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FATF publishes Australia’s 4th enhanced follow-up report (FUR) with technical compliance re-ratings

April 1, 2024

Australia has made progress to address the technical compliance deficiencies identified in the MER in relation to Recommendations 10, 13, 17, 18 and 26. Because of this progress, Australia has been re-rated on these Recommendations. However, due to remaining deficiencies under R.2, Australia’s rating of LC has been maintained for this Recommendation…

RUSI publishes paper on ‘Upholding North Korea sanctions in the age of decentralised finance’

March 30, 2024

This paper aims to examine cryptocurrency mixers’ distinct technical, legal and regulatory dimensions and the challenges they pose to the sanctions regime. The paper provides detailed background information on North Korea’s cyber-criminal statecraft, focusing on North Korean actors’ use of mixers to launder illicitly obtained cryptocurrency.

MAS consults on proposals to issue an AML/CFT Notice for organised market operators formed or incorporated in Singapore in the conduct of their operations and business activities

March 28, 2024

The proposed Notice will impose requirements on organised market operators to perform AML/CFT checks on market participants that are not financial institutions, and that trade directly on their organised markets without facilitation by a capital market intermediary

FINMA announces proceedings against Banque Audi (Suisse) SA for AML violations

March 25, 2024

Banque Audi (Suisse) SA belongs to a large Lebanese banking group that FINMA reviewed during an on-site inspection in 2021. Money laundering risks emanating from client relationships with politically exposed persons from several countries were identified.

Argentina introduces mandatory registration for all cryptocurrency service providers

March 25, 2024

he registry includes all those who use web pages, social networks or other media, directing their offer and/or advertising to subjects residing in the Argentine Republic, who have a certain volume of operations in the country or who use any type of technology to receive locally resident funds therein.

MONEYVAL publishes 5th enhanced follow-up report and technical compliance re-rating on the Slovak Republic

March 18, 2024

Serbia has taken positive steps towards improving its anti-money laundering and terrorist financing (AML/CFT) regime, in particular concerning compliance with the Financial Action Task Force’s Recommendation 15 on virtual assets and virtual assets service providers.

GI-TOC’s Pacific Programme maps how organised crime is impacting the Pacific Islands and exploring the different criminal actors driving illicit activities

March 18, 2024

Pacific islands have traditionally been considered as mostly immune from high levels of criminality due to their geographic remoteness. However, highly pernicious illicit markets are taking hold, and the islands are becoming increasingly vulnerable to new threats in the form of cyber-enabled and cyber-dependent crimes and the introduction of new narcotics, to mention just two examples…

OCCPR: France indicts nephew of Lebanon’s Former Central Bank Governor as part of a wider money laundering probe into Salame

March 16, 2024

Ex governor Salame has been accused of embezzling hundreds of millions of dollars from Lebanon’s central bank in a scheme that spanned more than a decade. Much of this money was allegedly invested in property across Europe, prosecutors say. Several properties and assets worth almost US$100 million were first revealed by previous OCCRP investigations…

Hong Kong SFC warns public against unlicensed virtual asset trading platform MEXC

March 15, 2024

SFC has taken a firm stance against cryptocurrency exchange MEXC by adding it to its cautionary list issued on 15th March. This development highlights the SFC’s vigilance in ensuring compliance within the crypto industry, especially regarding licensing requirements for operating in Hong Kong…

AUSTRAC commences investigation into online betting company bet365

March 7, 2024

The investigation will focus on whether bet365 has complied with its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and follows a supervisory campaign of entities within the corporate bookmaker sector and AUSTRAC’s consideration of the external audit report received following AUSTRAC’s order to bet365 to appoint an external auditor.

US DoJ charges India and New Jersey-based jeweller with multimillion-dollar international trade fraud scheme and unlicensed money transmitting

March 1, 2024

Shah engaged in a scheme to evade duties for shipments of jewelry from Turkey and India to the US. Shah would ship or instruct his conspirators to ship goods from Turkey or India – which would have been subject to an approximately 5.5 percent duty if shipped directly to the US – to one of Shah’s companies in South Korea…

EAG publishes First Follow-up Report on the Russian Federation

February 27, 2024

Outlines re-rating of Russia of Four Recommendations following progress between October 2019 and July 2023.