Now here’s your Friday newsfeed from AML Intelligence:

From Alisha H. at AML Intelligence

IN AN EXCLUSIVE article for ‘AML Intelligence’ the head of Ukraine’s FIU argues next week’s #FATF plenary meeting should vote to put Russia on its ‘black list.’

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Igor Cherkaskyi, Head of the State Financial Monitoring Service of Ukraine says?Russia has not improved its behaviour since FATF?suspended its?membership?earlier this year. “On the contrary,?[Russia]?has intensified its efforts to undermine global financial security and collaborative efforts to counter money laundering, terrorism and proliferation financing,” he writes.

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In the opinion piece Cherkaskyi says “The risks Russia poses to global financial security are multifaceted and go far beyond Ukraine – from the financing of terrorist organisations operating in Africa and exporting corruption to Western institutions to using crypto for money laundering and illicit activities financing.”

The article puts further pressure on the FATF leadership to tackle the issue of putting Russia on either its grey or black list next week.

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Meanwhile, in France, the FIU (Tracfin) has released its 2022 annual report arguing that many of the STRs it is receiving do not have sufficient evidence or prima facie indications of suspicious behaviour. Tracfin also reveals it is keeping a closer eye on the activities of accountants, estate agents, antique dealers – and of course VASPs.

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One of the most telling passages in the report however comes in relation to the volume of STRs being received. #Tracfin says it “is still receiving too many STRs, particularly from the non-financial sector, in which analysis is lacking or insufficient to categorise the suspicion. Facts and suspicious transactions must be described then analysed, with developed reasoning provided.”

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The report also says France’s private banking and wealth management sector mainly transmitted STRs relating to tax offences (disguised donations, foreign accounts and income of unknown origin), reflecting its wealthy clientele.

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Moreover, the agency says France’s National Risk Assessment (NRA) says “the private banking sector is highly exposed to money laundering risk. This risk level means there is reason to maintain a high level of AML/CFT supervision for this sector and to make specific awareness-raising efforts among reporting entities, particularly regarding threats related to corruption and large-scale tax evasion.”

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Elsewhere, #Europol says terrorism remains a clear threat to the continent, revealing many police forces remain alert to the danger of jihadist attacks.

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And in other news, the Council of Europe ’s annual anti-corruption agency (GRECO) says some European countries are still making it too difficult to get access to public records.

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Now here’s your mid-week newsfeed from AML Intelligence:

EXCLUSIVE OPINION PIECE – WHY FATF SHOULD BLACKLIST RUSSIA:?Igor Cherkaskyi, Head of the State Financial Monitoring Service of Ukraine writes exclusively for ‘AML Intelligence,’ arguing Russia poses a major threat to the world’s financial system and argues it is time FATF placed the country on its “black list.” Read his polemic here:?Why Russia’s financing of terror and corruption mean it should go on FATF’s ‘blacklist’ this month

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FINCRIME STATE OF PLAY IN FRANCE:?The number of of STRs?received?by France's FIU (Tracfin) rose by 1% between 2021 and 2022, "maintaining the long-term growth trend in reporting," the agency has reported. Between 2020 and 2022, the number of STRs received by Tracfin increased by 46%, from 111,000 to almost 163,000, it says in its annual report. But Tracfin argues it "is still receiving too many STRs, particularly from the non-financial sector, in which analysis is lacking or insufficient to categorise the suspicion.” The agency says “facts and suspicious transactions must be described then analysed, with a developed reasoning provided" when being filed with Tracfin. Find the full analysis here:?French FIU says it’s receiving ‘too many STRs’ with no basis for suspicion; agency taking bigger interest in accountants, real estate and VASPs

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CORRUPTION CONCERNS IN EUROPE:?The Group of States against Corruption of the Council of Europe (GRECO) has?expressed?concern about the restrictive access to public information in European states.?In its annual report for 2022, #GRECO recalls the role that access to information plays in ensuring public transparency and in facilitating the pursuit of corrupt behaviour. It regrets that in some countries, governments are still accorded a broad margin of discretion for determining what is in the public domain and whether to exclude certain documents from free access. “Government entities are often reluctant to disclose information and prefer to apply exceptions enabling them to withhold all or parts of information requested. Find the full story here:?Access to public information is too restrictive in some European states, says anti-corruption body

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NEW CHIEF FOR UN’s FINANCE AGAINST SLAVERY & TRAFFICKING BODY:?THE UN has?appointed? Alice Eckstein as its new project director for the Finance Against Slavery and Trafficking (FAST) initiative.?She replaces Daniel Thelesklaf who earlier this year was appointed Head of Germany’s Financial Intelligence Unit (FIU). Alice previously managed Delta 8.7, the Centre’s project that helped policymakers identify and take effective measures to achieve SDG Target 8.7. Read the story here:?Alice Eckstein appointed UN’s new Finance Against Slavery and Trafficking chief

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NO BAIL FOR BUSINESSMAN:?A U.S. appeals court in Manhattan on Wednesday said the?exiled?Chinese businessman Guo Wengui should remain in jail while he awaits trial over an alleged fraud that federal prosecutors have said exceeds $1 billion. The 2nd U.S. Circuit Court of Appeals said it did not have a "definite and firm conviction" that a trial judge erred in rejecting Guo's proposed $25 million bail package. Lawyers for Guo did not immediately respond to requests for comment. Find the story here:?No bail for exiled Chinese businessman Guo Wengui

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PATEL TO STAY AS CREDIT SUISSE CCO:?CREDIT Suisse Chief Compliance Officer Nita Patel is one of six senior executives to retain their jobs in the UBS?takeover. Chief Operating Officer Francesca McDonagh is also staying on - after being part of the two-person team overseeing the merger. The main Credit Suisse senior executives who are being retained are: Read the story here:?Credit Suisse CCO Patel is one six senior executives retained in UBS merger, bank given more than 20 ‘red line’ rules

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US PROSECUTORS DROP NEW CHARGES:?US federal prosecutors said late Wednesday that they would not?immediately?proceed with five charges of foreign bribery, bank fraud and conspiracy against the indicted founder of bankrupt cryptocurrency exchange FTX Sam Bankman-Fried. The charges were not in Bankman-Fried's initial eight-count indictment last December, which focused on the collapse of FTX, but were added after his extradition. FTX was based in the Bahamas. Read the story here:?US prosecutors to drop new charges against Bankman-Fried in Oct trial

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TERRORISM REMAINS A THREAT IN EU:?Terrorism "continues to?pose?a serious threat" in Europe, according to a Europol report today. Of 28 terror incidents in 2022, 16 were completed by terrorists and four people tragically lost their lives. The agency said two were the result of jihadist attacks and two as a result of right-wing terrorist attacks. According to EU Member States, jihadist terrorism remains the most significant threat to the EU. 380 individuals were arrested by EU Member States in 2022 for terrorism-related crimes, 266 of them for jihadist crimes. Find the story here:?Jihadi terrorism sits as a top concern for EU Member States, continues to pose a ‘serious threat’

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BANKRUPT BRAZILIAN RETAILER SLAMMED:?Top management at bankrupt Brazilian retailer Americanas?slammed?former executives, banks, and audit firms after a report by the company's legal advisers alleged their involvement in "fraudulently altered" financial statements. Later, Americanas' current top executive Leonardo Coelho assured lawmakers that board members were not among at least 30 people within the company he said were implicated in the financial scheme allegedly designed to hide its deteriorating balance sheet. Read the full story here:?Brazil’s Americanas accuses former execs, banks and auditors of aiding fraud

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Have a great Friday???

Alisha and the team at AMlintelligence.