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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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Home Office announces a new charter with the insurance sector to clampdown on fraud at the Joint Fraud Taskforce meeting

October 26, 2024

The new voluntary charter is designed to identify loopholes in the insurance market, enhance collaboration and criminal justice outcomes, better understand the scale of the problem and improve victim support. The charter covers the vast majority of the insurance sector ranging from general insurance firms to underwriters and has the backing of the British Insurance Brokers’ Association, London & International Insurance Brokers’ Association, Lloyd’s of London, Lloyd’s Market Association and the International Underwriting Association, alongside ABI.

Europol and EUIPO jointly issues a strategic analysis report on ‘Uncovering the ecosystem of intellectual property crime – A focus on enablers and impact’

October 26, 2024

Details the criminal processes behind IP crime, examining factors enabling it and its connection to other organised crime. It also highlights the harmful effects on EU businesses and consumers.

FinCEN and Partner FIU Officials meet in Canada for International Public-Private Partnership events on illicit finance

October 25, 2024

The Symposium included presentations on the emerging trends, typologies, and case studies on Iran-backed terrorist financing, Russian sanctions evasion, online child sexual exploitation, synthetic opioid trafficking, human trafficking, and the illegal wildlife trade….

HMRC updates its Economic Crime Supervision Handbook

October 25, 2024

The aim of the EC-S handbook is to give you clear and comprehensive guidance on how to undertake your role within EC-S. It will help you understand the legislation, how our policies work and how they should be applied. It will also explain how to apply the sanctions framework and the powers available for you to use under the MLR2017…

The Egmont Group launches a newly developed Tackling Trade-Based ML (TBML) & Service-Based ML (SBML) Training Video to combat complex forms of fincrime

October 24, 2024

TBML involves manipulating trade transactions—such as over- or under-invoicing and using shell companies—to conceal illicit funds. Its detection is challenging for financial institutions due to limited knowledge of trade practices and cross-border operations. • TBTF uses trade transactions to secretly fund terrorism, often avoiding detection. Warning signs include unusual trade patterns and connections to high-risk jurisdictions. SBML exploits legal and professional services to obscure illicit funds through complex structures. Detection is complicated by the intangible nature of services and potential misuse of client confidentiality…

 

 

FCA fines Volkswagen Finance £5.4m for failing to treat its customers in financial difficulty fairly

October 24, 2024

Volkswagen Finance failed to consider customers unique situations resulting in the wrongful repossession of vehicles from vulnerable individuals many of whom depended on their cars for work. Volkswagen Finance implemented a compensation scheme, enhanced staff training, and revamped its debt collections approach. Therese Chambers from the FCA underscored the critical role cars play in people’s lives and called attention to how…

EPPO uncovers Chinese underground banking network suspected of €113 million VAT fraud

October 23, 2024

EPPO in Bologna and Milan has dismantled a criminal gang accused of evading €113 million in VAT and ML through a Chinese underground banking network. Authorities conducted searches across 20 Italian cities and arrested seven suspects, including two alleged ringleaders, while five others were placed under house arrest. The investigation uncovered a complex international tax fraud scheme involving ghost companies that imported clothing…

FinCEN issues alert to financial institutions to help counter the financing of Hizballah and related terrorist activities

October 23, 2024

This alert builds on a May 2024 advisory focused on Iran-backed terrorist groups, aiming to disrupt Hizballah’s global financial networks and safeguard the U.S. financial system from terrorist exploitation. Since its inception in 1982 Hizballah has engaged in violence against Israel and generates revenue through various illegal activities, including oil smuggling, money laundering, and illegal arms procurement…

INTERPOL in collaboration with the Korean National Police Agency (KNPA) convened the first-ever Future of Policing Congress to address emerging challenges facing law enforcement

October 23, 2024

The Future of Policing Congress is organized into three sessions: the first explores future scenarios, the second examines their impact on law enforcement, and the final session focuses on how law enforcement can prepare to face future challenges…

MAS releases Joint Advisory on rise in Government Official impersonation scam variant featuring impersonation of banks

October 22, 2024

In this variant, the victim would first receive an unsolicited call from a scammer impersonating a bank officer, typically from DBS, OCBC, UOB or Standard Chartered Bank. The scammer would inform the victim that a credit card has been issued under the victim’s name, or that there were suspicious or fraudulent transactions detected in the victim’s bank account, and would ask the victim to confirm these financial transactions…

Meta expands its partnership with UK banks through the FIRE programme to combat online scams, enabling intelligence-sharing that has led to the removal of thousands of fraudulent accounts

October 22, 2024

The Fraud Intelligence Reciprocal Exchange (FIRE) programme, allows banks to share intelligence with us directly to combat scams on our platforms. The early stage of this pilot has already led us to take action against thousands of accounts run by scammers, with approximately 20,000 accounts removed based on data shared…

Eurojust seizes over 6 million illegally exported pills in an international operation targeting a drug trafficking network

October 22, 2024

A criminal group operating an international smuggling route for prescription pills was dismantled during a major operation resulting in the arrest of 47 individuals and the seizure of over 6 million pills by Romanian, Estonian, Finnish, and Serbian authorities with support from Eurojust and Europol. The group sourced pills for treating anxiety, seizures, and insomnia from other criminal networks in Serbia, concealing them in tires, vehicles…

 

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