Tagged: terrorist financing

FATF Blacklists Myanmar for “Strategic Deficiencies” in Money Laundering and Terrorist Financing Infrastructure

Alexander Cotoia, Regulatory Manager and Senior Consultant at The Volkov Law Group PC, rejoins us for a posting on Myanmar AML risks. Alex can be reached at [email protected]. On October 21, 2022, the global Financial Action Task Force (“FATF”) added the nation of Myanmar to its so-called “blacklist” of jurisdictions with “strategic deficiencies” in their legal and regulatory regimes that permit illicit financial activity such...

The Banking Stepchild: Money Service Businesses

Sometimes risk analysis can result in paralysis. Finding your risk tolerance and applying it to specific situations requires a nuanced approach. I am always wary of anyone who tells me categorical rules – e.g. we do not do business in Russia because it is too risky. In this era of oversimplification, such statements border on intellectual dishonesty. A careful approach to risk analysis always involves...