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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 Joint Executive Director of Enforcement and Market Oversight, Steve Smart delivers speech on “Teamwork: A Smart Way to Tackle Financial Crime” at the Financial Services Investigations and Enforcement Summit

July 5, 2024

Our goal as part of our commitment to reduce and prevent financial crime, is to fight the growth in APP (or Authorised Push Payment) fraud and investment fraud as well as to help tackle money laundering. And we are jointly, alongside partner agencies (including the Payments Systems Regulator), making an impact.

FinCEN issues proposed rule to strengthen and modernise financial institutions’ AML/CFT programmes

July 5, 2024

The proposed rule would amend regulations to explicitly require that AML/CFT programs be effective, risk-based, and reasonably designed, enabling financial institutions to focus their resources and attention in a manner consistent with their risk profiles.

FATF Plenary Outcomes June 2024 highlights that Monaco and Venezuela were added to the FATF “grey” list for strategic deficiencies in their regimes to counter ML/TF, and PF while Jamaica and Turkey were removed from the list

July 5, 2024

Members approved the Priorities of the FATF under the incoming Mexican Presidency – these include a focus on: Advance financial inclusion, Strengthen cohesion of the Global Network, Asset recovery, Beneficial ownership, Virtual assets, Continue efforts to combat terrorist and proliferation financing…

HKMA disciplines DBS Bank (Hong Kong) limited for breaching the AML/CFT Ordinance

July 5, 2024

DBS Bank (Hong Kong) Limited faced disciplinary action due to inadequate systems and controls under the AMLO. The investigation highlighted shortcomings in ongoing monitoring of business relationships, conducting enhanced due diligence in high-risk situations, and maintaining records from April 2012 to April 2019…

UK calls out Russia’s systematic effort to eradicate Ukrainian identity: UK statement to the OSCE

July 5, 2024

Acting Ambassador Brown condemns Russia’s attempts to eradicate Ukrainian identity. As part of a systematic effort of repression, Russia has expanded its forced passportisation, deported thousands of Ukrainian children and murdered civilians for being openly pro-Ukrainian…

MAS publishes its National Asset Recovery Strategy towards the recovery of illicit funds and assets

July 5, 2024

Singapore unveiled its National Asset Recovery Strategy, detailing its robust efforts to recover illicit funds and assets, and to return them to victims. Prime Minister and Minister for Finance Lawrence Wong announced the strategy at the opening of the FATF Plenary Meeting, emphasizing Singapore’s ongoing enhancements to its AML / CFT framework…

EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing in transfers of funds and crypto assets

July 4, 2024

The Guidelines specify which information should accompany a transfer of funds or crypto assets and also list the steps that payment service providers (PSPs), intermediary PSPs (IPSPs), crypto-asset service providers (CASPs) and intermediary CASPs (ICASPs) should take to detect missing or incomplete information, and what they should do if a transfer of funds or a transfer of crypto-assets lacks the required information.

Europol releases position paper on home routing and risks to lawful interception

July 4, 2024

Home Routing makes it possible for a telecommunication service provider to (continue to) provide a service to a customer when they travel abroad. This means that when a customer travels internationally, their communications (calls, messages and data) are still processed through their home network rather than the network of the country they are visiting.

OECD publishes report on illicit trade and the Korean economy

July 4, 2024

Examines the global trade in counterfeit products that infringe on Korean intellectual property rights (IPR) and its impact on the Korean economy.

EBA welcomes the entry into force of the new EU framework that will transform how Europe tackles ML/TF

July 4, 2024

The EBA is proud to be paving the way for the establishment of the new anti-money laundering and countering the financing of terrorism authority (AMLA) and is committed to facilitating a smooth transition, and making the EU a hostile place for financial crime…

Wolfsberg Group issues statement on effective monitoring for suspicious activity

July 3, 2024

The Group does not believe that the value being derived from the (constantly increasing) volume of SARs/STRs is contributing proportionately to effective outcomes in the fight against financial crime.

EBA publishes its Risk assessment report (RAR) calling for caution amid rising geopolitical risks for the EU/EEA banking sector

July 3, 2024

The report covers the EBA’s common risk assessment as well as the analysis of banks’ asset encumbrance and funding plan data, which had previously been published in two separate reports. It also includes specific chapters dedicated to EU/EEA banks’ Commercial Real Estate (CRE) exposures and EU/EEA banks’ interconnections with non-bank financial intermediaries (NBFIs).

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