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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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US Attorney General’s Memorandum on ‘Total Elimination of Cartels and Transnational Criminal Organisations’, outlines key policy shifts, including the disbanding of the KleptoCapture Task Force

February 5, 2025

Among the changes are directives to (1) eliminate the KleptoCapture Task Force and the Kleptocracy Asset Recovery Initiative (KARI); (2) prioritize Foreign Corrupt Practices Act (FCPA) and Foreign Extortion Prevention Act (FEPA) investigations that are related to foreign bribery that facilitates the criminal operations of cartels and transnational criminal organizations (TCOs); (3) shift focus away from FCPA and FEPA investigations and cases that do not involve such a connection; and (3) remove the “bureaucratic impediment” requiring …

Central Bank of the UAE and Dubai Economic Security Centre signs an MoU to strengthen cooperation and information sharing in combating financial crime

February 5, 2025

This aims to achieve the strategic objectives of both parties, bolster confidence in the UAE’s financial system, and consolidate the country’s leading global position…

CPS convicts construction industry fraudsters for a £22m scam for evading VAT and Construction Industry Scheme contributions, defrauding taxpayers and HMRC

February 4, 2025

Seven individuals connected to a construction company were sentenced on 4 February 2025 for their roles in a £22 million fraud against taxpayers. The group, including lead conspirators Daniel Newton, Philip Bailey, and Sean Dean, created fake payroll companies to divert unpaid VAT and Construction Industry Scheme (CIS) contributions into their own accounts. The Crown Prosecution Service, Kent Police, and HMRC uncovered the scheme…

EC’s Next-generation FIU.net equips FIUs and Europol with a cutting-edge IT solution, enabling faster, more efficient information exchange and cross‑matching of information to combat ML/TF and corruption

February 4, 2025

Criminals and terrorists are adaptable and quick to use new technologies to abuse the financial system, launder their illicitly obtained assets and finance their malicious activities. It is therefore important to ensure that competent authorities, such as the national FIUs, which are at the frontline in the fight against financial crime, have the necessary tools to be up to the challenge. These tools should allow FIUs to exchange crucial information swiftly and securely, analyse suspicious financial flows effectively and, ultimately, provide the investigative and prosecutorial authorities with useful financial intelligence…

EC Guidelines on prohibited Artificial Intelligence (AI) practices, as defined by the AI Act, covers ‘high risk’ areas such as harmful manipulation, social scoring, and real-time remote biometric identification

February 4, 2025

These guidelines provide an overview of AI practices that are deemed unacceptable due to their potential risks to European values and fundamental rights. The AI Act, which aims to promote innovation while ensuring high levels of health, safety, and fundamental rights protection, classifies AI systems into different risk categories, including prohibited, high-risk, and those subject to transparency obligations…

FATF’s Annual Report 2023-24 outlines significant advancements in non-conviction-based confiscation, transparency, and emerging risks such as cyber fraud

February 3, 2025

The report emphasises risk-based criteria for identifying weak jurisdictions, the importance of beneficial ownership registries, and targeted measures to protect NPOs from terrorism financing. It promotes gender inclusivity, addresses emerging risks like cyber fraud and terrorism financing via crowdfunding, enhances international asset…

FCA’s Dear CEO letter to payment portfolio firms sets supervisory priorities and expectations, emphasising tighter fraud controls and stricter enforcement standards

February 3, 2025

The letter emphasises stricter enforcement for firms failing operational resilience standards, continuous risk monitoring, and compliance reporting. It also addresses securing payments infrastructure, including faster payments and open banking APIs. Key next steps include finalizing operational resilience frameworks by March 2025…

Eurojust and Europol’s 2024 Common Challenges in Cybercrime Report outlines key cybercrime and digital evidence challenges, legal developments, and the rising data burden on law enforcement

January 31, 2025

The report identifies key cybercrime challenges, including data management, legal uncertainties post-Data Retention Directive, and technologies obstructing investigations. Legal, logistical, and data-sharing barriers hinder international cooperation and public-private collaboration. The report outlines strategic directions, new legislative tools, and their practical application. Effectiveness depends on integration into existing strategies and adoption by practitioners…

 

CFATF releases Belize’s Mutual Evaluation Report, rating the country Fully Compliant with 38 of the 40 FATF Rec. and Largely Compliant with the remaining 2

January 30, 2025

Mutual Evaluation finds that Belize has a solid AML/CFT/CPF framework, but notes effectiveness gaps in ML prosecutions and convictions and a need for more robust risk-based supervision of DNFBPs, as well as stronger beneficial ownership verification & on-site inspections…

 

Europol’s EFIPPP Practical Guide enhances AML/CFT Public-Private Partnerships (PPPs), enabling authorities to share case-specific intelligence with FIs, which must comply with production orders

January 30, 2025

With momentum from AMLR75, there is a growing push to standardise PPPs and information sharing across Europe. Essential insights include Authorities can now legally share case-specific intelligence with financial institutions, Financial institutions must comply with production orders and investigative requests, EU AML/CFT Regulation will enable cross-border intelligence-sharing from July 2027…

 

Europol shuts down the world’s 2 largest cybercrime forums ‘Cracked and Nulled’, with over 10m users, which facilitated cybercrime and illegal trade, generating €1m in criminal profits

January 30, 2025

The cybercrime forums facilitated hacking tutorials, credential stuffing tools, OTP bypass services, and remote access trojans (RATs). Law enforcement seized 17 servers and €300K in illicit assets, shutting down Sellix, a payment processor enabling criminal transactions, and StarkRDP, a hosting service used for cyberattacks…

 

INTERPOL’s Operation Screen West Africa unites 12 nations to strengthen borders and dismantle transnational crime networks, seizing millions in drugs, counterfeit medicines, and stolen vehicles

January 30, 2025

Frontline officers at land, air and sea border points were provided with INTERPOL Mobile Devices (IMDs) to access INTERPOL’s critical global intelligence, enabling them to conduct in real time over 1.3 million checks against INTERPOL’s databases. Checks against INTERPOL’s Stolen and Lost Travel Documents database detected 82 individuals travelling on stolen and irregular passports. Mauritanian authorities also launched an investigation into the international trafficking of French and Spanish passports…

 

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