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United States
This section covers AML/CTF initiatives by the US Treasury, US DoJ, OCC, FinCEN, SEC and other related US organisations.
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US Treasury publishes its National Illicit Finance Strategy 2024, highlighting recent reforms to close loopholes exploited by illicit actors
The 2024 Strategy addresses key illicit finance threats related to large-scale fraud schemes, attacks, an opioid-driven overdose epidemic, foreign and domestic terrorist attacks, corruption, and illicit exploitation of technological advances in payments and financial products and services. The details show how the United States will function on the efforts to modernize the U.S. AML/CFT regime, enhance operational effectiveness in combating illicit actors, and embrace technological innovation to mitigate risks…
US SEC and FinCEN jointly propose new AML rules for fund advisers to establish, document, and maintain written customer identification programs
FinCEN suggested that investment advisers implement AML policies and encourage real estate experts to report questionable transactions. The new regulation is applicable to investment advisors and fund advisers that are registered with the SEC but are not required to register because of the type and volume of money they manage for their clients…
US Treasury launches new public-private FinCEN exchange series to fight fentanyl trafficking
At these exchanges, federal officials brief on information critical to tracking illicit financial flows associated with the opioid epidemic, including typologies and red-flag indicators of fentanyl-related activity, and discuss what types of information are particularly valuable when financial institutions report suspicious activity.
US DEA releases 2024 National Drug Threat Assessment, evaluating illicit drug threats and trafficking trends that pose a danger to the US
The shift from plant-based drugs, like heroin and cocaine, to synthetic, chemical-based drugs, like fentanyl and methamphetamine, has resulted in the most dangerous and deadly drug crisis the United States has ever faced,” said DEA Administrator…
US DoJ arrests an Indian national pleaded guilty for fraud conspiracy for stealing over $37m from a coinbase website
Tomar and his accomplices initiated a scheme to pilfer millions of dollars worth of cryptocurrency from hundreds of victims across the globe and the US. Tomar and his accomplices spoofing the Coinbase website carried out the scam…
US DoJ charges two foreign nationals for laundering at least $73m through shell companies tied to cryptocurrency investment scams
Co-conspirators claim that the defendants gave them instructions to open US bank accounts under the guise of shell corporations. Online deception was used to trick victims into depositing money into these accounts, which were subsequently used to launder money from bank accounts in the Bahamas to US. financial institutions…
US DoJ convicts two brothers for attacking Ethereum blockchain and stealing $25m in cryptocurrency to commit ML
The Peraire-Bueno brothers allegedly stole $25m in Ethereum cryptocurrency through a highly advanced, technologically complex scheme that they planned for months and carried out in a matter of seconds. Regretfully, the accused were unable to stand up against the US DoJ prosecutors and IRS agents, who successfully exposed this unprecedented wire fraud and ML operation…
OFAC extends permission to transact with certain energy-related entities based in Russia
OFAC issued General License 8I pursuant to Russian Harmful Foreign Activities Sanctions Regulations (“RuHSR”), 31 CFR part 587. General License 8I was issued to extend the authorization of energy-related transactions to November 1, 2024 for transactions that involve one or more of the entities: State Corporation Bank for Development and Foreign Economic Affairs Vnesheconomank…
US Law Enforcement has taken action against over 3,000 money mules, disrupting transnational fraud schemes
The Justice Department, FBI, U.S. Postal Inspection Service (USPIS), and other federal law enforcement agencies announced today the completion of the Money Mule Initiative, an annual campaign to identify, disrupt, and criminally prosecute networks of individuals who transmit funds from fraud victims to international fraudsters.
US Senate Caucus on International Narcotics Control holds a hearing entitled ‘Chinese ML organisations: Cleaning cartel cash’
The hearing will examine Chinese money laundering organizations’ techniques and effects on the synthetic opioids supply chain, and actions the federal government can take to curb them. The Caucus, which is authorized in law and has the status of a standing committee, has held hearings on strengthening U.S. counter-narcotics efforts around the world, narcotics-related corruption, as well as addressing the drug overdose epidemic in America…
US DoJ convicts CEO for $28m long-running investment fraud scheme
A federal jury convicted a Hawaii man yesterday for his role in a more than a decade-long scheme to defraud investors of Semisub Inc. and Semisub LLC (collectively, “Semisub”) of over $28 million. Curtiss E. Jackson, 71, of Honolulu, was Semisub’s CEO in addition to holding other corporate positions and fraudulently solicited investments in Semisub. Jackson and his co-conspirator falsely told investors for years that the vessel, Semisub One, was weeks and months away from beginning operations…
FinCEN reminds financial institutions to remain vigilant to environmental crimes
FinCEN reminds financial institutions to remain vigilant in identifying and reporting suspicious activity related to environmental crimes. Environmental crimes frequently involve transnational criminal activity related to several of FinCEN’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Priorities, including corruption, fraud, human trafficking, and drug trafficking…