The foundation of the UK sanctions regime is the Sanctions and Anti-Money Laundering Act 2018 (SAMLA). SAMLA grants powers to the UK Government, particularly the Secretary of State for Foreign, Commonwealth and Development Affairs (FCDO) and the HM Treasury, to make regulations imposing: trade sanctions, financial sanctions, immigration restrictions and transport and shipping controls.

Money laundering undermines financial systems by disguising illicit proceeds as legitimate income. This article explores the three-stage money laundering cycle, namely: placement, layering, and integration.

At the recent Altus Regional Panel Discussion on Implementing a Risk Based Approach, speakers explored the rise of AI-driven deception and how criminals exploit the same digital tools designed to promote financial system integrity. From deepfakes and synthetic identities to automated laundering through fintech rails, the threat has become faster, more scalable, and more difficult to detect.

Effective AML Compliance Training equips Financial Institutions, DNFBPs, VASPs and TCSPs with risk-based frameworks aligned to the FATF Recommendations, and strengthens their ability to deter, detect and report illicit finance.

Identifying the ultimate beneficial owner (UBO) is key to ensuring transparency in corporate structures. The UBO refers to the individual or individuals who ultimately own or control a company, whether directly or indirectly, through significant shareholding, voting power, or other means of influence. Identifying the UBO of a company can be complex, especially where ownership is dispersed across numerous shareholders or held through multiple layers of intermediaries.

Get insights on the February 2025 update to the FATF Recommendations and how these changes will improve financial inclusion across the Caribbean.