Latest news with #FATF
Eyewitness News
4 hours ago
- Business
- Eyewitness News
SA's greylisting a lesson for govt to operate as a whole, says Godongwana
CAPE TOWN - Finance Minister Enoch Godongwana says government has learnt valuable lessons from being greylisted by the global anti-corruption watchdog, the Financial Action Task Force. This includes increased oversight on whether money guised as political party donations is being used for terrorism activities. Addressing a symposium on political funding in Durban on Thursday, Godongwana said being greylisted had been a good challenge for government. Government's investment and trade prospects were said to have been severely dented when it was greylisted by the FATF in February 2023. Since then, the government has been under the whip to tick off 22 action items to prove it's got a grip on the prevention of money laundering and anti-terrorism financing. The country was removed from the notorious FATF list last week, after introducing new legislation and tightening its financial controls. Godongwana said it was the first time an omnibus bill was tabled, that cut across government departments. 'It was a positive development in that sense, in that it taught us how to operate and work as government, as a whole.' Godongwana says he was being alerted by the United States every six months about South African bank accounts being sanctioned on suspicion of financing terrorist activities.
Zawya
8 hours ago
- Business
- Zawya
OpEd: AML delisting by EU is expected to accelerate real estate investment in UAE
On June 10, 2025, the European Commission officially removed the United Arab Emirates from its list of high-risk third countries for money laundering and terrorism financing. Known widely as the 'AML blacklist,' this designation had long cast a shadow over cross-border transactions and capital flow - particularly affecting sectors like real estate that rely heavily on international investor confidence. The decision follows the UAE's earlier delisting from the Financial Action Task Force (FATF) grey list in February 2024. That the EU took more than a year to align with FATF raises questions about the consistency and intent behind such classifications. But for the UAE, and especially its real estate sector, this long-overdue course correction marks a significant milestone - one that promises to unlock capital, restore trust, and accelerate global investor engagement. Unlocking investor momentum Real estate markets operate on momentum - and that momentum is powered by trust. Being labeled high-risk, even temporarily, creates friction in financial operations, adds layers of compliance costs, and pushes institutional investors to the sidelines. With this decision, the gates to European capital are opening wider. The removal of the UAE from the EU blacklist means European financial institutions, investment funds, and family offices will face fewer compliance barriers when transacting with UAE-based developers or acquiring property in the country. This paves the way for more efficient deal-making, enhanced mortgage access, and faster fund flows - particularly in luxury real estate, branded residences, and commercial investment assets. For real estate, compliance equals confidence. And with this delisting, we're about to see a wave of European capital flow into UAE's most dynamic developments. Dubai and Abu Dhabi - already enjoying record-breaking performance over the past two years - are set to benefit most. But this reputational boost will also ripple into emerging markets like Ras Al Khaimah and Sharjah, where high-end developments and hospitality-led real estate are gaining traction. From bureaucracy to opportunity For developers, the impact is multifaceted. Beyond foreign direct investment, this opens the door to new forms of funding - from structured finance and development equity to real estate investment trusts (REITs) targeting Gulf assets. UAE developers can now explore joint ventures, pre-sales, and cross-border launches in the EU with fewer legal roadblocks. At the buyer level, the shift is equally significant. European HNWIs and second-home buyers will find it easier to transfer funds, secure local financing, and complete real estate transactions without triggering additional scrutiny or delays. This underscores a deeper point: regulatory labels often lag behind market realities. The UAE's reforms — from strengthening AML/CFT enforcement and beneficial ownership regulations to implementing real-time financial monitoring — were implemented swiftly and decisively. It is this proactive governance that global investors have been rewarding, long before the EU formally acknowledged it. The EU may have delayed its recognition, but the market never did. Investors have long seen the UAE as a transparent, high-yield haven - this move simply catches up with that reality. Newly blacklisted countries such as Kenya, Nepal, and Lebanon now face the same scrutiny the UAE has just shed. The UAE's trajectory offers them a roadmap — but it also illustrates how long and unnecessarily burdensome the climb can be, even after reforms are enacted. The EU's decision is more than a bureaucratic update - it is a strategic unlock for the UAE's economy. For real estate developers, it means wider access to capital, more global partnerships, and a restored sense of credibility in the international market. The message to investors is clear: the UAE is not only compliant - it's compelling. (The author is Founder of UAE-based Patheon Development. Any opinions expressed in this article are the author's own) Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
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First Post
a day ago
- Politics
- First Post
India, Croatia vow zero tolerance for terrorism, call for swift justice for perpetrators
Condemning terrorism and violent extremism in all its forms and manifestations, India and Croatia have called for the disruption of terrorism financing networks, elimination of safe havens, and bringing its perpetrators to justice swiftly. read more India and Croatia have strongly condemned terrorism in all its forms and called for urgent global efforts to dismantle terrorist networks and eliminate their safe havens, during Prime Minister Narendra Modi's landmark visit to the Balkan nation, the first ever by an Indian prime minister. In a joint statement issued on June 18, a day after PM Modi's talks with his Croatian counterpart Andrej Plenković, both countries reaffirmed their commitment to a 'zero-tolerance' policy against terrorism, including transnational and cross-border threats. They also highlighted the importance of swift justice for perpetrators and the need to disrupt financing channels through multilateral frameworks like the UN and the Financial Action Task Force (FATF). STORY CONTINUES BELOW THIS AD The leaders also condemned the use of terrorism as a state proxy and urged concerted action against all UN- and EU-designated individuals and entities, including those listed under the UNSC 1267 sanctions regime. Expressing concern over the 'deteriorating security situation' in West Asia, the joint statement called for de-escalation between Israel and Iran. PM Modi thanked Croatia for its solidarity following the April 22 terror attack in Pahalgam, Jammu & Kashmir. Prime Minister Modi thanked Prime Minister Andrej Plenković and Croatia for the support and solidarity extended in the aftermath of the terrorist attack in Pahalgam, Jammu & Kashmir on April 22, it said. 'Both sides condemned terrorism and violent extremism in all its forms and manifestations, including transnational and cross-border terrorism. They reiterated their zero-tolerance approach to terrorism, rejecting any justification for such acts, under any circumstances,' said the joint statement issued by the Ministry of External Affairs. They emphasised that those responsible for the attacks should be 'held accountable' and 'condemned the use of terrorists as proxies', it added. 'They expressed their consistent position of supporting the full implementation of the UN Global Counterterrorism Strategy, key international conventions and protocols in this field, and relevant resolutions of the United Nations Security Council. STORY CONTINUES BELOW THIS AD 'They called for the disruption of terrorism financing networks, including through the UN, FATF and regional mechanisms, elimination of safe havens, dismantling of terrorist infrastructure, and bringing perpetrators of terrorism to justice swiftly,' the statement said. The two leaders also urged for 'concerted actions against all UN- and EU-designated terrorists and terrorist entities', associated proxy groups, facilitators and sponsors, including terrorists under 1267 UNSC Sanctions Committee. The two leaders noted the importance of improving connectivity, including through the India–Middle East–Europe Economic Corridor (IMEEC) initiative. They agreed to 'expand cooperation' in ports and shipping domains given the long maritime traditions of both countries. Both sides agreed to further explore the potential of Croatia serving as a Mediterranean gateway to Central Europe, it said. In this context, they also reaffirmed full respect for international law of the sea as reflected in UNCLOS, and for the principles of sovereignty, territorial integrity, and freedom of navigation, to the benefit of maritime security and international peace and stability, the joint statement said. STORY CONTINUES BELOW THIS AD The two Prime Ministers exchanged views on regional and global issues of mutual interest, including war in Ukraine. They expressed support for a 'just and lasting peace in Ukraine based on respect for international law, principles of the UN Charter and territorial integrity and sovereignty,' it said. The two leaders reaffirmed their commitment to promote a free, open, peaceful and prosperous Indo-Pacific built on international law and mutual respect for sovereignty and peaceful resolution of disputes underpinned by effective regional institutions. The two sides reaffirmed their strong commitment to multilateralism and support for a rules-based international order. 'They emphasised the urgent need for reforms in the UN system, particularly the UN Security Council, including its expansion in both permanent and non-permanent categories, to make it more inclusive, transparent, effective, accountable, efficient and better aligned with contemporary geopolitical realities,' it added. The two prime ministers expressed satisfaction at the outcomes of the visit, and 'reaffirmed their commitment to expanding the partnership' between India and Croatia. STORY CONTINUES BELOW THIS AD
Coin Geek
a day ago
- Business
- Coin Geek
Vietnam legalizes 'crypto,' limits AI use under new law
Getting your Trinity Audio player ready... Vietnam has officially legalized digital assets after the National Assembly of Vietnam, the country's legislature, overwhelmingly approved the Law on Digital Technology Industry on June 14, with 441 of 445 lawmakers voting in favor of the bill. The legislation defines digital assets as 'digital technology products created, issued, transferred, and authenticated using blockchain technology, with prices and property rights in accordance with civil and relevant laws.' This definition includes security tokens/encrypted securities assets, payment tokens, utility tokens, and mixed tokens—all of which are now regulated and provided with clear property rights, per the law. When it comes into force on January 1, 2026, the legislation will also bring incentives for digital technology development, particularly semiconductor manufacturing, artificial intelligence (AI), and digital technology startups. Outside of incentives, the law mandates the implementation of measures to ensure network safety and security to 'prevent and combat money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction.' This is likely an attempt to get Vietnam off the Financial Action Task Force (FATF) 'grey list' for 'jurisdiction under increased monitoring,' which it has been on since June 2023. Vietnam has seen digital asset adoption skyrocket in recent years despite the legal uncertainties prior to the law's passage, with blockchain analysis firm Chainalysis ranking the country fifth globally for digital asset adoption in 2024. In March, local media reported that Prime Minister Pham Minh Chinh had directed the Ministry of Finance and the State Bank of Vietnam to finalize digital asset regulation proposals by the end of the month in a bid to reach a national growth target of 8% by year-end. The regulation took a couple more months than hoped, but now the country has a dedicated digital asset law, it's a case of better late than never. The next stage will involve the government outlining specific business conditions, classifications, and oversight mechanisms for the asset types defined in the regulation. Categorizing digital assets One of the key features of the new legislation is the creation of three main categories of digital assets, based on the technology used and purpose of use, namely: virtual assets that can be used for exchange or investment purposes; crypto assets that use encryption technology to authenticate assets during creation, issuance, storage, and transfer; and other digital assets. According to the law, virtual and crypto assets do not include 'securities, digital forms of legal currency, and other financial assets as prescribed by civil and financial laws'—meaning these products would either fall under the category of 'other digital assets' or fall outside the remit of the Digital Technology Law. AI provisions While encouraging innovation and development in AI, certain activities are strictly prohibited by the new law. Specifically, an AI system that deploys techniques for the purpose of 'influencing the behavior of an individual without the individual being aware of it' or using said techniques to 'entice or deceive to materially distort the individual's behavior by impairing the ability to make decisions resulting in significant harm.' It is also illegal to deploy or develop an AI system used to evaluate or classify individuals based on social behavior or systems that exploit people who are vulnerable due to age, disability, economic or social circumstances. Vietnam's tech hub ambitions The new legislation is a signal of Vietnam's ambition to become a digital tech hub, and it sets an ambitious target of 150,000 digital technology enterprises by 2035, according to local media. In order to achieve this, the law lays the groundwork for providing preferential treatment for digital technology companies when it comes to land, credit, and tax, as well as incentives for research, testing, development, production, and application of digital technology products and services. For example, companies developing semiconductors, AI systems, and digital infrastructure can receive corporate income tax rates as low as 10% for 15 years, along with exemptions from import duties and land rental fees. In a range of other incentives, the salaries and wages of experts, scientists, and people with special talents working on projects are also exempt from personal income tax for a period of five years, while large-scale projects investing over $80 million in data centers or $160 million in semiconductor facilities are eligible for additional 'special' incentives. Watch | From BRICS to Blockchain: How Global Trade and Digital Currencies Are Evolving title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen>
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First Post
a day ago
- Business
- First Post
FATF considering to put Pakistan back on grey list, or is it ‘too early' to talk about it?
Pakistan could be placed back on the FATF 'grey list' for the fourth time in the coming weeks due to its continued failure to curb terror financing, according to a report, citing sources familiar with the matter read more Pakistan's national flag at the Mausoleum of Muhammad Ali Jinnah in Karachi, Pakistan on August 14, 2022. Reuters File Pakistan could be placed back on the Financial Action Task Force's (FATF) 'grey list' for the fourth time in the coming weeks due to its continued failure to curb terror financing, according to a Moneycontrol report, citing sources familiar with the matter. The global financial watchdog is expected to release an evaluation report by late June or early July which is likely to highlight Pakistan's shortcomings in addressing terror financing, potentially leading to its reclassification under enhanced monitoring, commonly referred to as the grey list, added the report. STORY CONTINUES BELOW THIS AD At a FATF plenary held in France's Strasbourg last week, India reportedly raised concerns over Pakistan's terror networks and the alleged support they receive from the Pakistani government, further influencing deliberations on Islamabad's compliance status. 'The exact details and outcome of the meeting is confidential but there is a possibility that Pakistan could be grey listed again,' Moneycontrol quoted one of the sources as saying. Moneycontrol reported on May 23 that India was preparing to raise Pakistan's terror record at the FATF meeting, as part of a broader push to highlight Islamabad's links to terrorism following the April 22 attack in Jammu and Kashmir's Pahalgam. In what was one of the deadliest terror attacks in recent years, 26 people, most tourists, were killed in a mass shooting. According to the Indian government, two of the attackers were Pakistani nationals. The FATF 'grey list,' officially termed 'jurisdictions under increased monitoring,' includes countries with strategic deficiencies in their frameworks to combat money laundering, terrorist financing, and proliferation financing. These countries are placed under closer scrutiny by the FATF to ensure they are making measurable progress on agreed action plans. Pakistan has previously appeared on the grey list three times — in 2008–2009, 2012–2015, and most recently from 2018 to 2022. STORY CONTINUES BELOW THIS AD While the FATF has already begun monitoring Pakistan's activities, a formal decision on whether to return the country to the grey list is still pending. 'That decision would be known in the coming weeks,' Moneycontrol quoted a government official as saying. FATF condemns Pahalgam attack On June 16, FATF condemned the 'brutal terrorist attack' in Pahalgam and said, 'This, and other recent attacks, could not occur without money and the means to move funds between terrorist supporters.' 'In addition to setting out the framework for combating terrorist financing, the FATF has enhanced its focus on the effectiveness of measures countries have put in place,' the statement said. 'That is how, through our mutual evaluations, we have identified gaps that need to be addressed. The FATF has developed guidance on terrorist financing risk to support experts that contribute to evaluations of the 200+ jurisdictions in the Global Network,' it added. Although countries on the grey list are not usually subjected to sanctions or heightened due diligence requirements, their inclusion can still carry significant economic consequences, according to sources, adding, these may include a drop in foreign direct investment and increased compliance costs for businesses due to stricter financial monitoring. STORY CONTINUES BELOW THIS AD 'The June 16 statement is not common for FATF. The attribution to Pulwama indicates India's diplomatic strength and the recognition of Pakistan's role in supporting terrorism on the global platform,' another official told Moneycontrol. 'Enhancing focus on 'effectiveness of measures' put by countries (to counter terror financing) is a change in their way of analysing nations… they never emphasised on effectiveness earlier.' After the Pahalgam terror attack and Operation Sindoor, India dispatched seven diplomatic delegations to key countries to highlight Pakistan's continued support for terrorism and reinforce its global stance on counterterrorism. Meanwhile, the FATF is preparing to release a detailed report on terrorist financing, including misuse of social media, crowdfunding, and virtual assets, according to its June 16 statement. The report will be based on case studies shared by FATF's Global Network. FATF, which meets three times a year, issues 'Mutual Evaluation Reports' (MERs) to assess countries' efforts in combating terror financing and money laundering. Countries failing to meet FATF standards may be placed on the 'grey list', a warning to improve, or the more severe 'black list.' STORY CONTINUES BELOW THIS AD Currently, Myanmar, Iran, and North Korea are blacklisted, with FATF urging members and jurisdictions to impose enhanced due diligence and, in serious cases, countermeasures to protect the global financial system. Decisions to grey- or blacklist a country are made by consensus. At least four of FATF's 39 members must oppose the resolution to block it. Pakistan, previously grey-listed from 2018 to 2022, was removed after FATF found it 'compliant' or 'largely compliant' with 38 of its 40 recommendations across two key action plans. With inputs from agencies
