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Enhancing Effectiveness of AML CFT Frameworks - Evolution of the FATF Standards

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Session No.: SA 24.10

Location: New Delhi, India

Date: January 8-12, 2024 (1 week)

Delivery Method: In-person Training

Primary Language: English

    Target Audience

    Legal drafters, policy makers, AML/CFT supervisors for the financial sector (in particular, VASP supervisors) financial intelligence units, company registrars, tax authorities, law enforcement authorities, procurement authorities, and relevant Ministries who might be involved in establishing beneficial ownership transparency frameworks and/or using beneficial ownership information within their jurisdiction, or in regulating fintech/virtual asset service providers.

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    Qualifications

    Participants are expected to have at least two years of experience with AML/CFT issues and/or corporate transparency or fintech issues. Attendance is by invitation only.

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    Course Description

    The international AML/CFT standards have undergone recent revisions, inter alia, to better equip countries to combat the misuse of legal entities as well as to mitigate money laundering risks associated with virtual assets. This course, presented by the Financial Integrity Group of the Legal Department focuses on the legal and practical considerations in implementing the revised AML/CFT standards on beneficial ownership transparency and on virtual assets and virtual asset service providers (VA/VASPs).

    The course aims to increase participants' understanding of how the revisions in the standards should be reflected in a jurisdiction's legal and regulatory frameworks. On beneficial ownership, the course includes considerations in setting up and managing beneficial ownership registers and explores the relevance of beneficial ownership transparency in other policy areas (e.g., tax & procurement). On VA/VASPs, the course covers elements to guide the risk assessments of the virtual asset sector and its AML/CFT supervision as well as key enforcement considerations.

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    Course Objectives

    Upon completion of this course, participants should be able to:

    • Outline, summarize, and analyze the requirements of the revised FATF Recommendations relating to beneficial ownership transparency and VA/VASPs
    • Draw up a medium-term action plan to establish comprehensive beneficial ownership transparency frameworks in a country.
    • Identify/understand the policy, legal and regulatory considerations/decisions required in setting up beneficial ownership registers within a country.
    • Identify principles in conducting sectoral and supervisory risk assessment of VA/VASPs
    • Analyze key considerations in authorization and risk-based supervision of VASPs
    • Understand key concepts in the investigation and prosecution against ML/TF involving VA/VASPs and confiscation of VA.
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