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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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FATF assesses Nauru’s AML/CFT framework, highlights low ML/TF risks but calls for improved risk understanding and enforcement

December 17, 2024

Report accepts that Nauru has a low risk for ML/TF, but identifies opportunities to improve Targeted Financial Sanctions implementation and cross-border currency controls, and to update the 2023 National Risk Assessment.

FATF identifies need for Papua New Guinea to strengthen resourcing of AML/CFT institutions, improve beneficial ownership data collection and enhance cross-border cooperation

December 17, 2024

Other areas flagged in the latest follow-up report on Papua New Guinea include the use of financial intelligences, out-of-date ML/TF risk assessments and risk-based supervision of high-risk FIs and DNFBPs.

FATF highlights significant gaps in Timor-Leste’s AML/TF risk understanding, supervision, enforcement, and guidance

December 17, 2024

Report urges the updating and broadening risk assessments, including for NPOs and legal persons, supporting financial inclusion with simplified measures for low-risk areas and prioritizing investigations into high-risk crimes like corruption, tax evasion, and trafficking.

Department for Business and Trade announces publication of the UK strategic export controls annual report 2023

December 17, 2024

The report covers export controls policy and licensing decisions for 2023, managed under the previous UK Government. Export controls are intended to ensure exported goods do not contribute to WMD proliferation, to protect UK security by controlling access to sensitive technologies, and to prevent misuse of exported items in internal repression or serious violations of international humanitarian law.

INTERPOL advocates for replacing ‘Pig Butchering’ with ‘Romance Baiting’ to support fraud victims 

December 17, 2024

INTERPOL urges the adoption of ‘romance baiting’ to describe online relationship and investment frauds, arguing that the term avoids dehumanizing victims, encourages reporting, and shifts focus onto fraudsters’ coercive tactics, aligning with the broader Think Twice campaign on online safety…

AMLP Feedback to FATF R.1/ INR.1/ INR.10/ INR.15 – clear definitions and practical examples key to effective AML/CFT implementation

December 17, 2024

Our feedback focus on strengthening the risk-based approach and enhancing clarity in interpretation and implementation. Key Observations include Financial Inclusion: What does this truly encompass, given its regional variations? Does it involve improving access to funds for developing countries, refugees, or other marginalised communities?…

PSR Report exposes major platforms enabling APP scams costing UK consumers £341m in 2023

December 17, 2024

The Payment Systems Regulator reveals that over half of APP scams exploited Meta platforms (Facebook, Instagram, WhatsApp), accounting for £62.7M in losses, with telecom fraud causing the highest losses (£107.2M). Investment scams, though fewer in number, resulted in the largest financial impact, highlighting the need for cross-sector collaboration to close vulnerabilities and prevent fraud…

Wolfsberg Group releases Guidance on Payment Transparency Roles and Responsibilities, supplementing its 2023 Payment Transparency Standards, to enhance transparency and compliance

December 16, 2024

It also sets out their respective responsibilities to adhere to payment transparency standards across a sample of commonly observed payment flows and serves as a reference guide that can be used by all PSPs, regulators and standard setters…

 

 

Europol analyses major trends and developments in jihadist propaganda from January 1 to December 31, 2023, focusing on ISIS and al-Qaeda

December 16, 2024

Report examine the trajectories of these groups, their responses to shifting dynamics, and their attempts to overcome setbacks. It also identifies the both types of and dominant themes within material produced by the two groups during this period, while highlighting changes in key areas related to online jihadist propaganda, such as main narratives and the abuse of technology for propaganda dissemination.

EBA finds that colleges on anti-money laundering and countering the financing of terrorism have become more effective but further progress is needed

December 16, 2024

In its fourth Report on the functioning of  AML/CFT colleges, the EBA highlights continued improvements in 2023 but identifying key areas needing further progress.

FCA consults on proposals for regulating cryptoassets

December 16, 2024

The FCA has released a Discussion Paper (DP) to develop rules for cryptoasset admissions and disclosures (A&D) and cryptoasset market abuse controls (MARC). The proposals focus on balancing risk reduction with fostering innovation and growth in the UK cryptoasset market.

Eurojust suspects four have been arrested for the illegal export of archaeological treasures

December 16, 2024

The group employed grave robbers and forged documents to facilitate the illegal export of these items which were later sold through a fake auction house in Belgium. Over several years the operation caused significant cultural damage and generated illegal profits. A coordinated effort across Europe including Italy, Belgium, Germany, and Spain, led to multiple arrests and the recovery of valuable items including a Roman sarcophagus and Etruscan…

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