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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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FinCEN names new deputy director, Jimmy Kirby

December 13, 2023

Prior to joining FinCEN, Mr. Kirby served in multiple roles supporting the Treasury Department’s national security mission and advising Treasury’s senior leadership, and he has deep experience across Treasury’s Office of Terrorism and Financial Intelligence.

European Parliament and Council reach deal on the EU’s money-laundering watchdog AMLA

December 13, 2023

Under the the deal, AMLA would supervise the EU’s new rulebook on combatting dirty money flows and would be charged with directly supervising the most risky financial entities.

FCA consults on access to cash in an increasingly digitalised world

December 13, 2023

Proposals would require designated firms, acting alone or via a designated coordination body, to establish a cash access request process, allowing local communities to ask for significant gaps in local cash provision to be addressed.

Wolfsberg Group-IIF publish joint response to the FATF’s public consultation on its Risk-Based Guidance on Recommendation 25

December 13, 2023

FATF’s consultation relates to Beneficial Ownership and Transparency of Legal Arrangements (Recommendation 25).

PwC survey shows three quarters of financial services companies are still conducting AML checks entirely manually

December 13, 2023

It was found that more automation could be used by the Irish financial services industry to “strengthen the fight against financial crime”. A survey of 61 financial services firms carried out by PwC, found that 75% rely on manual financial crime risk assessments and just 3% use a fully automated process…

 

European Commission publishes Commission Delegated Regulation (EU) of 12.12.2023 amending Delegated Regulation (EU) 2016/1675 as regards the deletion of the Cayman Islands and Jordan from the table in point I of the Annex.

December 13, 2023

The assessment of the available information leads it to conclude that the Cayman Islands and Jordan no longer have strategic deficiencies in their AML/CFT regimes. It is therefore appropriate to delete the Cayman Islands and Jordan from the table in point…

Isle of Man Financial Services Authority publishes updated version of AML/CFT Handbook

December 13, 2023

The amendments reflect the findings of recent thematic reviews, with a focus on key areas such as Business Risk Assessments (BRA) and Source of Wealth requirements for Politically Exposed Persons (PEPs)…

 

US SEC plans to finalise ESG disclosure rules in April 2024

December 13, 2023

The SEC now expects to release its final rule for requiring companies to disclose climate-related risks like scope 1, scope 2 and scope 3 emissions and their risk management practices in April 2024…

White House issues notice on the continuation of the national emergency with respect to the global illicit drug trade

December 12, 2023

Relates to the trade of illicit drugs, including fentanyl and other synthetic opioids, that is causing the deaths of tens of thousands of Americans annually.

EU Commission welcomes the political agreement on rules strengthening asset recovery and confiscation in the European Union

December 12, 2023

The proposed rules will also cover the violation of restrictive measures, ensuring the effective tracing, freezing, management and confiscation of benefits coming from violating sanctions.

Europol supported an international drug-trafficking operation that led to the arrest of 14 members of an Italian criminal network in Belgium, Netherlands, and Spain

December 12, 2023

The suspects produced cocaine in clandestine laboratories and smuggled it across Europe. The suspects cooperated with an international organised criminal group and allegedly perpetrated criminal activities in the EU, posing a high risk to the public across several…

UK National Audit Office makes several recommendations to the UK’s FCA on how to improve its oversight

December 12, 2023

As this report is focused on how the FCA is responding to changes in the market and to its remit, it does not seek to establish the overall effectiveness of the FCA’s business-as-usual work, nor does it review how the FCA has managed individual regulatory decisions or cases…