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GI-TOC publishes a report on a new cybercrime treaty that grants governments broad enforcement powers and access to electronic data, but lacks adequate oversight

The treaty permits electronic evidence collection for serious crimes or other offenses involving information and communications technology, allowing law enforcement and intelligence agencies to easily exchange data and compel cooperation from service providers and the UN. While the treaty could address severe incidents like ransomware attacks, its primary focus appears to be on data collection, dependent on ratifying countries…

FATF President, Elisa de Anda Madrazo of Mexico, highlights FATF’s inclusive approach at the G20 Finance Ministers and Central Bank Governors Meeting in Brazil, July 2024

It was highlighted that FAFTF is developing guidance on how to be effective in combatting illicit finance from a low-capacity country context and dimension. Changes have been made how to prioritse countries for increased scrutiny to reduce the pressure on less developed countries…

UNODC publishes report on organised criminal networks linked with drug trafficking in the Eastern Indian Ocean region

This examines the complex dynamics of transnational drug smuggling in Maldives and Sri Lanka, highlighting the role of socio-cultural factors, corruption, and emerging trafficking routes. The report also addresses the increasing influence of maritime routes in drug trafficking and the evolving use of air and postal methods.

Reuters: RBB Bancorp announces that US regulators have lifted the October 2023 consent order

RBB Bancorp announced that the consent order issued by US regulators in October 2023 has been lifted. This comes after resolving deficiencies in its AML and CFT program. The order was imposed by the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation…

UNODC Member States finalise a new cybercrime convention that will enhance international cooperation, law enforcement efforts, technical assistance, and capacity-building relating to cybercrime

The aim of this draft convention is to strenghen international cooperation for combating certain crimes committed by means of information and communications technology systems and for the sharing of evidence in electronic form of serious crimes…

INTERPOL assists Singaporean authorities in making their largest-ever recovery of funds, of over USD 40m, which were stolen in a business email compromise scam

A commodity firm based in Singapore filed a police report stating that they had fallen victim to a business email compromise scam, in which a scammer obtains access to or impersonates a business email account to deceive employees into transferring money to their bank account…

UNODC publishes report on Drug Trafficking Dynamics across Iraq and the Middle East highlighting the trends and responses

The report sheds light on the increasingly complex and dynamic drug trafficking landscape across the Near and Middle East region, and the efforts invested by Iraq and other countries in the region in confronting this threat. This can serve as a roadmap to assist national, regional, and international counterparts in implementing coordinated strategies to prevent and reduce drug production, trafficking, and consumption…

INTERPOL and Europol investigators from 25 countries dismantle an international operation against art trafficking, resulting in 85 arrests and the recovery of more than 6,400 cultural goods

During Pandora VIII, several thousand checks were carried out at airports, ports and border crossing points, as well as in auction houses, museums and private residences. Law enforcement also patrolled the web and conducted 6,000 online checks, leading to the recovery of 580 stolen goods. A total of 113 criminal and 137 administrative cases are still ongoing, with more arrests and seizures expected…

FATF publishes targeted update on implementation of the FATF standards on Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs)

FATF’s report finds that while some jurisdictions have made progress in putting AML/CFT regulation in place, global implementation is still lagging. There are several governments which have yet to take any significant steps to regulate the sector, and these countries need to prioritise implementing the Standards in full as a matter of urgency.

INTERPOL operation strikes major blow against West African financial crime, seizing millions in illegal assets, including cryptocurrencies and luxury items

The volume of financial fraud stemming from West Africa is alarming and increasing. This operation’s results underscore the critical need for international law enforcement collaboration to combat these extensive criminal networks. By identifying suspects, recovering illicit funds and putting some of West Africa’s most dangerous organized crime leaders behind bars, we are able to weaken their influence and reduce their capacity to harm communities around the world…

Global Initiative issues Policy brief on ‘What’s the protocol on protocols – the risks of a last-minute cybercrime treaty protocol’

Introducing a new protocol at this stage could broaden the convention’s scope prematurely, potentially leading to human rights abuses and further complicating the already contentious negotiations. Settling the primary scope of the convention is crucial before considering additional protocols..

FATF consults on proposals to update National Risk Assessment guidance, with focus on money laundering requirements

The goal is to update the NRA guidance to make it more effective, comprehensive and useful for all stakeholders involved. FATF invites contributions from the private sector, civil society and academia to ensure the guidance is aligned with their experiences…