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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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BBC: Bangladesh’s AML agency has requested banks to provide account and transaction details linked to Treasury Minister Tulip Siddiq

January 7, 2025

The Bangladesh Financial Intelligence Unit has requested account details linked to Tulip Siddiq, her family, and her aunt Sheikh Hasina the former prime minister, following allegations of embezzlement of £3.9bn from Bangladesh’s infrastructure funds. Siddiq, named in the investigation last month, has denied the claims. Her spokesperson stated that no evidence has been provided and she has not been contacted regarding the matter…

Reuters: Portugal’s Novo Banco fires Chief Risk Officer over ‘suspicious transactions,’ reports matter to regulator

January 7, 2025

Novo Banco has dismissed its chief risk officer, Carlos Jorge Ferreira Brandao following an internal investigation and reported concerns about his conduct to Portugal’s banking regulator. The bank also filed a complaint with the Public Prosecutor’s Office, which has initiated an investigation. Novo Banco clarified that the suspected issue is not connected to the bank or its operations…

AML Intelligence: Malta’s FIAU chief Alfred Zammit discusses 2025 priorities and navigating legal challenges

January 7, 2025

Alfred Zammit, director of Malta’s FIAU is keen for a European court case against the agency to clarify its authority to impose penalties. He highlighted the FIAU’s efforts to strengthen ties with law enforcement, sharing more intelligence to support ML investigations. Zammit emphasized the agency’s focus on enhancing collaboration and efficiency in tackling financial crime…

EPPO Spain dismantles a transnational criminal network involving €17m VAT fraud through luxury car sales, leading to the arrest of 30 individuals

January 7, 2025

Thirty arrests were made and assets worth €11 million were seized, including cars, properties, and cash. The operation supported by German and Spanish authorities revealed a complex system of shell companies used for tax evasion and ML with over 200 bank accounts blocked across multiple countries…

 

 

 

SFO charges five men, including two solicitors following the collapse of the law firm Axiom Ince and alleged improper use of over £60m of client money

January 5, 2025

The firm’s CEO and director Pragnesh Modhwadia is charged alongside co-director Shyam Mistry and Chief Financial Officer Muhammad Ali with two counts of fraud by abuse of position. They are alleged to have misused client funds and exposed thousands of the firm’s clients to losses…

UK Charity Commission seeks information on the risks non-profit organisations face from terrorist financing schemes

January 3, 2025

The Commission is currently undertaking a review of the UK’s NPO sector, in accordance with FATF’s Recommendation 8, to help assess its vulnerability to terrorist financing.

Bloomberg: Federal authorities propose increasing AML oversight penalties by up to 40 times

January 3, 2025

Ottawa plans to increase penalties for AML oversight failures by up to 40 times with maximum fines reaching US$ 20 million per violation or 3% of annual global revenue. Additional measures include boosting fines for criminal offences by 10 times and providing clearer guidelines on jail terms. The move follows growing scrutiny of money laundering, highlighted by cases like TD Bank’s US$ 4.42 billion penalty in the US for oversight failures…

Thai authorities stress the importance of protecting the financial sector from ML/TF and weapons proliferation amid growing global conflicts

December 30, 2024

The Anti-Money Laundering Office (AMLO) and the Bank of Thailand (BOT) join forces to outline heightened risks from high-risk countries and to address concerns raised in 2023 report by the OHCHR, which alleged that some Thai financial institutions facilitated transactions linked to Myanmar’s military government, suspected of human rights violations.

 

UN General Assembly adopts a landmark treaty to combat global cybercrime, promoting international collaboration to prevent and address digital threats

December 24, 2024

Negotiated over five years, this is the first international anti-crime treaty in 20 years. The Convention addresses crimes like online child sexual abuse, scams, and money laundering. It also emphasises protecting vulnerable individuals, safeguarding economies, and promoting digital safety. It will open for signature in 2025 in Viet Nam and enter into force after ratification by 40 signatories…

 

 

MONEYVAL re-rates Poland on Recommendations 1 and 33, in recognition of its corrective actions since the adoption of the MER and 1st enhanced FUR

December 22, 2024

Recommendation 1 outlines requirement for a risk-based approach, while Recommendation 33 states that countries should maintain comprehensive statistics on the effectiveness and efficiency of their AML/CFT systems. Requests for re-ratings on Recommendations 15 and 26 were analysed, but no changes were granted.

 

OCCRP investigation confiscated $2 m from a diamond company while Ukrainian authorities raided the warehouses over a scandal involving inflated food prices sold to the military

December 20, 2024

Kut’s warehouses are tied to the scheme and Hlyniana’s companies are under investigation for tax evasion and money laundering. Neither woman has been formally charged but both are under scrutiny in their respective countries…

SEC charges Deutsche Bank subsidiary to pay US$4m for failing to file certain suspicious activity reports on time

December 20, 2024

Deutsche Bank Securities has been fined US $4 million for failing to file suspicious activity reports on time between April 2019 and March 2024 despite receiving requests linked to law enforcement investigations. The SEC found the company took more than two years in some cases to file SARs undermining their usefulness. The bank has agreed to a censure a cease-and-desist order, and the penalty without admitting…

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