Colombia discussing beneficial ownership legislation The Colombian Congress recently issued for consultation Draft Bill 341/20 (Proyecto de Ley 341/20) with the aim to promote legality, reinforce transparency and tackle corruption through the delivery and the update of key business information to the government. The Draft Bill follows international recommendations set out by The Financial Action...Read More

U.S. Congress to pass company beneficial ownership disclosure rules In the upcoming days, the US Congress is expected to vote on the final passage of the Corporate Transparency Act as part of the National Defense Authorization Act, which will include legislation requiring companies to register their beneficial ownership. The measures aim to end the incorporation...Read More

US asks Switzerland to disclose FATCA non-compliers’ account details On December 1, the Swiss Fedral Tax Administration (SFTA) acting on behalf of the American Internal Revenue Service (IRS), asked twelve Swiss banks and one fiduciary to provide data on certain of their American account-holders, as required by the Foreign Account Tax Compliance Act (FATCA). The...Read More

AML at the centre of FATF’s new exploratory projects The Financial Action Task Force (FATF) has initiated new exploratory projects which will take the form of questionnaires, seeking solutions and best practices in response to the increasing risk of money laundering in the technological sector. The first study is called “Opportunities and Challenges of New...Read More

ECOFIN endorses new AML Action Plan with a pan-European AML supervisor   On November 5th The Economic and Financial Affairs Council (ECOFIN) of the EU held a video-conference meeting that concluded with the endorsement of the Commission’s Anti-Money Laundering (AML) Action Plan, together with the creation of a single EU rulebook and pan-European AML supervisor....Read More