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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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MONEYVAL calls for improvements in the supervision of the financial sector, private sector compliance and greater transparency of legal persons

November 13, 2024

Although MONEYVAL countries have comprehensive legal frameworks and powers to prosecute money laundering, the report stresses that many struggle to achieve positive results in prosecuting and convicting perpetrators. Regarding the confiscation of criminal assets, the results remain modest and constitute an area for concern. The report also highlights the need to provide appropriate protection to transborder personal data flows in the context of cooperation among jurisdictions.

Europol warns of organised crime networks recruiting minors for criminal acts

November 13, 2024

Europol’s notification warns that criminal networks now commonly exploit minors by using coded messaging, slang, and even ‘gamification’ tactics to frame criminal tasks as challenges or games. These techniques are designed to draw young people into criminal activity, often making it appear financially attractive or socially rewarding.

FATF issues call to South Africa to advance efforts to enhance measures against ML and terrorist financing.

November 13, 2024

Since its 2021 mutual evaluation and the 2023 Follow-Up report, South Africa has made significant progress in strengthening its anti-money laundering and counter-terrorist financing measures. The country has improved its ratings in several FATF recommendations, with three re-rated from partially compliant to largely compliant. South Africa is now compliant on 5 recommendations and largely compliant on 32…

The Wolfsberg Group appoints its new Executive Secretary J. Edward Ned Conway, effective 1st November

November 13, 2024

Conway the new Executive Secretary of the Wolfsberg Group was formerly responsible for Financial Crime Compliance at Banco Santander. His career includes roles at the US Department of Defense, PwC, and Barclays, with expertise in financial crime prevention and global training. Conway also chairs the UN’s Private Sector Dialogue on financial crime related to environmental issues and serves on the ACAMS Advisory Board…

FinCEN requests comments on proposed form for compliance with residential real estate rule

November 12, 2024

The Residential Real Estate Rule, which will be effective on December 1, 2025, requires select real estate professionals to submit reports and keep records about certain high-risk, non-financed transfers of residential real property to specified legal entities and trusts. This data will support the U.S. Department of the Treasury, law enforcement, and national security agencies in addressing illicit finance vulnerabilities in the U.S. residential real estate sector. It will also help curtail bad actors’ ability to use American residential real estate as a tool to anonymously launder and store illicit funds, which distorts housing prices and threatens U.S. economic and national security.

US DOJ convicts foreign national for laundering millions in proceeds from Cryptocurrency investment scams

November 12, 2024

Daren Li, 41, a dual citizen of China and St. Kitts and Nevis, and a resident of China, Cambodia, and the United Arab Emirates, pleaded guilty today to one count of conspiracy to commit money laundering for his role in a scheme to launder millions of dollars in proceeds of cryptocurrency investment scams…

HM Treasury releases consultation response and draft legislation on regulating ESG ratings providers

November 12, 2024

HM Treasury has published its response to the outcome of its consultation on the future regulatory regime for Environmental, Social, and Governance (ESG) ratings providers, detailing the scope of the proposed regulatory framework, along with related draft legislation. Responses and comments on the draft regulation are sought by 14 January 2025.

Europol supports Albania and Italy in the fight against drug trafficking from South America

November 12, 2024

Albanian and Italian authorities, with Europol’s support, dismantled a drug trafficking network led by two Albanian brothers, arresting 29 suspects across multiple countries. The group trafficked drugs from South America to the EU, using containers of exotic fruits to hide illicit shipments. Seizing €70 million worth of drugs and assets, authorities also uncovered a sophisticated ML operation…

FCA secures convictions against two individuals for £1.5m investment fraud

November 12, 2024

Between February 2017 and June 2019, the two defrauded 65 investors of £1.5 million through fake crypto investments. Bedi and Mavanga both pleaded guilty to multiple offences, including conspiracy to defraud and ML while Mavanga was convicted of perverting justice by deleting evidence. A third defendant faces a retrial in 2025, and a fourth, Rowena Bedi, was acquitted of money laundering charges…

US DoJ slams TD Bank executives to escape accountability and bypass the “bank death penalty” through legal maneuvers

November 12, 2024

Senator Elizabeth Warren condemned the DOJ for letting TD Bank avoid severe penalties in a money laundering case while sparing top executives from accountability. She cited the bank’s role in ML over US $670 million and questioned the DOJ’s commitment to holding individuals responsible. Warren warned that without executive accountability, fines will merely be treated as a business expense rather than a deterrent…

COE: Europe needs effective implementation of standards to counter ML and terrorist financing

November 11, 2024

MONEYVAL’s latest report highlights progress in areas such as understanding ML risks and international cooperation, but major improvements are needed in financial sector supervision, private sector compliance, and asset confiscation. Despite strong legal frameworks, many countries struggle to prosecute and convict money laundering offenders…

Eurojust led operation seizes 2000 fake works of art with potential losses of EUR 200 million

November 11, 2024
The fake art recovered by the authorities included forged works by famous artists such as Banksy, Andy Warhol, Pablo Picasso, Joan Miró, Francis Bacon, Wassily Kandinsky, Gustav Klimt, Claude Monet, Vincent van Gogh and Salvador Dalí. Investigations into the fake works revealed a network of forgers in Spain, France and Belgium. Once the fake works of art were produced, the network would work with several complicit auction houses in Italy to sell the pieces.
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