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OECD publishes 2024 Economic Outlook Interim Report ‘strengthening the foundations for growth’

February 10, 2024

The report highlights that global economic growth stayed strong in 2023, aided by lower energy costs and resolved supply chain issues, quickening inflation’s decline. Although growth is slowing, inflation is expected to hit target levels in most G20 nations by the end of 2025. However, geopolitical tensions and the Middle East conflict could disrupt this progress, posing risks of inflation spikes and market instability…

INTERPOL-led operation targets growing phishing malware and ransomware incidents

February 1, 2024

Some 1,300 suspicious IP addresses or URLs have been identified as part of a global INTERPOL operation targeting phishing, malware and ransomware attacks. Operation Synergia was launched in response to the clear growth, escalation and professionalisation of transnational cybercrime and the need for coordinated action against new cyber threats…

Global Initiative conducts assessment of illicit financial flows (IFFs) in the Western Balkans confirming how corruption, rise of criminal organisations, TBML and tax evasion continue to facilitate IFFs

January 30, 2024

The assessment confirms how widespread corruption, the rise of criminal organisations, trade-based money laundering and tax evasion continue to facilitate IFFs. In an effort to address these shortcomings and to enhance awareness and knowledge of IFFs in the region, the GI-TOC will launch an online IFFs toolkit as part of the project ‘Countering Illicit Financial Flows in the Western Balkans’…

Interpol White Paper highlights emerging Metaverse crimes and policing challenges

January 18, 2024

Interpol’s White Paper outlines key challenges in the Metaverse, such as grooming and cyber-attacks, and the complexities of policing digital crimes involving assets like cryptocurrencies, while noting opportunities for law enforcement advancements…

UNODC publishes report on ML threats from casinos, underground banking and transnational organised crime in East and Southeast Asia

January 15, 2024

According to UNODC, Tether USD (USDT) is the most used crypto to wash money related to illicit activities.

Wolfsberg Principles publishes revised guidance on Swift Relationship Management Application (RMA) due diligence

January 11, 2024

Changes have been made to keep pace with technical changes occurring as the industry moves to the ISO20022 standard (specifically the fact that, unlike MT messages, the new “MX” messages must all be signed and will therefore all require an RMA). The updated Guidance also provides a clearer, more risk-based approach to RMA due diligence.

Interpol arrested 3,500 people and seized $300m in a huge international online financial crime operation

December 19, 2023

Interpol’s six-month operation entitled HEACHI IV (July-December 2023) targeted online scams of many types leading to 3,500 people arrested and $300m seized across 34 countries for money laundering, bribery and other offences…

IOSCO publishes decentralised finance (DeFi) policy recommendations including 9 policy recommendations

December 19, 2023

The International Organization of Securities Commissions (IOSCO) released a comprehensive report offering policy recommendations aimed at tackling market integrity and investor protection concerns within the decentralized finance (DeFi) sector…

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.

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).

INTERPOL Secretary General welcomes G7 commitments on transnational organised crime

December 10, 2023

The G7 remains dedicated to combating transnational organized crime, recognizing it as a global crisis eroding the foundations of the rule of law, communities, and businesses worldwide…

AML regulations in the art market compared across the UK, US and EU

December 8, 2023

This edition provides a needed and focused overview of laws on AML due diligence obligations, beneficial ownership registration, and the civil and criminal sanctions that can flow from violations in each covered jurisdiction…

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