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UNODC World Drug Report 2024 reveals that the global drug problem continues to worsen, with increasing drug use and expanding markets

The number of people who use drugs has risen to 292 million in 2022, a 20 per cent increase over 10 years. Cannabis remains the most widely used drug worldwide (228 million users), followed by opioids (60 million users), amphetamines (30 million users), cocaine (23 million users), and ecstasy (20 million users)…

INTERPOL reports the freezing 6,745 bank accounts and seizure of USD 257 million in a global police crackdown on online scams

Targeting phishing, investment fraud, fake online shopping sites, romance and impersonation scams, Operation First Light 2024 led to the arrest of 3,950 suspects and identified 14,643 other possible suspects in all continents. Police collectively intercepted some USD 135 million in fiat currency and USD 2 million in cryptocurrency…

FATF Plenary Outcomes June 2024 highlights that Monaco and Venezuela were added to the FATF “grey” list for strategic deficiencies in their regimes to counter ML/TF, and PF while Jamaica and Turkey were removed from the list

Members approved the Priorities of the FATF under the incoming Mexican Presidency – these include a focus on: Advance financial inclusion, Strengthen cohesion of the Global Network, Asset recovery, Beneficial ownership, Virtual assets, Continue efforts to combat terrorist and proliferation financing…

Wolfsberg Group issues statement on effective monitoring for suspicious activity

The Group does not believe that the value being derived from the (constantly increasing) volume of SARs/STRs is contributing proportionately to effective outcomes in the fight against financial crime.

FATF issues call to action for high-risk jurisdictions such as DPRK, Iran and Myanmar

Focuses on the Democratic People’s Republic of Korea (DPRK) and Iran, as well as Myanmar.

FATF pledges to investigate OCCRP findings on UAE which revealed that convicted criminals, fugitives, and sanctioned individuals own property in Dubai

The FATF removed the UAE from its list of countries with insufficient measures against ML and terrorism financing. However, the publication of the Dubai unlocked investigation in May has raised questions about this decision. FATF officials have stated that they will review the journalistic investigation and consider its findings when reassessing the UAE’s AML efforts…

 

Wolfsberg Group issues statement on effective monitoring for suspicious activity

The Group does not believe that the value being derived from the (constantly increasing) volume of SARs/STRs is contributing proportionately to effective outcomes in the fight against financial crime.

FATF launches a transformative e-book titled “Breaking Barriers: Empowering Women Leaders in the Fight Against Financial Crime” to inspire the next generation of female leaders

Its goal is to connect accomplished mentors with aspiring professionals, fostering a dynamic exchange of knowledge and perspectives to enhance global financial crime prevention efforts. The e-book features insightful stories from experienced leaders in the FATF and its Global Network…

UNODC publishes report on the impact of transnational organised crime on stability and development in the Sahel

Considers the impacts of transnational organised crime on: peace and security; human rights; governance and rule of law; and sustainable development. The six illicit market examined within this report are: trafficking in drugs, fuel, gold, firearms, medical products, and smuggling of migrants.

The 6th FATF Plenary chaired by President T. Raja Kumar will take place in Singapore on 26-28 June and will conclude FATF Week which starts on 23 June

Delegates will discuss key issues including modifications to its assessment methodology to reflect revisions to the FATF Standards in order to further enhance asset recovery and international co-operation frameworks and more effectively deprive criminals of the proceeds of crime. They will also discuss prioritisation criteria for reviewing countries with strategic deficiencies in their AML/CFT regimes (i.e., FATF’s “black or grey listing”). Delegates will also discuss the progress made by some jurisdictions identified as presenting a risk to the global financial system, as well as mutual evaluation reports for India and Kuwait.

Wolfsberg Group responds to the UK’s HMT Consultation on the MLRs, addressing how to make CDD more proportionate and effective, and strengthening system coordination

This consultation is part of a broader initiative under the Economic Crime Plan 2023-26. Our response addresses two core themes of the consultation: making customer due diligence more proportionate and effective, and strengthening system coordination. We welcome the opportunity to contribute to these crucial discussions, aiming to increase the effectiveness and proportionality of the regulations for both regulated firms and their customers, thereby supporting the ongoing fight against economic crime….

 

 

ICIJ highlights how the IRS went soft on billionaires and corporate tax cheats

Newly obtained data shows the IRS division that audits corporations and the ultrarich flagged no more than 22 possible tax crimes over the past five years — roughly 40 times fewer criminal referrals than from the unit covering small businesses…