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Asian Development Bank Workshop on ML/TF Risk Assessment
Asian Development Bank Workshop on ML/TF Risk Assessment
Empowering Domestic Banks in Sri Lanka to Combat Money Laundering and Terrorism Financing
Empowering Domestic Banks in Sri Lanka to Combat Money Laundering and Terrorism Financing
Colombo, Sri Lanka, February 2, 2024: A comprehensive training program focusing on Enterprise-wide Money Laundering and Terrorism Financing (ML/TF) Risk Assessments was recently conducted for compliance staff of domestic banks in Sri Lanka. This initiative, which the Asian Development Bank (ADB) sponsored and worked on with the Financial Intelligence Unit of Sri Lanka (FIU), aimed to improve banks' capacity for mitigating financial risks and strengthen the regulatory framework.
Dr. Ramandeep Chhina, Director AML/CFT, FLE Compliance, a distinguished subject expert sponsored by ADB, led the workshop, which consisted of two main sessions: an Online Workshop for Gap Analysis and an On-site Workshop and Meetings. Held at the Center for Banking Studies, Rajagiriya, the workshops saw active participation from 19 domestic banks, which were categorized into focus groups based on their asset bases.
The sessions, conducted from January 10–16, 2024, and January 29–February 02, 2024, facilitated in-depth discussions and knowledge sharing among bank officials directly involved in assessing ML/TF risks. Through a series of focus-group discussions and semi-structured interviews, participants gained valuable insights into identifying vulnerabilities and implementing effective risk mitigation strategies.
By fostering collaboration between regulatory authorities and financial institutions, the workshop underscored the importance of a unified approach in combating financial crimes and safeguarding the integrity of the banking sector.
Ramandeep Chhina Presents Co-Authored Paper on Enhancing Beneficial Ownership Transparency
Ramandeep Chhina Presents Co-Authored Paper on Enhancing Beneficial Ownership Transparency
Houston, December 2023: Ramandeep Chhina, Director of Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) at FLE Compliance and an esteemed international subject matter expert, proudly announces the presentation of a co-authored paper titled "Enhancing Beneficial Ownership Transparency: A Study of Beneficial Ownership Registration Systems."
The paper was showcased at the Tenth session of the Conference of the States Parties to the United Nations Convention against Corruption as a Conference Room Paper (CAC/COSP/2023/CRP.5) in December 2023.
In collaboration with fellow experts, Ramandeep Chhina's paper delves into the critical topic of beneficial ownership transparency, shedding light on the complexities and challenges associated with beneficial ownership registration systems. The findings and insights presented in the paper contribute to the ongoing discourse on combating corruption and promoting transparency in financial systems worldwide.
To access the co-authored paper, please visit:https://lnkd.in/gkFRXa_4
ABA ROLI Hosts Regional Conference to Combat Financial Crimes
ABA ROLI Hosts Regional Conference to Combat Financial Crimes
Bangkok, Thailand – September 12, 2023
The American Bar Association Rule of Law Initiative (ABA ROLI) hosted the "Public-Private Partnerships for Financial Integrity Conference" in Bangkok, Thailand, from August 29 to 30, 2023. This event was held in collaboration with the Government of Thailand Anti-Money Laundering Office and the UNODC Global Program against Money Laundering.
The conference brought together over 50 participants from diverse regions, including Indonesia, Laos, Vietnam, Thailand, the Philippines, and Montenegro. Attendees came together to exchange successful strategies and methodologies aimed at proactively sharing financial information between the public and private sectors and disrupting a wide range of harmful financial crimes.
Notable speakers from the banking and financial services sector, including representatives from Standard Chartered Bank, the Thai Bankers' Association, Western Union, K Bank, Thailand HSBC, National Australia Bank, and Bank of America, shared their insights. These private sector organizations have a deep understanding of financial crime risks within their operations and regional activities and play a crucial role in preventing and detecting financial crimes.
Non-governmental organizations (NGOs) also made significant contributions, offering their expertise in criminal offender identification and networks within their areas of focus, such as human trafficking and slavery, illicit wildlife trade, illegal logging and fishing, and associated corruption. Speakers from organizations like the Freeland Foundation, the Centre for Global Advancement, and the Stella Maris Thailand Seafarer's Centre presented successful measures for collaborating with governments to disrupt illicit financing and provide support for victims of criminal networks and traffickers.
The conference featured participants and panelists representing financial intelligence units and related agencies from Indonesia, the Philippines, Malaysia, Laos, Thailand, Vietnam, Indonesia, Australia, New York City, London, and Montenegro. They shared invaluable experiences and multi-agency approaches for preventing, detecting, and disrupting serious financial crimes and outlined effective methods for tracing and seizing profits derived from criminal activities.
Dr. Ramandeep Chhina, Director AML/CFT, FLE Compliance, made significant contributions to this crucial event, underscoring the commitment to combat financial crimes and enhance financial integrity through public-private cooperation.
Dr. Ramandeep Chhina Provides Technical Assistance in Intelligence-Based Financial Investigation Training
Dr. Ramandeep Chhina Provides Technical Assistance in Intelligence-Based Financial Investigation Training
Jakarta, Tuesday, September 5, 2023
In a significant development in the field of law enforcement and financial intelligence, Dr. Ramandeep Chhina, an international expert on anti-money laundering and combating the financing of terrorism, played a pivotal role in the Intelligence-Led Financial Investigation training held in Jakarta from September 5th to September 8th, 2023.
This training brought together 30 law enforcement officers and representatives from various ministries and agencies, including the Corruption Eradication Committee, the National Police, the Attorney General's Office, the Ministry of Finance, PPATK, and the BPK. The workshop-style training encouraged active discussions among participants and involved collaborative group assignments.
The event was made possible through a partnership between the KPK (Corruption Eradication Committee) and international organizations, the United Nations Office on Drugs and Crime (UNODC) and the American Bar Association Rule of Law Initiatives (ABA ROLI).
The training covered a wide range of essential topics, including the Financial Action Task Force (FATF) standards, international-scale financial intelligence investigations, inter-agency cooperation, best practices in addressing corruption across different countries, and the Crime Stopper model for gathering and utilizing intelligence from high-quality sources.
Participants in this training were required to have substantial prior experience in investigating corruption cases and other financial crimes, ensuring a high level of expertise. KPK Anti-Corruption Training Manager Any Susanti emphasized the importance of improving intelligence competence among law enforcement officers and fostering cooperation with international entities to combat transnational financial crimes effectively.
Wawan Wardiana, KPK Deputy for Education and Community Participation, stressed that addressing corruption cases as transnational crimes is a formidable challenge due to their complex and time-consuming nature. He expressed hope that this training would greatly benefit law enforcement officers and institutions in their efforts to combat corruption and other financial crimes.
In addition to corruption, the training also addressed a wide array of financial crimes, including smuggling, drug trafficking, human trafficking, terrorism, taxation, customs violations, and more. The focus on transnational financial crimes aligns with the Kyoto Congress Declaration, which encourages countries to address economic crimes comprehensively.
Zoelda Anderton, Officer-In-Charge for UNODC Indonesia, emphasized the need for developing strategies for financial investigations and combating money laundering through international cooperation. He highlighted the value of financial intelligence and its role in uncovering hidden relationships and networks within organized criminal groups, enhancing the effectiveness of investigations.
Shinta Permata Sari, ABA ROLI Senior Regional Program Officer, noted that the training was part of the Intel-Led Money Laundering Investigations (ILFI) program and expressed hope that it would contribute significantly to the fight against financial crimes. She emphasized that eradicating financial crime is not only a financial issue but also a critical step toward achieving social justice.
The participation of Dr. Ramandeep Chhina and other international experts in this training underscores the global importance of combating financial crimes and strengthening the capabilities of law enforcement agencies to address them effectively. This collaborative effort represents a crucial step forward in the ongoing battle against corruption and financial misconduct.
Dr. Ramandeep Chhina, Anti-Money Laundering Expert, PresentED at The Summit for Democracy on 29-30 March 2023
Dr. Ramandeep Chhina, Anti-Money Laundering Expert, PresentED at The Summit for Democracy on 29-30 March 2023
Seoul, South Korea, 29th March 2023
On March 30, 2023, during the 2nd Summit for Democracy, Indo-Pacific Anti-Corruption Meeting held in Seoul, Dr. Ramandeep Chhina gave a speech on financial transparency and integrity. In the speech, Dr. Chhina highlighted the significance of transparency of beneficial ownership (BOT) in the fight against financial crimes, such as corruption, money laundering, tax evasion, and terrorist financing. Dr. Chhina, who was the author of a study commissioned by the Asian Development Bank, analyzed the ongoing reforms, challenges, and opportunities in the selected Asia and Pacific countries for ensuring BOT, while identifying the best practices and providing practical guidelines for implementing BO reforms. The study has found that there is a varying degree of awareness and support for BO reforms in the Asia and Pacific region, and thus the BOT landscape has developed unevenly across countries in the region.
The study identified some common challenges that the selected countries should address within their national legal and regulatory framework and systems to ensure BOT, including a lack of a sound and efficient BO disclosure regime, technical and practical challenges in developing and setting up mechanisms to efficiently collect and verify BO information, challenges in ensuring public disclosure of the BO information while balancing it with the individuals’ right to privacy and data protection, challenges in identifying PEPs as beneficial owners and establishing their reporting requirements, and limitations in establishing effective sanctions and enforcement mechanisms.
To address these challenges, the study recommended adopting a single, unified, and robust definition of BO in the primary legislation, incorporating an explicit legal obligation on legal entities and legal arrangements to report and disclose BO data, clearly defining the scope of legal entities that should be covered within the BO disclosure regime, specifying certain minimum BO information that should be obtained, maintained, and updated by the reporting entities, and establishing effective verification and validation measures to ensure the accuracy of BO data on the register. The study also recommended adopting a multipronged approach to using multiple sources of information on BO to ensure the adequacy and accuracy of the BO information. The study emphasized the establishment of a register of beneficial owners of corporate vehicles as an emerging global trend among jurisdictions and a widely recognized best practice for ensuring timely access to BO information by competent authorities.
Dr. Ramandeep Chhina, Expert in Anti-Money Laundering, to Speak at The Summit for Democracy 29-30 March 2023
Dr. Ramandeep Chhina, Expert in Anti-Money Laundering, to Speak at The Summit for Democracy 29-30 March 2023
Edinburgh, 13th March 2023
Dr. Ramandeep Chhina, an expert in anti-money laundering and combating the financing of terrorism (AML/CFT), has been invited to speak at the Indo-Pacific Regional Anti-Corruption Meeting of the Second Summit for Democracy on March 30, 2023, in Seoul, Republic of Korea. Dr. Chhina will share her knowledge in the field and speak on the significance of beneficial ownership transparency as an anti-corruption strategy.
The summit is co-hosted by the governments of the United States of America, the Republic of Costa Rica, the Kingdom of the Netherlands, the Republic of Korea, and the Republic of Zambia. Dr. Chhina's extensive experience working on AML/CFT-related projects for organizations such as the World Bank, the Asian Development Bank, the American Bar Association, and the United Nations will provide valuable insights into the challenges of achieving beneficial ownership transparency and how it can be a useful tool for promoting democratic values, transparency, and accountability in financial transactions.
Dr. Chhina's expertise in AML/CFT and beneficial ownership transparency will contribute to the summit's objective of promoting democratic values, transparency, and accountability in financial transactions. Her insights will aid in addressing the challenges of corruption in an increasingly interconnected and complex world. The second Summit for Democracy will expand upon the pledges and actions stated at the first Summit and provide a forum for world leaders to report on their progress in implementing these commitments.
Beneficial Ownership Transparency in Asia and the Pacific
Beneficial Ownership Transparency in Asia and the Pacific
Publication date: December 2022
Author: Ramandeep Kaur Chhina
The paper concludes that beneficial ownership transparency is crucial for the fight against crime and corruption in Asia and the Pacific region. The author, Ramandeep Kaur Chhina, explores the issue in nine countries in the region and highlights the challenges that need to be addressed to ensure full disclosure of company ownership. The paper highlights the importance of overcoming these hurdles to promote transparency and accountability in the region. The report's findings give policymakers important information about the current state of beneficial ownership transparency in Asia and the Pacific and encourage them to take the steps needed to make things better.
Duplicate Financing: What is it, how can we resolve it, and how does it contribute to the trade finance gap?
Duplicate Financing: What is it, how can we resolve it, and how does it contribute to the trade finance gap?
Publication date: 7th October 2022
Author: Ramandeep Kaur Chhina
Read about duplicate financing in trade finance; what it is, and how it impacts the real economy.
Duplicate financing is a significant fraud challenge for financing institutions, one that they find difficult to detect and prevent, mainly due to the fact that they operate in information silos.
This SWIFT Institute commissioned briefing paper, authored by Dr Ramandeep K. Chhina, examines the issue of duplicate financing fraud in trade finance. It discusses the concept of duplicate financing, along with its implications for the real economy and its role in widening the trade finance gap. The paper outlines potential approaches or solutions to address duplicate financing fraud and highlights the digitalisation of trade finance as a key strategy.
Read the key highlights
Read the full report
Designing sanctions and their enforcement for beneficial ownership disclosure
Designing sanctions and their enforcement for beneficial ownership disclosure
Publication date: 28 April 2022
Author: Ramandeep Kaur Chhina
This policy briefing highlights key considerations for policy makers and implementers for establishing a sanctions and enforcement regime that is effective, proportionate and dissuasive. It helps think through various legal, policy and technical aspects of sanctions and their enforcement, to ensure compliance for adequate, accurate, and up-to-date beneficial ownership information. The briefing identifies emerging good practice from different countries and outlines key policy principles.
SRSP Project : “Enhancing effectiveness of the AML/CFT regime in the Czech Republic”
SRSP Project : “Enhancing effectiveness of the AML/CFT regime in the Czech Republic”
Dr. Ramandeep Kaur Chhina, Council of Europe expert presented in the Workshop on the Guidelines for Non-Profit Organisations (NPOs) on conducting ML/TF Risk Assessment on 25 January 2022, Prague, Czech Republic to discuss the “Guidelines for the NPOs on detecting and understanding AML/CFT risks” and its practical implementation.
The SRSP (Strengthening the Resilience of Society against Corruption and Money Laundering) project aims to enhance the effectiveness of the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime in the Czech Republic. In this context, a workshop was organized on 25th January 2022 in Prague, Czech Republic, where Dr. Ramandeep Kaur Chhina, an expert from the Council of Europe, was invited to present on the topic of "Guidelines for Non-Profit Organisations (NPOs) on conducting ML/TF Risk Assessment".
The objective of the workshop was to discuss the guidelines for NPOs on detecting and understanding AML/CFT risks and its practical implementation. Dr. Chhina highlighted the importance of risk assessment in detecting and preventing money laundering and terrorism financing activities. She emphasized the need for NPOs to have a robust AML/CFT framework in place and to conduct regular risk assessments to identify and mitigate any potential risks.
The workshop was attended by representatives from various NPOs, government agencies, and financial institutions. During the workshop, participants were given a detailed understanding of the guidelines and the practical steps that NPOs can take to assess their ML/TF risks. Dr. Chhina also provided practical examples of how NPOs can implement the guidelines in their day-to-day operations.
The workshop was a valuable platform for exchanging ideas and information on the AML/CFT regime in the Czech Republic and how it can be strengthened. The participants appreciated the opportunity to learn from the expert and to share their experiences and best practices in this field. The workshop ended with a roundtable discussion where participants discussed the challenges faced by NPOs in implementing the AML/CFT regime and explored possible solutions to overcome these challenges.
The SRSP project is an important initiative aimed at strengthening the AML/CFT regime in the Czech Republic and ensuring that NPOs are equipped with the necessary tools and knowledge to detect and prevent money laundering and terrorism financing activities. The workshop on the "Guidelines for NPOs on conducting ML/TF Risk Assessment" is a step in this direction and is a testament to the commitment of the SRSP project to enhance the effectiveness of the AML/CFT regime in the Czech Republic.
For those interested in learning more about the workshop and the SRSP project, the presentation and other materials can be download at : SRSP-CZ-Workshop-on-Guidelines-for-NPOs---January-2022
Beneficial ownership transparency of trusts
Beneficial ownership transparency of trusts
Publication date: 01 July 2021
Author: Ramandeep Kaur Chhina
This policy briefing analyses the existing policy and regulatory framework on the BOT of trusts at an international level, and highlights research and policy recommendations on the issue whilst identifying the gaps for further research. The aim is to help policymakers and those implementing or supporting BOT to think through various issues and approaches toward ensuring the BOT of trusts, as well as to outline considerations for operationalisation by identifying emerging best practice in legal and policy reforms.
An introduction to trusts
An introduction to trusts
Publication date: 01 July 2021
Author: Ramandeep Kaur Chhina
This briefing aims to provide background information to the concept of trusts, and serves as a resource reference to develop an understanding of various types of trusts, their functions, and the roles of various parties of a trust. It highlights some of the legitimate and illegitimate uses of trusts, as well as the current practice in a variety of countries on the regulatory treatment of trusts. It is a background to the paper Beneficial ownership transparency of trusts for those who are new to the concept.
Virtual Assets and Virtual Assets Service Providers
Virtual Assets and Virtual Assets Service Providers
Analysis of AML/CFT Regulatory, Supervisory and Oversight Approaches and Challenges under the project “Preventing Money Laundering and Terrorist Financing in Serbia”
Publication date: December 2020
Author: Ramandeep Kaur Chhina
The project “Preventing Money Laundering and Terrorist Financing in Serbia” aims at supporting Serbia in addressing the remaining Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) regulatory shortcomings thereby strengthening the country’s AML/CFT prevention and enforcement regime. This overall objective will be achieved by developing effective and sustainable framework for preventing and supressing money laundering and terrorist financing in Serbia, inclusive of primary and secondary legislation, organisational solution, and specialisation. The project is funded by Sweden, represented by the Swedish International Development Cooperation Agency and implemented by the Council of Europe.
Expert advise on Cryptocurrencies and Bitcoin
Expert advise on Cryptocurrencies and Bitcoin
On the 21st of August 2020, Dr. Ramandeep Chhina, an expert in the field of cryptocurrencies and bitcoin, offered her professional advice to financial institutions in Taiwan. The topic of her advice was centered on the various financial crimes and risks related to cryptocurrencies and bitcoin. She discussed the importance of anti-money laundering measures and the challenges associated with virtual assets and virtual currencies. By providing guidance on these topics, Dr. Chhina aimed to help financial institutions in Taiwan navigate the complex and rapidly evolving world of cryptocurrencies and bitcoin.
Advising on Artificial Intelligence for banking and related legal compliance issues
Advising on Artificial Intelligence for banking and related legal compliance issues
On the 21st of August 2020, Dr. Ramandeep Chhina was providing guidance to financial institutions in Taiwan on the implementation of artificial intelligence in the banking sector. The focus of the advice was on ensuring that the use of AI technology aligns with relevant legal compliance requirements.
Dr. Chhina is an expert in the field of artificial intelligence and has extensive experience advising organizations on the legal and regulatory implications of adopting AI technologies. As a consultant for Taiwan's financial institutions, she helps them keep up with the latest developments in AI technology and figure out how they can use AI in their work without breaking the law.
In today's rapidly changing technological landscape, it is becoming increasingly important for financial institutions to be knowledgeable about AI and its potential applications. Dr. Chhina's expertise is helping Taiwan's financial institutions stay ahead of the curve by providing them with the information and guidance they need to make informed decisions about their use of AI.
Dr. Chhina's advice is expected to play a crucial role in ensuring that Taiwan's financial institutions are well positioned to take advantage of the many benefits of artificial intelligence while minimizing the risks associated with its use. By providing them with the latest information on AI and legal compliance, Dr. Chhina is helping to support the growth and success of Taiwan's financial sector.
Policy Platform| Anti-money laundering in Albania – What role for civil society?
Policy Platform| Anti-money laundering in Albania – What role for civil society?
On the 25 June 2021, the Institute for Democracy and Mediation organized a forum to discuss how to combat money laundering in Albania. The goal of the forum was to increase awareness of anti-money laundering measures among the media, academics and CSOs that work on combatting grand corruption, state capture and organized crime, as well as giving an opportunity to discuss how Albanian anti-money laundering frameworks and laws could be improved to better align them with the EU acquis as a part of the EU candidate process. The crucial role of civil society and investigative journalism in putting pressure on the implementation of anti-money laundering measures was stressed. The forum was hosted by Mr. Sotiraq Hroni, Mrs. Nertila Mosko and Gjergji Vurmo from the IDM, and outside experts, such as senior AML expert Karel Lannoo from CEPS Brussels, international AML expert Dr. Ramandeep Chhina, and Mr. Aurélien Juliard from the EU Delegation to Albania provided further expertise on the topic.
Dr. Chhina spoke about the role of civil society and the media in fighting money laundering, and how their efforts can be supported through greater cooperation and information-sharing. She explained that civil society organizations and investigative journalists play a crucial role in exposing corruption and money laundering and that their efforts can put pressure on the government to take action.
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