Mauritius Compliance news
Mauritius prime minister says he has taken up finance minister post too
PORT LOUIS, Nov 22 (Reuters) – The prime minister of Mauritius, Navin Ramgoolam, who was sworn in this month after a landslide election victory, said on Friday he will keep the post of finance minister for himself to help keep the economy under close watch.
UAE Compliance news
How Dubai caught banker who bagged huge ‘bonuses’ from money laundering tactics
This year, the Dubai Financial Services Authority (DFSA) took strict action against a company that mismanaged client investment funds and an individual involved in money laundering. In one case, a former relationship manager was fined nearly $1 million (around Dh3.6 million) for deceptive conduct and for facilitating the money laundering technique known as layering.
UAE Central Bank, police issue fresh alert against six specific cyber scams
Abu Dhabi: The Central Bank of the UAE, in collaboration with Abu Dhabi Police and Dubai Police, have issued a warning about six prevalent types of cyber fraud.
The Central Bank has advised individuals to identify fraudsters by noting errors in their communications, as fraudulent messages often contain spelling or grammatical mistakes.
Dubai Police Arrest “William Pereira Rugato,” Accused of Match-Fixing and Fraud in His Home Country
The Dubai Police have apprehended “William Pereira Rugato,” a Brazilian citizen listed on INTERPOL’s Red Notice, for allegedly orchestrating fraud in his home country by manipulating football match results. These activities reportedly facilitated illegal financial gains through wagers placed on global sports betting platforms.
CBUAE suspends the currency exchange system of Al Razouki Exchange and closes two of its Branches
Source: https://www.centralbank.ae/en/news-and-publications/news-and-insights/?Search=CBUAE suspends the currency exchange system of Al Razouki Exchange and closes two of its Branches
UAE government launches KYC platform for enhanced financial data
ABU DHABI: The UAE government has launched the “Know Your Customer” (KYC) digital platform to provide accurate, comprehensive, and confidential data for financial transactions.
UAE first in region to gain observer status in Eurasian Group to Combat Money Laundering and Terrorism Financing
The United Arab Emirates has officially joined the Eurasian Group on Combating Money Laundering and Terrorist Financing (EAG) as an observer, becoming the first country in the region to achieve this status.
Source: Home | Emirates News Agency
Global Compliance news
Malta: FIAU fines are not unconstitutional, top court rules in landmark judgment
A constitutional court has overturned a ruling that effectively crippled the Financial Intelligence Analysis Unit’s ability to issue fines.
Billionaire Chairman of Conglomerate and Seven Other Senior Business Executives Indicted in Connection With Scheme to Pay Hundreds of Millions of Dollars in Bribes and Conceal Bribery Scheme From U.S. Investors
More than $250 Million in Bribes Promised to Indian Government Officials to Secure Solar Energy Contracts.
Treasury Sanctions Gazprombank and Takes Additional Steps to Curtail Russia’s Use of the International Financial System
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took another major step in implementing commitments made by G7 leaders to curtail Russia’s use of the international financial system to further its war against Ukraine. OFAC’s action includes the designation of Gazprombank, more than 50 internationally connected Russian banks, more than 40 Russian securities registrars, and 15 Russian finance officials. OFAC is also issuing an alert describing sanctions risks related to Russia’s System for Transfer of Financial Messages (SPFS), which the Kremlin created and uses to evade sanctions.
Source: https://home.treasury.gov/news/press-releases/jy2725
South Africa’s progress in strengthening measures to tackle money laundering and terrorist financing
Paris, 5 November 2024 – Since the 2021 assessment of South Africa’s measures to tackle money laundering and terrorist financing and the 2023 Follow-Up report, the country has taken a number of actions to strengthen its framework.
In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since their mutual evaluation. Overall, South Africa has made progress in addressing most of the technical compliance deficiencies identified in its MER and has been upgraded.
Source: South Africa’s progress in strengthening measures to tackle money laundering and terrorist financing
