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Money Laundering & Terrorist Financing

Over 20 years of articles and reference material

A page dedicated to global, regional, UK and US anti-money laundering developments and initiatives.

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UK Pensions Regulator announces improvements to its anti-fraud initiatives to combat pension scams, focusing on strengthening intelligence gathering and cross-agency collaboration

February 6, 2025

TPR has embedded intelligence experts within key law enforcement bodies and is leading the Pension Scams Action Group (PSAG) to build a comprehensive picture of pension fraud. With £17.7 million reported lost to pension scams in 2023, TPR is highlighting the importance of increased vigilance and reporting from the pensions industry…

Gambling Commission reports industry data (Mar 2020 – Dec 2024), highlighting online total Gross Gambling Yield in Q3 (Oct to Dec) was £1.54bn, an increase of 21% from Q3 the previous year

February 6, 2025

This data, sourced from operators, reflects the period between March 2020 and December 2024, inclusive, and covers online and in-person gambling covering Licensed Betting Operators (LBOs) found on Britain’s high streets. This release compares Quarter 3 (Q3) of financial year 2024 to 2025, with Q3 of 2023 to 2024, looking at how the market has changed in comparative periods over a year…

Ireland Deputy CB Governor stresses the need for central banks to address evolving financial crime risks, citing the EU’s new AML Regulation aimed at standardising AML efforts across member states

February 6, 2025

Speaking at the Afore FinTech and Regulation conference, the Deputy Central Bank Governor highlighted that under the new AML package, virtual IBANs linked to other payment accounts must be recorded in national Bank Account Registers to enable law enforcement to trace fund movements effectively…

 

 

MONEYVAL finds that Bosnia and Herzegovina has made strides in addressing ML and TF risks but still faces significant challenges in its AML and CFT efforts

February 5, 2025

Bosnia and Herzegovina’s progress in AML/CFT compliance is noted in the report, but enhancements in coordination, supervision, and sanctions are necessary to align with identified ML/TF risks.

US Attorney General’s Memorandum on ‘Total Elimination of Cartels and Transnational Criminal Organisations’, outlines key policy shifts, including the disbanding of the KleptoCapture Task Force

February 5, 2025

Among the changes are directives to (1) eliminate the KleptoCapture Task Force and the Kleptocracy Asset Recovery Initiative (KARI); (2) prioritize Foreign Corrupt Practices Act (FCPA) and Foreign Extortion Prevention Act (FEPA) investigations that are related to foreign bribery that facilitates the criminal operations of cartels and transnational criminal organizations (TCOs); (3) shift focus away from FCPA and FEPA investigations and cases that do not involve such a connection; and (3) remove the “bureaucratic impediment” requiring …

Central Bank of the UAE and Dubai Economic Security Centre signs an MoU to strengthen cooperation and information sharing in combating financial crime

February 5, 2025

This aims to achieve the strategic objectives of both parties, bolster confidence in the UAE’s financial system, and consolidate the country’s leading global position…

CPS convicts construction industry fraudsters for a £22m scam for evading VAT and Construction Industry Scheme contributions, defrauding taxpayers and HMRC

February 4, 2025

Seven individuals connected to a construction company were sentenced on 4 February 2025 for their roles in a £22 million fraud against taxpayers. The group, including lead conspirators Daniel Newton, Philip Bailey, and Sean Dean, created fake payroll companies to divert unpaid VAT and Construction Industry Scheme (CIS) contributions into their own accounts. The Crown Prosecution Service, Kent Police, and HMRC uncovered the scheme…

EC’s Next-generation FIU.net equips FIUs and Europol with a cutting-edge IT solution, enabling faster, more efficient information exchange and cross‑matching of information to combat ML/TF and corruption

February 4, 2025

Criminals and terrorists are adaptable and quick to use new technologies to abuse the financial system, launder their illicitly obtained assets and finance their malicious activities. It is therefore important to ensure that competent authorities, such as the national FIUs, which are at the frontline in the fight against financial crime, have the necessary tools to be up to the challenge. These tools should allow FIUs to exchange crucial information swiftly and securely, analyse suspicious financial flows effectively and, ultimately, provide the investigative and prosecutorial authorities with useful financial intelligence…

EC Guidelines on prohibited Artificial Intelligence (AI) practices, as defined by the AI Act, covers ‘high risk’ areas such as harmful manipulation, social scoring, and real-time remote biometric identification

February 4, 2025

These guidelines provide an overview of AI practices that are deemed unacceptable due to their potential risks to European values and fundamental rights. The AI Act, which aims to promote innovation while ensuring high levels of health, safety, and fundamental rights protection, classifies AI systems into different risk categories, including prohibited, high-risk, and those subject to transparency obligations…

FATF’s Annual Report 2023-24 outlines significant advancements in non-conviction-based confiscation, transparency, and emerging risks such as cyber fraud

February 3, 2025

The report emphasises risk-based criteria for identifying weak jurisdictions, the importance of beneficial ownership registries, and targeted measures to protect NPOs from terrorism financing. It promotes gender inclusivity, addresses emerging risks like cyber fraud and terrorism financing via crowdfunding, enhances international asset…

FCA’s Dear CEO letter to payment portfolio firms sets supervisory priorities and expectations, emphasising tighter fraud controls and stricter enforcement standards

February 3, 2025

The letter emphasises stricter enforcement for firms failing operational resilience standards, continuous risk monitoring, and compliance reporting. It also addresses securing payments infrastructure, including faster payments and open banking APIs. Key next steps include finalizing operational resilience frameworks by March 2025…

Eurojust and Europol’s 2024 Common Challenges in Cybercrime Report outlines key cybercrime and digital evidence challenges, legal developments, and the rising data burden on law enforcement

January 31, 2025

The report identifies key cybercrime challenges, including data management, legal uncertainties post-Data Retention Directive, and technologies obstructing investigations. Legal, logistical, and data-sharing barriers hinder international cooperation and public-private collaboration. The report outlines strategic directions, new legislative tools, and their practical application. Effectiveness depends on integration into existing strategies and adoption by practitioners…