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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 amends General Licence INT/2022/1947936 dealing with humanitarian assistance in Ukraine

June 20, 2023

The definition of “Non-government controlled Ukrainian territory” has been expanded to include the oblasts of Kherson and Zaporizhzhia. The GL has also updated Annex I of Designated Financial Institutions to capture financial institutions designated since 7 July 2022…

 

OFAC enters Settlement Agreement with Swedbank Latvia for $3,430,900 related to apparent violations of Crimea Sanctions

June 20, 2023

Swedbank Latvia has agreed to remit $3,430,900 to settle its potential civil liability for 386 apparent violations of OFAC’s Crimea sanctions. Throughout 2015 and 2016, a customer of Swedbank Latvia used Swedbank Latvia’s e-banking platform from an internet protocol address…

TI UK warns ministers they needs to act fast to close property transparency loophole

June 20, 2023

The failure to improve transparency over trusts controlling UK property is unfinished business, this is a significant loophole used by kleptocrats and oligarchs to hide their property portfolios in the UK. If this law is to work as intended and shine a light on suspect cash in…

MONEYVAL Committee says that States need to improve criminal asset recovery in combatting money laundering

June 20, 2023

States should not only improve their results in identifying and freezing criminal funds. There is also an urgent need for them to greatly improve their results in confiscating and managing criminal assets, adopt stricter sanctions and increase the number of convictions for…

Sweden mulls higher penalties for Money Laundering Act breaches

June 19, 2023

Swedish lawmakers will consider a proposal to increase penalty fees for gambling operators that breach the country’s Money Laundering Act. The proposal provides better opportunities to combat criminal activity in connection with gambling including proposals for a…

UK announces new legislation regarding Ukrainian compensation and Russian Sanctions

June 19, 2023

The UK Govt announced plans to tighten its sanctions policy against Russia, including introducing legislation to keep assets frozen until Moscow has agreed to pay compensation to Ukraine. The new measures will require any individual who has been designated under the…

Firms should invest in KYC & model “good” customer transactions to reduce pile-up of monitoring alerts

June 16, 2023

Many firms’ pivot to digital on-boarding has prioritized speed over collecting enough information to determine whether transactions are suspicious. Experts say it has created an inefficient, expensive process where AML analysts are sifting through thousands of alerts looking…

EBA publishes report on ML/TF risks associated with EU payment institutions

June 16, 2023

The EBA findings suggest that ML/TF risks in the sector may not be assessed and managed effectively by institutions and their supervisors. A more robust implementation by supervisors and institutions of provisions in these guidelines will mitigate the sector’s…

SEBI tightens its definition of beneficial ownership under its AML Guidelines

June 16, 2023

According to the amended guidelines, any individual or group holding 10% ownership in the client of a ‘reporting entity’ will now be considered a beneficial owner as against the ownership threshold of 25% applicable earlier. These entities were required to maintain KYC…

ESAAMLG completes its mutual evaluation of Angola’s AML/ CFT system

June 16, 2023

Angola should take necessary steps to collect information necessary to assess and understand the ML/TF scale/magnitude through review of the NRA or any other risk assessment process including risks from VASPs, legal persons and arrangements and NPOs…

UK Govt proposes amendments to the Economic Crime Bill to significantly expand the corporate criminal liability for economic crimes through reform of the ‘identification doctrine’

June 16, 2023

The proposals seek to amend the existing “identification doctrine” to allow for the actions of senior managers, acting within the actual or apparent scope of their authority, to fix the entity with liability with respect to a comprehensive list of economic crimes, including fraud…

Herald Scotland: How hundreds of foreign property owners stayed hidden in Scotland

June 15, 2023

A “loophole” in new legislation means more than half of the offshore entities which own hundreds of Scottish properties including estates, forests and castles are allowed to remain secret…