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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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FCA releases its Annual Report and Accounts 2023/24, summarising major regulatory actions, enforcement activities, and policy developments

September 12, 2024

The report includes significant achievements and progress made by the FCA during the financial year, notable trends observed in the financial sector and regulatory environment…

 

Europol and the Basel Institute co-host a Global Conference on Cryptocurrencies and Financial Crime, focusing on developing a strategic approach to enhancing security

September 12, 2024

These public-private collaborations have enabled officers to trace illicit crypto transactions across multiple blockchains before ultimately seizing the funds, de-anonymising the perpetrators and often being able to return significant quantities of crypto assets to victims…

EU hosted a meeting of the Africa Joint Group of the FATF to assess the progress of jurisdictions with strategic deficiencies in their AML & CTF measures

September 12, 2024

The European Union recognises the fight against money laundering and financing of terrorism as a priority both to ensure the security of its citizens and to preserve the integrity of the international financial system. The key elements in this process are effective anti-money laundering and countering the financing of terrorism policies, in line with international standards such as those set by the FATF…

Guardian: Oligarchs have successfully challenged the UK’s fraud squad and emerged victorious

September 12, 2024

A former police officer was at home by the South African coast when he received a call about the suspicious death of geologist. After Bekker’s charred body was discovered in his burned Audi Quattro in Johannesburg, Jackson agreed to investigate the case initially considering the possibility of suicide. However, evidence suggested the fire was intentionally set leading Jackson to believe it was a murder…

OECD issues policy paper on ‘Regulatory Approaches to Artificial Intelligence in Finance’ providing an analysis of how different jurisdictions are addressing the use of AI in the financial sector

September 12, 2024

The use of Artificial Intelligence (AI) in finance has increased rapidly in recent years, with the potential to deliver important benefits to market participants and to improve customer welfare. At the same time, AI in finance could also amplify existing risks in financial markets and create new ones. This report analyses different regulatory approaches to the use of AI in finance in 49 OECD and non-OECD jurisdictions based on the Survey on Regulatory Approaches to AI in Finance…

EP’s briefing on “golden passport” and visa schemes in the EU warns that these programs pose significant security risks, particularly by facilitating ML and corruption

September 12, 2024

This briefing provides an overview of CBI and RBI schemes in the EU, the Parliament’s stance on these schemes and the Commission’s actions to address the identified problems. It also covers the situation of Russian nationals who, prior to the Russian invasion of Ukraine in 2022, represented a large share of applicants for CBI and RBI schemes in the EU. In the wake of the invasion, the Commission urged Member States to repeal any existing CBI schemes with immediate effect…

Antiquities Coalition: Loopholes in the art market once again pose risks to US economic integrity and national security

September 12, 2024

The US Department of Justice charged dual US-Russian citizens, with using art and antiques to launder over US $1 million and violate sanctions related to Russia’s 2022 invasion of Ukraine. The couple allegedly exploited the unregulated global art market to provide services to sanctioned Russian entities, This case highlights the growing scrutiny on financial crimes in the US art market, which remains largely exempt from AML regulations…

FINTRAC imposes an administrative monetary penalty on Canada Changjiang Management Ltd for failure to submit STRs

September 12, 2024

Canada Changjiang Management Ltd. was found to have committed the following administrative violations: Failure to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions were related to a money laundering or terrorist activity financing offence; Failure to submit large cash transactions reports of $10,000 or more in the course of a single transaction, together with prescribed information…

EPPO in Greece dismantles a criminal organisation involving in a €30 million VAT fraud scheme

September 12, 2024

The investigation, which started after a report from the Hellenic Financial Intelligence Unit has revealed that the suspects created a complex web of companies in Greece and other EU Member States (Cyprus and Slovakia), in order to take advantage of EU rules on cross-border transactions between its Members States, as these are exempt from VAT…

Wolfsberg responds to the consultation on FinCEN’s notice of proposed rulemaking (NPRM) for the AML/CFT program rule, emphasising the need for greater flexibility in the risk assessment process

September 11, 2024

They also call for clearer expectations for AML program effectiveness, particularly for U.S.-based management of these programs. Another critical point is the recommendation to extend the implementation timeline for firms, as they believe the current schedule might be too tight for many institutions to comply effectively…

Australian Parliament introduces AML/CTF Amendment Bill

September 11, 2024

This Bill has three key objectives:
extend the AML/CTF regime to additional services provided by lawyers, accountants, trust and company service providers, real estate professionals, and dealers in precious metals and stones (tranche two entities)
modernise the regulation of virtual assets and payments technology
simplify and clarify the regime, to increase flexibility, reduce regulatory impacts and support businesses to prevent and detect financial crime.

OFSI reminds UK companies of the upcoming deadline to file annual frozen asset reports

September 11, 2024

OFSI also updated its guidance on the annual frozen asset review and reporting form to reiterate that frozen assets should be reported to OFSI every year to reflect any changes that may have occurred during the reporting period…