Author: Jones Day
Published: January 2021
The following report is courtesy of CGCC member
Jones Day. This resource does not, and is not intended to constitute legal
advice.
2020 witnessed a flurry of anti-money
laundering activity, with the issues and developments continuing to be global
in scope. In the United States, suspicious activity reports, outlining
transactions involving terrorism finance or other illegal activity, were leaked
to the public. This sparked questions into the effectiveness of current
anti-money laundering regime and suspicious activity report filing.
In the European Union, an action plan to
prevent money laundering and terrorist financing was proposed, foreshadowing
increased enforcement action and further regulation. The European Union also
adopted a global human rights sanctions regime, highlighting the need for
appropriate safeguards in compliance frameworks.
In Hong Kong, the test to determine the
reasonableness of a person's belief regarding legitimacy of sources of funds
was reformulated. Last year also witnessed multiple public pronouncements and
penalties imposed in Singapore regarding anti-money laundering and countering
the financing of terrorism, forcing companies to look into their compliance
programs and the quality of their execution.
This Year in Review focuses on these
developments as well as highlights other key trends in the sanctions and
anti-money laundering arena from a global perspective. This Year in Review also
provides insight into potential anti-money laundering and what these issues
mean for financial institutions, and offers an outlook for the year ahead.
CLICK HERE to read the report
For any questions, kindly contact Lanier Saperstein, lsaperstein@jonesday.com