Financial Action Task Force
Banknotes: October to December 2022
A round-up of news and salient issues that have affected central bankers in the past three months
FATF puts Myanmar on money-laundering blacklist
Move may increase economic pressure on military junta as currency crisis grows
Myanmar may go on money laundering blacklist, report says
Opposition calls on New York Fed to unfreeze Myanmar assets to back proposed digital currency
Banknotes: July to September 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Gontareva on Ukraine’s funding, NBU policy and reconstruction
Former NBU governor Valeria Gontareva speaks about donor funding shortfalls, NBU policy and financial stability challenges, Nabuillina and the seizing of Russian assets, and post-conflict rebuilding and modernisation
Panama’s president vetoes parts of crypto law
Bankers’ association also opposes law, which president says lacks AML protections
Philippines central bank announces wholesale CBDC pilot
“Project CBDCPh” will test large transactions at limited number of institutions
Paraguay legislative committee rejects crypto law
The central bank issued strong objections to the law, which passed the upper house in December
Regulators race to curb crypto asset money laundering
Crypto assets are increasingly used as vehicles for money laundering, but regulating them is not necessarily straightforward
US regulators call for new stablecoin regulations
Working group wants issuers to be insured and regulated like banks
Bitcoin becomes legal tender in El Salvador
Observers warn move could further destabilise the fragile Salvadoran economy
Paraguay raises rates as start of ‘gradual normalisation’
Country is latest in Latin America to tighten policy, alongside Brazil, Uruguay and Peru
Police search Paraguay central bank
“Fifa-gate” investigations into embezzlement lead special AML unit to execute warrant
Papua New Guinea central bank penalises largest lender
Regulators issue warning on AML breaches at BSP, but observers say actions are not strict enough
Somalia’s governor on rebuilding its central bank
Governor Abdirahman Mohamed Abdullahi discusses reviving Somalia’s war-damaged economy, re-creating a payments system, and dealing with remittances
Three ways to bolster flawed AML/CFT in the EU
The EU needs to significantly improve the structure and resourcing of its AML/CFT oversight if it really wants to combat illicit money flows, write Panicos Demetriades and Radosveta Vassileva
RBNZ does not have ‘adequate’ AML/CFT resource – FATF report
New Zealand central bank needs more AML/CFT resources and tougher penalties
Bolivia places new restrictions on FX movements
All transactions over $20,000 must go through banking system
IMF voices fears over Madagascar central bank’s local gold buying
Central bank is buying unrefined gold, but IMF officials warn safeguards are at risk
AML/CFT regulation of crypto assets needs rapid reform – BIS report
Few jurisdictions are implementing “travel rule” for crypto assets, report says
New Nicaragua law may isolate local banks
Law could require domestic banks to maintain accounts of people under sanctions
Barbados governor hits back at AML ‘blacklisting’
Action by EU is “pernicious” amid pandemic and IMF programme, says Cleviston Haynes
FATF will set up global network of virtual asset supervisors
Current standards are sufficient to govern stablecoin activity, report says, but risks may grow
Some thoughts on CBDC operations in China
People’s Bank of China deputy governor Fan Yifei outlines why he favours an indirect approach to introducing a CBDC in China