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Money Laundering & Terrorist Financing

Over 20 years of articles and reference material

A page dedicated to global, regional, UK and US anti-money laundering developments and initiatives.

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ESMA’s 2025 Risk Monitoring Report warns of market volatility, geopolitical uncertainty, cryptocurrency corrections, rising cyber threats, and the need to strengthen EU capital markets

February 13, 2025

ESMA reiterates warnings about speculation, despite booming crypto markets and notes growing cyber threats amid geopolitical tensions. The EU’s corporate financing environment is considered weak, although credit risk might ease with lower interest rates. In addition, the debt maturity wall from 2025-2028 raises sustainability concerns.

 

OFSI’s financial services threat assessment report warns of rising sanctions evasion risks, underreporting, and crypto-facilitated breaches

February 13, 2025

The report examines emerging tactics used by bad actors, including the misuse of cryptoassets and intermediaries to circumvent regulatory controls, as well as the persistent issue of underreporting breaches…

 

 

US DoJ convicts two Estonian nationals for operating a multi-faceted cryptocurrency Ponzi scheme, defrauding hundreds of thousands worldwide in a $577 million fraud

February 13, 2025

The dashboard displayed fake profit data while founders spent the proceeds on luxury properties, vehicles, and investments. They have agreed to forfeit over $400 million in assets which will be used to compensate victims through a remission process. Both pleaded guilty to conspiracy to commit wire fraud and face up to 20 years in prison, with sentencing scheduled for May 8. The investigation was supported by Estonian authorities…

Europol arrests 6 suspects in a multi-million-euro investment fraud and ML scheme, that deceived victims with fake investment opportunities

February 12, 2025

During the action day, EUR 133 800 worth of cash in various currencies was seized in Israel along with expensive watches. To date, French investigators have recovered approximately EUR 450 000. Investigations remain ongoing to identify further suspects and trace additional financial losses…

ICIJ reports that a Canadian businessman, previously investigated in the Pandora Papers, has been sentenced to a U.S. prison for attempting to conceal over $40 million in cryptocurrency

February 11, 2025

Patel, founder of Payza, ran a platform that allegedly facilitated criminal activities, including Ponzi schemes and illicit sales. Despite claiming minimal assets during his 2020 sentencing Patel secretly amassed 450 bitcoin in a Binance wallet before moving it to a Blockchain.com account under his father’s name. He later revealed ownership of the funds while filing a legal claim in the UK. Patel had also set up an offshore company during…

PSR to launch April 2025 consultation on Pay.UK’s APP scam claims – firms urged to strengthen fraud controls

February 11, 2025

While APP scam reimbursement protections took effect in October 2024, a centralised system for managing claims and data reporting remains under discussion. PSR will launch a consultation in April 2025 to assess whether regulatory requirements should be imposed on Pay.UK’s RCMS. The earliest possible implementation, if approved, is now expected in late 2025, giving stakeholders more time to evaluate costs, benefits, and operational impacts…

 

 

EU launches InvestAI, a €200bn initiative, including a €20bn fund for AI gigafactories, to drive AI innovation and establish Europe as a leading AI hub

February 11, 2025

The EU is providing financial support through Horizon Europe and the Digital Europe programme to advance generative AI. Additional initiatives focus on strengthening the EU’s AI talent pool through education, training, and reskilling. The EU is also encouraging more public and private investments in AI start-ups and scale-ups via venture capital and equity support. Efforts are being made to accelerate the creation and deployment of Common European…

Europol warns of extremist groups exploiting minors on gaming & social platforms

February 11, 2025

These communities, dedicated to normalising violence and abuse, function as cult-like networks driven by charismatic leaders who control victims through psychological manipulation, blackmail, and coercion….

FCA flags major AML gaps in latest ML through Capital Markets Review, calling for enhanced systems, controls, risk awareness, and training to combat ML effectively

February 10, 2025

Key vulnerabilities identified include firms’ overreliance on third parties for due diligence, insufficient transaction monitoring, and evolving laundering techniques that exploit complex financial products and high-speed trading environments…

MONEYVAL Mutual Evaluation urges Guernsey to enhance ML investigations, prosecutions, and convictions while praising its strong risk awareness and effective use of financial sanctions

February 10, 2025

The report commended Guernsey’s Financial Intelligence Unit for producing high-quality analytical products and strategic analysis, while acknowledging the limited extent to which they are used by law enforcement authorities to initiate investigations. The quality of suspicious activity reports also remains a concern…

 

A £4bn fraud scheme led by Michail Roerich used 1,000+ UK shell companies, forged audits, and fake documents in an attempt to seize a Ukrainian gold mine, prompting Companies House reform

February 8, 2025

The fraud scheme exposed major weaknesses in the UK’s company registration system, as Roerich fabricated a mining empire using false financial claims, a phantom bank, and fake endorsements. His tactics highlighted the urgent need for stricter oversight, leading to Companies House reforms…

FinCEN imposes $37m civil money penalty against Brink’s Global Services USA, for BSA violations over bulk cash shipments lacking effective AML controls

February 8, 2025

Brink’s failed to register as a money services business, lacked an effective AML program, and did not file suspicious activity reports. These violations enabled hundreds of millions in bulk currency to be transmitted across the Southwest Border for high-risk entities, including a Mexican currency exchanger involved in illicit activities. This is FinCEN’s first action against an armored car company, highlighting its commitment to protecting the U.S. financial system from money laundering.

 

 

 

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