The US Treasury Department says it will not enforce anti-money laundering law
In a landmark policy shift, the U.S. Treasury Department declared on March 2, 2025, that it will suspend enforcement of the Corporate Transparency Act (CTA), a pivotal anti-money laundering law enacted during the Biden administration. This decision excludes U.S. citizens and domestic companies from penalties associated with non-compliance, redirecting the focus towards foreign reporting entities.
CBUAE Adheres to the FX Global Code
In a significant step, the Central Bank of the United Arab Emirates (CBUAE) has become the first central bank in the Arab world to adopt the FX Global Code. This landmark move signifies the UAE’s commitment towards promoting integrity, transparency, and best practices within the foreign exchange (FX) market.
UAE, UK strengthen collaboration to combat illicit financial flows
On March 4, 2025, His Excellency Ahmed Bin Ali Al Sayegh, UAE Minister of State, met with The Honourable Dan Jarvis MP, UK Minister of State for Security, in Abu Dhabi. The discussions centered on enhancing financial security, implementing strict anti-money laundering measures, and addressing emerging risks in the global financial system.
Cryptocurrency Founder And CEO Convicted Of Wire Fraud And Money Laundering In Connection With Marketing And Sale Of AML Bitcoin
In a significant case underscoring the complications and potential pitfalls of the cryptocurrency industry, Rowland Marcus Andrade, the founder and CEO of AML Bitcoin, was convicted on charges of wire fraud and money laundering. This conviction highlights the crucial need for transparency and regulatory oversight in the dynamically evolving digital currency scenario.
Update on the FCA’s enforcement transparency proposals
In the recent development of March 2025, the Financial Conduct Authority (FCA) has reviewed its controversial “name and shame” proposals, opting to maintain its existing approach to publicizing enforcement inquiries. This decision comes after the extensive consultations and criticisms from various stakeholders, reflecting the complications inherent in balancing regulatory transparency with market stability and fairness to firms under investigation.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) published the final rule to extend record keeping requirements
On March 20, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) published a final rule extending the recordkeeping requirements for certain transactions from five to ten years. This extension accords with legislative changes that lengthened the statute of limitations for violations under key sanctions laws, reflecting a broader effort to enhance enforcement capabilities and compliance within the U.S. sanctions framework.
Treasury Sanctions Network Supporting Iran’s Oil Exports
On March 20, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced major sanctions targeting entities involved in the purchase and transportation of Iranian crude oil. These measures are a segment of the broader “maximum pressure” campaign aimed at curbing Iran’s ability to fund activities deemed destabilizing by the U.S. government.
The Central Bank of the United Arab Emirates (CBUAE) has introduced a new symbol for the nation’s currency
In a significant move to buttress its financial identity and global standing, the Central Bank of the United Arab Emirates (CBUAE) has introduced a new symbol for the nation’s currency, the dirham. This initiative accords with the UAE’s recent adherence to the FX Global Code, reflecting a concerted move and effort to ameliorate the integrity and prominence of the UAE’s financial system on the world stage.
CBUAE imposes financial sanctions on 5 banks and 2 insurance companies for CRS/FATCA violations
In a resolute move to uphold financial integrity and transparency, the Central Bank of the United Arab Emirates (CBUAE) imposed financial sanctions on five banks and two insurance companies operating within the UAE. Announced on March 25, 2025, these sanctions address non-compliance with the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA), highlighting the CBUAE’s commitment to aligning with international tax compliance standards and curbing tax evasion.
