech startups with financial regulators

South Africa’s financial regulators have initiated the Inter-governmental Fintech Working Group (...

South Africa links fintech startups with financial regulators Explore More

News

South Korea Demands Crypto Exchange Data from Banks for Tighter Regulations

The financial regulators in South Korea are seeking crypto exchange data from the banks in order ...

South Korea Demands Crypto Exchange Data from Banks for Tighter Regulations Explore More

News

China’s cyberspace regulators approve 224 blockchain ventures

China’s Office of the Central Cyberspace Affairs Commission (OCCAC) has recently announced a new ...

China’s cyberspace regulators approve 224 blockchain ventures Explore More

News

One in Three Western Australians Experience Financial Frauds – Bankwest

Based on reports, every one in three residents of Western Australia has experienced financial abu...

One in Three Western Australians Experience Financial Frauds – Bankwest Explore More

News

Feds Bust Columbian Drug Cartel’s Scheme to Launder “Millions” Through US Banks

A Columbian drug cartel’s scheme was busted by the federal prosecutors who moved millions through...

Feds Bust Columbian Drug Cartel’s Scheme to Launder “Millions” Through US Banks Explore More

News

Shufti picks up two business awards

October has been an amazing month for Shufti. In September it was nominated for outstanding p...

Shufti picks up two business awards Explore More

News

Phase One of the Crypto Regulatory Framework in Switzerland Begins

As of today, phase one of the regulatory framework regarding the cryptocurrency and blockchain in...

Phase One of the Crypto Regulatory Framework in Switzerland Begins Explore More

News

Aussies Lost Record-breaking $851 million During COVID-19: ACCC Reports

Amid the pandemic, Australians lost a record-breaking amount of $851 million in 2020. According t...

Aussies Lost Record-breaking $851 million During COVID-19: ACCC Reports Explore More

News

Scottish Firm Blacklisted by the World Bank for Fraudulent Practices

An anonymously owned Scottish firm has been blacklisted by the World Bank for being involved in f...

Scottish Firm Blacklisted by the World Bank for Fraudulent Practices Explore More

News

Leaked Draft: EU Plans to Ban Privacy Enhancing Crypto Coins

CoinDesk has received a leaked draft of the money laundering bill, disclosing plans of the Europe...

Leaked Draft: EU Plans to Ban Privacy Enhancing Crypto Coins Explore More

News

AML Council Warns Financial Institutions to Strengthen Systems for Effective Money Laundering Prevention

Banks and financial institutions should implement a strengthened anti-money laundering system to ...

AML Council Warns Financial Institutions to Strengthen Systems for Effective Money Laundering Prevention Explore More

News

New Zealand to Update AML/CFT Regulation ​​from 9 July 2021

Among other changes, reporting entities have been directed to conduct customer due diligence on n...

New Zealand to Update AML/CFT Regulation ​​from 9 July 2021 Explore More

News

Binance to Strengthen KYC Measures & Sanctions Enforcement with New Partnerships

The global crypto exchange Binance has announced that it will strengthen its KYC controls & s...

Binance to Strengthen KYC Measures & Sanctions Enforcement with New Partnerships Explore More

News

Iran’s Finance Ministry Releases List of Individuals Suspected of Money Laundering

The Finance Ministry of Iran has released its first list of individuals suspected of having links...

Iran’s Finance Ministry Releases List of Individuals Suspected of Money Laundering Explore More

News

Dubai KYC consortium to enhance UAE bank profits

According to Moody’s Investors Service, the recently formed Know Your Customer (KYC) consortium i...

Dubai KYC consortium to enhance UAE bank profits Explore More

News

Philippines: Banks Reminded to Closely Monitor and Report Suspicious Transactions

Philippines ramps up efforts to step out of the FATF’s grey list and reminds banks to monitor and...

Philippines: Banks Reminded to Closely Monitor and Report Suspicious Transactions Explore More

News

Nepal’s Foreign Employment Sector Witnesses a Surge in Fraudulent Cases

The number of individuals seeking international employment from Nepal has increased, and so do th...

Nepal’s Foreign Employment Sector Witnesses a Surge in Fraudulent Cases Explore More

News

The UAE Central Bank Revokes Dirham Exchange’s Licence for AML Misconduct

Dirham Exchange, an exchange house based in the UAE, has had its licence revoked by The UAE Centr...

The UAE Central Bank Revokes Dirham Exchange’s Licence for AML Misconduct Explore More

News

German Watchdog Extends N26 Measures to Prevent Money Laundering

BaFin, the German financial regulator, stated on July 17th, that it was extending its measures to...

German Watchdog Extends N26 Measures to Prevent Money Laundering Explore More

News

The UK’s Joint Money Laundering Steering Group Amends Crypto Asset Travel Rule

The UK’s Joint Money Laundering Steering Group (JMLSG) amended the Money laundering and Terrorist...

The UK’s Joint Money Laundering Steering Group Amends Crypto Asset Travel Rule Explore More

News

Amazon Sued Over Illegal Storage of Employee Biometric Data

Lawyers from the firm of McGuire Law P.C. of Chicago filed a class action complaint on November 1...

Amazon Sued Over Illegal Storage of Employee Biometric Data Explore More

News

Seychelles Upgrade on FATF Recommendation to Strengthen Anti-Money Laundering Measures

Seychelles has upgraded and implemented 5 FATF recommendations to strengthen anti-money launderin...

Seychelles Upgrade on FATF Recommendation to Strengthen Anti-Money Laundering Measures Explore More

News

The Biggest Theft in Crypto History: $600 Million Stolen

Binance and Tether have also joined the recovery plan to help minimize the consequences of the at...

The Biggest Theft in Crypto History: $600 Million Stolen Explore More

News

South Africa links fintech startups with financial regulators

South Africa’s financial regulators have initiated the Inter-governmental Fintech Working Group (...

South Africa links fintech startups with financial regulators Explore More

News

ICO Warns Public Bodies Over Failure to Respond FOI Requests

ICO warned public bodies regarding Freedom of Information (FOI) requests failure. Different depar...

ICO Warns Public Bodies Over Failure to Respond FOI Requests Explore More

News

Norway’s DNB is Facing a Possible Fine of $45M for Poor AML Compliance

Norway’s leading bank, DNB ASA, faces the possibility of a $45 million penalty for its inadequate...

Norway’s DNB is Facing a Possible Fine of $45M for Poor AML Compliance Explore More

News

Shufti Nominated for Yalla Fintech 2020 Award

Shufti, an identity verification service provider offering KYC verification and AML screening...

Shufti Nominated for Yalla Fintech 2020 Award Explore More

News

U.S. Takes the Lead in Combating Illegal Financial Activities Through Updated AML Timelines

The Biden Administration released a new fact sheet highlighting the administration’s progre...

U.S. Takes the Lead in Combating Illegal Financial Activities Through Updated AML Timelines Explore More

News

Switzerland Endorses Rigorous AML Measures

Switzerland has introduced new anti-money laundering regulations to bolster financial institutes&...

Switzerland Endorses Rigorous AML Measures Explore More

News

Singapore Government Discloses Modified Regulatory Measures for Stablecoins

Singapore’s Central Bank has disclosed upgraded regulatory guidelines for stablecoins to keep cry...

Singapore Government Discloses Modified Regulatory Measures for Stablecoins Explore More

News

Estonian Cryptocurrency Exchange charged for concealing hack

Crex24, an Estonian cryptocurrency exchange, is accused of hiding a hack from its customers after...

Estonian Cryptocurrency Exchange charged for concealing hack Explore More

News

US Firm Fined with Half a Million Dollars for Violating US Sanctions

A crypto firm, BitPay will now have to pay a fine of half a million dollars to the U.S Treasury’s...

US Firm Fined with Half a Million Dollars for Violating US Sanctions Explore More

News

Tesla CEO Elon Musk Accuses SEC of Leaking Information in Federal Investigation

Tesla CEO Elon Musk has accused the SEC of leaking information about a federal investigation as a...

Tesla CEO Elon Musk Accuses SEC of Leaking Information in Federal Investigation Explore More

News

Crypto Under Threat – UK Banks are Blocking Payments

Due to rising financial crimes related to cryptos, banks in the UK are blocking payments to crypt...

Crypto Under Threat – UK Banks are Blocking Payments Explore More

News

NAB Chief Urges Government to Reconsider Fines for Large Data Breaches

The Chief of NAB Ross McEwan has urged the government that penalties for data breaches charged as...

NAB Chief Urges Government to Reconsider Fines for Large Data Breaches Explore More

News

Lloyds Banking Group Initiates “Pilot Scheme” to Combat Frauds

Lloyds bank initiates a “pilot scheme” with the London police to counter criminal act...

Lloyds Banking Group Initiates “Pilot Scheme” to Combat Frauds Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started