{"id":77379,"date":"2016-12-16T14:01:14","date_gmt":"2016-12-16T14:01:14","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=4c9467baed6106ab1db4633fd98d9893"},"modified":"2016-12-16T14:01:14","modified_gmt":"2016-12-16T14:01:14","slug":"news-story-hmrc-and-international-regulatory-colleagues-meet-with-major-money-services-businesses","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=77379","title":{"rendered":"News story: HMRC and international regulatory colleagues meet with major money services businesses"},"content":{"rendered":"<div class=\"govspeak\">\n<p>As the UK\u2019s representative on the International Supervisors Forum (<abbr title=\"International Supervisors Forum\">ISF<\/abbr>), <abbr title=\"HM Revenue and Customs\">HMRC<\/abbr> took part in discussions last week in Washington DC with senior executives of three major international money services businesses (<abbr title=\"money services businesses\">MSBs<\/abbr>).<\/p>\n<p>The <abbr title=\"International Supervisors Forum\">ISF<\/abbr> was established in 2013 by government regulatory agencies from the UK, the United States, Canada, Australia, and New Zealand to address issues pertaining to anti-money laundering and countering the financing of terrorism, and other financial crimes. It also seeks to strengthen domestic and international compliance and supervisory regimes.<\/p>\n<p>As an anti-money laundering supervisor of more than 26,000 businesses in the UK, including <abbr title=\"money services businesses\">MSBs<\/abbr>, <abbr title=\"HM Revenue and Customs\">HMRC<\/abbr> plays an active part in this forum.<\/p>\n<p>Hosted by the Financial Crimes Enforcement Network (FinCEN), this third annual conference saw <abbr title=\"International Supervisors Forum\">ISF<\/abbr> agencies engage with senior executives from Western Union, MoneyGram and Ria, who conduct business in each of the <abbr title=\"International Supervisors Forum\">ISF<\/abbr> countries.<\/p>\n<p>Discussions focused on the <abbr title=\"International Supervisors Forum\">ISF<\/abbr>\u2019s role and initiatives, transnational threats, information sharing, and the creation of an ongoing dialogue on prevalent compliance matters.<\/p>\n<p>An <abbr title=\"HM Revenue and Customs\">HMRC<\/abbr> spokesperson said:<\/p>\n<blockquote>\n<p>Sharing information with our international regulatory peers, and engaging with international financial institutions are obvious and important steps to pursue.<\/p>\n<p class=\"last-child\">The better we co-ordinate our public and private sector efforts to combat international financial criminals, the safer the global financial system will be.<\/p>\n<\/blockquote>\n<p>Transnational efforts are essential to managing the continuing and changing threats posed by international money laundering and terrorist finance networks. <abbr title=\"International Supervisors Forum\">ISF<\/abbr> members have been formalising agreements that will allow for information to be shared on a consistent basis.<\/p>\n<p>As a result, <abbr title=\"International Supervisors Forum\">ISF<\/abbr> members are working with their respective law enforcement agencies to share operational practices, methodologies, training, and to leverage resources to strengthen the international anti-money laundering and countering the financing of terrorism community.<\/p>\n<p><abbr title=\"International Supervisors Forum\">ISF<\/abbr> members regulate a significant number of <abbr title=\"money services business\">MSB<\/abbr> entities that have a presence in some or all of the members\u2019 jurisdictions. Moving forward, the <abbr title=\"International Supervisors Forum\">ISF<\/abbr> will work to co-ordinate compliance and enforcement activities on entities within the <abbr title=\"money services business\">MSB<\/abbr> industry.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>International conference addressed issues around anti-money laundering, countering the financing of terrorism, and other financial crimes.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/77379"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=77379"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/77379\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=77379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=77379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=77379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}