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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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UK Govt announces new Office of Trade Sanctions Implementation (OTSI)

December 16, 2023

OTSI is a strategic move by the UK Govt to tighten the screws on companies evading Russian sanctions, further strengthening the UK’s sanctions system. OTSI is set to launch in early 2024 and will sit alongside the OFSI…

APGML publishes 2023 typologies report

December 15, 2023

Report devised to assist governments and other stakeholders to better understand the nature of existing and emerging ML and TF threats in the Asia-Pacific region and pursue effective strategies to address those threats.

Home Office announces new strategy to tackle the domestic and international threat of serious and organised crime

December 15, 2023

The new strategy builds on the work already underway by government and law enforcement and sets out further action to eradicate complex criminal networks, including through the NCA..

FinCEN and BIS issue joint notice addressing global evasion of US export controls

December 15, 2023

The joint notice outlines red flag indicators applicable to both financial institutions and exporters in their due diligence efforts. Financial institutions and exporters are urged to adopt a risk-based approach and remain vigilant against evasion of global export controls…

OFSI and the FCA have entered into an information sharing agreement

December 15, 2023

A new agreement has been established between OFSI and the FCA to share information related to potential weaknesses in regulated companies’ systems and controls. This collaboration aims to prevent sanctions breaches and enhance the enforcement of those sanctions.

FATF updates consolidated processes and procedures for mutual evaluations and follow-up universal procedures

December 15, 2023

The assessments of countries’ effective implementation of the 2012 FATF Recommendations are conducted in accordance with the 2013 Assessment Methodology.

TI Russia releases research on ‘Ten years of UK-Russian trade-based money laundering: A collection of long stories’

December 15, 2023

TI Russia (in exile) analyses the cases of illegal transfer of funds by trade operations from Russia to the UK over the last ten years. The research focuses on Russian court decisions under articles 193 and 193.1 of the Russian Criminal Code for illegal currency transactions…

FCN publishes financial crime dashboard for South Africa

December 15, 2023

The FCN South Africa Dashboard offers a concise analysis of financial crime, covering threats, vulnerabilities, and responses, with 150 data points including key risk and performance indicators…

 

HMT publishes the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No.2) Regulations 2023

December 15, 2023

The changes reflected in the updated list include: Albania, Cayman Islands, Jordan and Panama are no longer classed as high-risk third countries for the purposes of enhanced customer due diligence requirements in regulation 33(1) of the MLRs…

NCA issues latest SARs in Action

December 14, 2023

Includes evidence from Constable Day of Cheshire Police who has achieved his personal target of recovering £1 million for the victims of fraud during 2023 with the help of SAR intelligence.

US DoJ charges four individuals for laundering millions from cryptocurrency investment scams

December 14, 2023

According to court documents, the accused allegedly conspired to open shell companies and bank accounts to launder victim proceeds of cryptocurrency investment scams, also known as “pig butchering,” and other fraudulent schemes.

A new UK government plan is in place to combat serious and organised crime at home and abroad

December 14, 2023

The new strategy includes increased funding for the NCA in 2023/24, to enable local forces to address organised crimes within their communities and emphasises international efforts to prevent exploitation, including combating modern slavery…

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