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Europe
This section covers AML/CTF initiatives by European Commission, Council of Europe MONEYVAL, European Parliament, Europol and other related EU organisations.
New EU AML Package
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Egmont Group issues statement on FIU Colombia
Due to recent actions involving FIU Colombia and the unauthorised disclosure of information provided by one of our members, the Egmont Group Heads of FIU have confirmed the suspension of FIU Colombia’s access to the Egmont Secure Web (ESW), which is the secure network used by our 177 members to exchange information related to money laundering, associated predicate offences, and terrorist financing.
ICIJ reveals that Antonio Mexia, a former Portuguese Govt official and current CEO, secretly held $5.9m in an offshore account in the British Virgin Islands
Account statements found by Expresso in the Pandora Papers reveal that in mid-2017 Miamex Ventures had $1.4 million in investment funds, $2.7 million in corporate bonds and $1.7 million in bank deposits, for a total market value of $5.9 million The documents analyzed by Expresso show that the funds were in an account managed by a Portuguese financial manager, Bernardo d’Orey, of EFG Capital. He did not respond to Expresso’s request for comment.
German and Italian authorities, along with Eurojust and Europol, dismantled a fraudulent scheme targeting public institutions and municipalities
For over a year, suspects ran a fraudulent scheme in Germany that made them millions. Several public institutions, companies, cities, and municipalities were affected by the scheme. By using phishing techniques, the suspects gained access to real invoices that were addressed to public institutions and companies. The fraudsters manipulated them with their own financial information. The manipulated invoices were then sent to victims, who paid them to the fraudsters instead of their business partners…
German Law Enforcement seizes the infrastructure of 47 Russian-language no-KYC (Know Your Customer) cryptocurrency exchanges
These instant-swap services allow users to exchange crypto or fiat to crypto without providing personal information or undergoing verification. Many of these platforms targeted by the BKA share similar on-chain infrastructure and off-chain networks, often lacking official company details or jurisdictional transparency. Though based on German servers they primarily serve Russian clients with support from sanctioned Russian banks like Sberbank…
Eurojust supports a major operation against an Albanian drug-trafficking ring in Italy, resulting in 66 arrests and seizure of cocaine, luxury vehicles, and arms and ammunition
The suspects laundered their illegal profits via an extensive network of enterprises run by an Italian-Chinese organisation set up for this purpose, which supplied fake invoices with a total value of around EUR 375 million. The OCG members will be charged with the trafficking of illicit drugs, money laundering and investment fraud.
Europol announces operation targeting human trafficking route on Turkish-Bulgarian border that resulted in eight arrests
The suspected ringleaders, predominantly Syrian nationals, coordinated the smuggling activities while maintaining contacts with smugglers and hawaladars in Turkey and Greece, as well as in other countries along the smuggling route. The suspects facilitated the transportation of migrants from the Turkish-Bulgarian border to accommodations in the region of Sofia. After a short stay there, they were further transported to the Bulgarian-Serbian border.
Europol and Eurojust support global coalition in the taking down of new criminal communication platform, Ghost
The platform, known as Ghost, was used as a tool to carry out a wide range of criminal activities, including large-scale drug trafficking, money laundering, instances of extreme violence and other forms of serious and organised crime.
EPPO in Spain files an indictment seeking over 8 years of imprisonment and fines exceeding €25m against 2 companies for evading anti-dumping duties
In the indictment, the damage caused to the financial interests of the European Union as a result of this tax evasion is estimated at just under €10 million (€9,936,344.98). To ensure the defendants can meet their financial liabilities, over 30 properties linked to them were seized as a precautionary measure…
Swiss FINMA finds Mirabaud & Cie SA breached its AML obligations and financial market laws due to inadequate review and client documentation
The bank may not accept any new clients with increased money-laundering risks until compliance with the law has been restored. Furthermore, FINMA has confiscated CHF 12.7 million of unlawfully generated profits and opened three proceedings against individuals…
Europol’s report on AI in policing explores the transformative potential and the associated challenges of artificial intelligence for law enforcement agencies
This report offers in-depth exploration of the applications and implications of AI in the field of law enforcement, underpinned by the European Union’s regulatory framework. It also looks at concerns about data bias, fairness, and potential threats on privacy, accountability, human rights protection and discrimination, which are particularly relevant in the background of the EU’s Artificial Intelligence Act.
EP releases a briefing titled ‘Understanding the EU’s Response to Money Laundering: New EU AML Package,’ outlining the latest measures to combat money laundering in the EU
Money laundering is how criminals convert the proceeds of crime into what appear to be legitimate earnings. Criminals are employing ever-more sophisticated methods, including digital and emerging crypto-currencies, to disguise the source of their money. The impact on society of criminality is difficult to understate. It has a significantly negative effect across the socio economic spectrum…
Reuters: Former Swedbank CEO Bonnesen sentenced to prison in money laundering case
Swedbank’s CEO Birgitte Bonnesen, denied all charges related to a ML scandal in its Baltic operations and was acquitted by a district court in 2023. The Court of Appeal found her guilty on one count but acquitted her of six others. The CEO who led the bank from 2016 to 2019, has denied the charges.