Latest news with #CFT
Mid East Info
2 days ago
- Business
- Mid East Info
Fintech Major Qi and U.S.-based K2 Integrity Join Forces to Align Iraq's Financial Sector with Global Standards
This partnership illustrates Qi's proactive stance in positioning the company's and Iraq's electronic payment infrastructure at the forefront of global compliance standards – Bahaa Abdul Hadi ( Dubai, United Arab Emirates ) – In a strategic move to strengthen financial compliance standards across its operations, Qi, also known as International Smart Card, has signed a landmark partnership with K2 Integrity, a global compliance and financial crime advisory firm. Qi-K2 scope of work will be split into Qi UAE, Qi Jordan and Qi Iraq. K2 Integrity will build a large operations and compliance back office in Jordan for Qi and will integrate this office into Qi's compliance ecosystem. K2 Integrity will further use Qi's UAE back office as an innovation incubator and sandbox for new Qi products and services. This long-term collaboration marks a new milestone for upgrading not only Qi's internal controls but also developing a model for strengthening the integrity for the entire Iraqi financial system. The agreement comes at a time when the Iraqi economy has started rebuilding post war and the country has increased its multilateral integration with the international financial institutions, central banks, governments and foreign investors. The concerns over outdated compliance and transparency have challenged the country's reputation. At this point, Qi has taken decisive action and partnered with a pioneer and powerhouse of the modern global AML/CFT compliance and standards conglomerate. The Qi and K2 Integrity duo is set to shift this narrative and build a model of excellence for compliance in Iraq. 'This is not just about one business group,' said Bahaa Abdul Hadi, Chairman of International Smart Card (ISC), which owns and operates the Qi Card platform. 'This is about Iraq and its economic future. We believe in leading by example as we did in the past. We are investing heavily to ensure our systems, people, and partners meet the highest global standards of financial integrity.' 'This partnership illustrates Qi's proactive stance in positioning the company's and Iraq's electronic payment infrastructure at the forefront of global compliance standards,' said Bahaa. Setting National Roadmap The partnership spans a 36-month roadmap split into three phases, where K2 Integrity will perform the following strategic tasks. Evaluate and transform Qi's current financial crime compliance (FCC) Train Qi's personnel across all levels—from frontline staff to executive Take operational responsibility for implementing globally benchmarked compliance Transition the program into a sustainable, best-in-class model eventually managed by What distinguishes this initiative is its national impact. Qi is Iraq's largest electronic payment platform, serving millions of customers and integrating with the central government, major banks, and global payment networks. The compliance infrastructure built with K2 Integrity for Qi will ripple across the country's financial ecosystem, influencing how banks, the fintech sector, and regulators approach risk, governance, and trust. Bringing Global Expertise to Iraq The New York-based K2 Integrity brings decades of experience advising the U.S. government, international institutions, and Fortune 500 banks. Its team includes former senior U.S. Treasury officials who helped craft counter-illicit finance strategies and global standards. K2 Integrity's entry in Iraq signals confidence in Iraq's financial reform trajectory. 'Qi is setting the tone for a new era in Iraq,' said Chip Poncy, Global Head of Financial Integrity at K2 Integrity. 'By committing to global standards and transparency, Qi is building not just resilience, but regional leadership in financial compliance.' Reclaiming Iraq's Financial Legacy This initiative marks a pivotal milestone in Iraq's compliance evolution—strengthening national capabilities and building a foundation for secure, scalable financial growth. It positions Iraq to regain credibility with international partners, attract investment, and enable more secure, scalable cross-border transactions, particularly vital for trade, remittances, and financial inclusion. About Qi: Qi, also known as the International Smart Card or Qi Card, is Iraq's leading digital payment platform, serving over 10 million customers through a unified ecosystem of cards, mobile wallets, merchant services, and government integrations. With a mission to empower the Iraqi economy through transparency, innovation, and financial inclusion, Qi continues to lead Iraq's digital transformation journey. About K2 Integrity: K2 Integrity is a global leader in risk advisory, compliance, and investigations. With a legacy of shaping financial integrity standards and advising on complex cross-border regulatory issues, K2 Integrity empowers institutions worldwide to navigate risk and drive trust.
Scoop
3 days ago
- Business
- Scoop
International Sanctions - Countering Financing of Terrorism
Kerry Grass, Asia Pacific AML Anti-Money Laundering Compliance requires consideration of geographic risk indicators. How well balanced are AML/CFT indicators? As an AML/CFT compliance specialist, I take interest in events occurring in the Middle East region of the globe. In most recent times the world has witnessed Israel striking civilians, causing death and grievous wounds to innocent men, women and children. Miraculously, I have not yet heard of economic sanctions being issued against Israel. Why is there such an imbalance in AML/CFT international principles? We now see Israel taking aim at Iran - claiming Iran is manufacturing nuclear power plants to develop a nuclear weapon. On this basis, Israel is claiming a right to send bombs into civilian territory of Iran's capital, Tehran. Where is the evidence of this 'suspicion' that Iran is developing nuclear weapons? Iran claims the development of nuclear power plants is to provide its people energy to their homes. Israel now claims it sneaked in weapons of mass destruction into Iran for the purpose of attacking Iran's assets. How well aligned are international sanctions to preventing Israel from committing these acts of terrorism? Is Israel one of the countries taking advantage of New Zealand's weaknesses in having no government oversight in ensuring enforcement of United Nations Sanctions? When will the Western world see Israel as a sanctioned country for its acts of crime and harm to innocent civilians?
IOL News
3 days ago
- Business
- IOL News
SA edges closer to getting off global 'grey list' after completing key reforms
South Africa is one step closer to leaving the FATF grey list Image: File South Africa is one step closer to leaving the FATF grey list as it has completed all required reforms and now awaits a final on-site visit before possible removal at the October 2025 meeting. In 2023, the global financial crime watchdog Grey listed South Africa for failing to adequately prevent money laundering and terrorist financing, citing weaknesses in law enforcement, insufficient prosecutions, and a lack of transparency in beneficial ownership information. The financial crime watchdog also identified several key areas the government must improve to move out of the Grey list, including more effective investigations and prosecutions of complex financial crimes, better supervision of non-financial businesses and professions, and stronger measures to track and verify beneficial ownership of companies and trusts. Earlier this year IOL reported that FATF noted the country had partially met some of its recommendations but noted that the country still needed to demonstrate 'a sustained increase in investigations and prosecutions of serious and complex money laundering and the full range of TF (terrorist financing)". However, in a statement released this week, the FATF confirmed that South Africa has now substantially completed its action plan, paving the way for an on-site assessment the final step before possible removal from the grey list. 'At its June 2025 Plenary, the FATF made the initial determination that South Africa has substantially completed its action plan and warrants an on-site assessment to verify that the implementation of AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation in the future,' FATF said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ The on-site visit will take place before the next FATF Plenary, and, if the outcome of the visit is positive, the FATF will delist South Africa from the greylist at its next Plenary in October 2025. National Treasury praised the country's law enforcement agencies for their role in achieving this milestone. "National Treasury commends the efforts and commitment of the law enforcement entities, especially the Directorate for Priority Crime Investigation (DPCI) of the South African Police Service, the State Security Agency, and the National Prosecuting Authority (NPA), for the sustained increase in investigations and prosecutions of serious and complex money laundering and terror financing activities". "This made it possible for South Africa to secure the upgrades of the last two remaining action items, often considered to be the most difficult," However, the uMkhonto weSizwe Party criticised the government, arguing that the country's greylisting was a symptom of deeper failures under ANC leadership. "The greylisting itself was a direct result of state weaknesses under the ANC, the weaknesses profoundly exposed by the Phala Phala scandal and related controversies. The scandal, which involved large sums of undeclared cash stashed at President Cyril Ramaphosa's game farm, further eroded confidence in South Africa's financial oversight mechanisms"
Zawya
3 days ago
- Business
- Zawya
Fintech Major Qi and U.S.-based K2 Integrity join forces to align Iraq's financial sector with global standards
Dubai, United Arab Emirates – In a strategic move to strengthen financial compliance standards across its operations, Qi, also known as International Smart Card, has signed a landmark partnership with K2 Integrity, a global compliance and financial crime advisory firm. Qi-K2 scope of work will be split into Qi UAE, Qi Jordan and Qi Iraq. K2 Integrity will build a large operations and compliance back office in Jordan for Qi and will integrate this office into Qi's compliance ecosystem. K2 Integrity will further use Qi's UAE back office as an innovation incubator and sandbox for new Qi products and services. This long-term collaboration marks a new milestone for upgrading not only Qi's internal controls but also developing a model for strengthening the integrity for the entire Iraqi financial system. The agreement comes at a time when the Iraqi economy has started rebuilding post war and the country has increased its multilateral integration with the international financial institutions, central banks, governments and foreign investors. The concerns over outdated compliance and transparency have challenged the country's reputation. At this point, Qi has taken decisive action and partnered with a pioneer and powerhouse of the modern global AML/CFT compliance and standards conglomerate. The Qi and K2 Integrity duo is set to shift this narrative and build a model of excellence for compliance in Iraq. 'This is not just about one business group,' said Bahaa Abdul Hadi, Chairman of International Smart Card (ISC), which owns and operates the Qi Card platform. 'This is about Iraq and its economic future. We believe in leading by example as we did in the past. We are investing heavily to ensure our systems, people, and partners meet the highest global standards of financial integrity.' 'This partnership illustrates Qi's proactive stance in positioning the company's and Iraq's electronic payment infrastructure at the forefront of global compliance standards,' said Bahaa. Setting National Roadmap The partnership spans a 36-month roadmap split into three phases, where K2 Integrity will perform the following strategic tasks. • Evaluate and transform Qi's current financial crime compliance (FCC) framework. • Train Qi's personnel across all levels from frontline staff to executive leadership. • Take operational responsibility for implementing globally benchmarked compliance practices. • Transition the program into a sustainable, best-in-class model eventually managed by Qi. What distinguishes this initiative is its national impact. Qi is Iraq's largest electronic payment platform, serving millions of customers and integrating with the central government, major banks, and global payment networks. The compliance infrastructure built with K2 Integrity for Qi will ripple across the country's financial ecosystem, influencing how banks, the fintech sector, and regulators approach risk, governance, and trust. Bringing Global Expertise to Iraq The New York-based K2 Integrity brings decades of experience advising the U.S. government, international institutions, and Fortune 500 banks. Its team includes former senior U.S. Treasury officials who helped craft counter-illicit finance strategies and global standards. K2 Integrity's entry in Iraq signals confidence in Iraq's financial reform trajectory. 'Qi is setting the tone for a new era in Iraq,' said Chip Poncy, Global Head of Financial Integrity at K2 Integrity. 'By committing to global standards and transparency, Qi is building not just resilience, but regional leadership in financial compliance.' Reclaiming Iraq's Financial Legacy This initiative marks a pivotal milestone in Iraq's compliance evolution—strengthening national capabilities and building a foundation for secure, scalable financial growth. It positions Iraq to regain credibility with international partners, attract investment, and enable more secure, scalable cross-border transactions, particularly vital for trade, remittances, and financial inclusion. About Qi: Qi, also known as the International Smart Card or Qi Card, is Iraq's leading digital payment platform, serving over 10 million customers through a unified ecosystem of cards, mobile wallets, merchant services, and government integrations. With a mission to empower the Iraqi economy through transparency, innovation, and financial inclusion, Qi continues to lead Iraq's digital transformation journey. About K2 Integrity: K2 Integrity is a global leader in risk advisory, compliance, and investigations. With a legacy of shaping financial integrity standards and advising on complex cross-border regulatory issues, K2 Integrity empowers institutions worldwide to navigate risk and drive trust.
IOL News
4 days ago
- Business
- IOL News
South Africa moves closer to exiting FATF greylist after significant progress
South African is moving towards being lifted from the greylisting. Image: Independent Media archives KwaZulu-Natal Finance MEC Francois Rodgers and head of his department Carol Coetzee have expressed excitement at the news that South Africa was moving towards being lifted from the greylisting. The national Treasury released a statement on June 13 saying that the Financial Action Task Force (FATF) had announced that the country had substantially completed all 22 action items that were contained in the Action Plan adopted when South Africa was greylisted in February 2023. The country was placed on the greylist due to its failure to adhere to the FATF's requirements in dealing with anti-money laundering (AML) and combating of financing of terrorism (CFT). The FATF said it would now conduct an onsite inspection on South Africa's compliance with the requirements of being completely removed from greylisting. The FATF noted during its plenary meeting held in France that South Africa had shown political commitment in dealing with what landed it in greylisting. 'If we are removed from the greylisting, it means that the R5.7 trillion that we had borrowed as the National Treasury and incur interest, you can start negotiating better interest rates on the R5.7 trillion,' said Rodgers. He said the national treasury was currently paying R1.2 billion a day on interest to repay its loans. 'Should that be reduced, it will ultimately mean that there is more money at a national level, which can be cascaded down to provinces,' said Rodgers. Coetzee said being removed from greylisting would mean South Africa would now be in a better position to be an investment destination, as it would be considered less risky. 'It means that investors would be very interested to come and invest, and it would mean that the government is settling down, and their (investors) funds are secured,' said Coetzee. The National Treasury commended the country's law enforcement agencies, the Directorate for Priority Crime Investigation (DPCI), the State Security Agency, and the National Prosecuting Authority (NPA), for their sustained increase in investigations and prosecutions of serious and complex money laundering and terror financing activities. 'This made it possible for South Africa to secure the upgrades of the last two remaining action items, often considered to be the most difficult, in the current reporting cycle,' read a statement from the National Treasury. The Treasury said FATF had noted that South Africa demonstrated 'a sustained increase in investigations and prosecutions of serious and complex money laundering and the full range of [terror financing] TF activities in line with its risk profile, updating its TF Risk Assessment to inform the implementation of a comprehensive national counter financing of terrorism strategy.' 'The improvements to South Africa's AML/CFT regime are particularly important for South Africa, given the legacy of state capture, one element of which was that law enforcement and prosecuting institutions were deliberately weakened. Improvements in these domains are critical not just for getting off the greylist, but for strengthening the fight against crime and corruption, and for contributing to the integrity of the South African financial system. 'Exiting the FATF greylist is a significant step forward as South Africa continues to improve and strengthen its supervisory and criminal justice systems,' read the treasury. However, the Umkhonto Wesizwe Party (MKP) called on the country not to jump into celebrating the FATF's move as the ANC continued with its chaotic policies and its failure to deal with the Phala Phala matter. 'This (Phala Phala) controversy raised alarming questions about financial controls, money laundering and the credibility of the President's own financial conduct, fueling international suspicion about South Africa's ability to manage financial crimes,' read MKP's statement. The party said the very fact that the FATF will still have to conduct an on-site assessment to verify South Africa's compliance 'speaks volumes about the fragility and questionable integrity of our financial oversight system.' 'This is not a routine check; it is a clear sign that international bodies have serious doubts about the reliability of South Africa's own reports and reforms. 'It underscores the deep trust deficit the ANC government has created, both at home and abroad. 'Until these doubts are fully dispelled, South Africa's voice on the global financial stage remains weak and contested,' read MKP's statement. ANC national spokesperson Mahlengi Bhengu described FATF's move as a major milestone for South Africa, both domestically and internationally. 'It strengthens the credibility of our financial system and contributes to the global and national fight against illicit financial flows, terrorism financing, and the legacy of state capture. 'We will continue to support government efforts to fully comply with global standards, ensuring that the country is permanently removed from the greylist and that our financial systems are protected from abuse,' said Bhengu. [email protected]
