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Vietnam joins Multilateral Convention to tackle tax evasion and avoidance

The signing will pave the way for Viet Nam to engage in the exchange of information with 146 other jurisdictions, including all major financial centres. These exchange relationships will be added to over 8 000 exchange relationships already in place under the Convention…

OFSI expands Russia-related prohibitions on trust services

OFSI issues a new general license to further restrict Russian efforts to access trust services in the UK. This action was taken in response to enforcement agency evidence suggesting that UK-based trust and company service providers have been offering trust services to…

AUSTRAC accepts Enforceable Undertaking from PayPal Australia Pty Ltd

The enforceable undertaking aims to ensure PayPal’s ongoing compliance with their AML/CTF obligations. It comes after AUSTRAC identified concerns with PayPal’s systems, controls and governance in relation to its international funds transfer instructions (IFTI) reporting…

JMLSG publishes amendments to Sectors 8 and 9 in Part II

JMLSG made final amendments to the Part II of its Guidance: Sector 8 (Non-life providers of investment fund products) and Sector 9 (Discretionary and advisory investment management). These have been submitted to HM Treasury for Ministerial approval..

Europol helps targetting Chipmixer, a cryptocurrency mixer well-known in the cybercriminal underworld

The investigation into the criminal service suggests that the platform may have facilitated the laundering of 152 000 Bitcoins in crypto assets. A large share of this is connected to darkweb markets, ransomware groups, illicit goods trafficking, procurement of child…

EP briefing on ‘EU sanctions on Russia: Overview, impact, challenges

The European Parliament has unequivocally condemned Russia’s unjustified aggression against Ukraine, and has since demanded broader and better-enforced sanctions, including a secondary sanctions mechanism, as well as the confiscation of Russian assets frozen by the EU…

ESAAMLG publishes report on illicit dealings in gold, diamond and rubies and related ML/TF

The report includes a list of risk indicators and case studies that can help the concerned institutions in the ESAAMLG Region to identify and investigate illicit activities in the precious stones and metals markets, and also highlights the importance of rapidly identifying…

FATF issues report on Countering Ransomware financing

The report analyses the methods that criminals use to carry out their ransomware attacks and how payments are made and laundered. Criminals are almost exclusively using crypto, or virtual assets and have easy access to virtual asset service providers around the world…

UK Govt publishes TCSP Guidance for ML supervision

UK Govt publishes Trust or company service provider Guidance for money laundering supervision, which helps trust or company service providers meet their requirements for money laundering supervision, including CDD, record keeping and reporting suspicious activity…

FCA takes further action against unregistered crypto ATMs

The FCA has used its powers to inspect several sites in East London suspected of hosting illegally operating crypto ATMs, as it continues its crackdown on the illicit sector. The FCA is working with the NECC to plan and coordinate action with law enforcement partners…

FATF publishes Guidance on Beneficial Ownership of legal persons

The guidance will help countries identify, design and implement appropriate measures in line with the revised Recommendation 24 to ensure that beneficial ownership information is held by a public authority or body functioning as a beneficial ownership registry…

NICE Actimize 2023 Fraud Insights Report reveals attempted Fraud Transactions have increased

The report indicated that from 2021 to 2022, attempted fraud transactions skyrocketed by 92% and attempted fraud amounts have soared by 146%. This alarming trend highlights there is a dramatic increase in overall transaction volumes and fraudsters are becoming bolder…