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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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HM Treasury leads on first of its kind global commitment to combat offshore crypto tax evasion

November 19, 2023

The Crypto-Asset Reporting Framework (CARF), spearheaded by the UK, is the OECD’s latest flagship tax transparency standard that will require crypto platforms to start sharing taxpayer information with tax authorities.

FATF identifies jurisdictions with AML/CFT and counter-proliferation deficiencies

November 17, 2023

FinCEN alerts U.S. financial institutions that FATF, in its recent plenary meeting, addressed the use of crowdfunding by terrorist groups like Hamas for financing attacks. FATF emphasizes global vigilance against circumventing measures on the Russian Federation to safeguard…

FATF announces amendments to the standards to strengthen global asset recovery

November 16, 2023

Ther revised Recommendations will help countries respond to the speed of criminal activity and equip them to succeed by introducing new tools, closing loopholes, and emphasising actions to target and capture criminal proceeds at the opportune moment.

FATF examines illicit financial flows drawing from cyber-fraud

November 16, 2023

New report highlights examples of successful operational responses and strategies, including the need to break down siloes and accelerate and enhance collaboration across various sectors and on both the domestic and international levels.

Misunderstanding crypto and terror financing leads to bad policy

November 16, 2023

Politicians have leveraged these claims to argue that terrorists benefit disproportionately from illicit use of crypto. These claims, however, have proven to be overblown, and reflect deeper misconceptions about crypto that need to be understood and corrected…

EBA consults on the reporting of transactions with asset-referenced tokens and e-money tokens denominated in a non-EU currency under MiCAR

November 16, 2023

MiCAR establishes a regime for the regulation and supervision of crypto-asset issuance and crypto-asset service provision in the EU. It came into force on 29 June 2023, and the provisions relating to offering to the public and admission to trading of ARTs and EMTs will be applicable from 30 June 2024.

EC releases a Delegated Regulation supplementing Regulation focusing on regulatory technical standards for the AML/CFT central database

November 15, 2023

It highlights the regulatory technical standards specifying the materiality of weaknesses, the type of information collected, the practical implementation of the information collection and the analysis and dissemination of the information contained in the AML/CFT central…

EC published a list of all public functions of each Member State that qualify as prominent public functions

November 15, 2023

Politically exposed person: a natural person exercising or having exercised prominent public functions. This includes in particular:
heads of State, heads of government, ministers, deputy ministers and state secretaries; in Austria, this concerns in particular the Federal…

UK’s New counter fraud authority saves taxpayers £311 million in its first year, beating target by more than £100 million

November 15, 2023

The savings come from counter fraud schemes designed to prevent and identify fraud across the public sector. The efforts of the counter-fraud team contribute to safeguarding public funds and ensuring fiscal responsibility. The results highlight the positive impact of strategic…

Home Office releases outcome of consultation on proposals to give law enforcement agencies more powers to tackle serious and organised crime

November 15, 2023

The proposals will help law enforcement agencies to frustrate the activities of the largest and most harmful criminal enterprises operating in the UK. In particular, they will target the enablers and facilitators who support and profit from serious crime and improve our ability to manage and disrupt the highest harm offenders.

EMCDDA and Europol publishes EU Drug Markets Analysis on Cannabis

November 15, 2023

Estimated to be worth at least EUR 11.4 billion annually, the cannabis market is the largest drug market in Europe. Latest estimates show that some 22.6 million adults in the EU (15–64 years) have used cannabis in the last year. In 2021, seized quantities of herbal cannabis and cannabis resin in the EU reached their highest levels in a decade, at 256 tonnes and 816 tonnes respectively. In addition, over 4.3 million cannabis plants were intercepted.

 

FinCEN issues new rule on Beneficial Ownership information reporting deadline extension for reporting companies created or registered in 2024

November 15, 2023

As the effective date approaches, FinCEN has issued a new rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about an individual beneficial owner.  Once effective, reporting companies created on…

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