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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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CFATF releases Belize’s Mutual Evaluation Report, rating the country Fully Compliant with 38 of the 40 FATF Rec. and Largely Compliant with the remaining 2

January 30, 2025

Mutual Evaluation finds that Belize has a solid AML/CFT/CPF framework, but notes effectiveness gaps in ML prosecutions and convictions and a need for more robust risk-based supervision of DNFBPs, as well as stronger beneficial ownership verification & on-site inspections…

 

Europol’s EFIPPP Practical Guide enhances AML/CFT Public-Private Partnerships (PPPs), enabling authorities to share case-specific intelligence with FIs, which must comply with production orders

January 30, 2025

With momentum from AMLR75, there is a growing push to standardise PPPs and information sharing across Europe. Essential insights include Authorities can now legally share case-specific intelligence with financial institutions, Financial institutions must comply with production orders and investigative requests, EU AML/CFT Regulation will enable cross-border intelligence-sharing from July 2027…

 

Europol shuts down the world’s 2 largest cybercrime forums ‘Cracked and Nulled’, with over 10m users, which facilitated cybercrime and illegal trade, generating €1m in criminal profits

January 30, 2025

The cybercrime forums facilitated hacking tutorials, credential stuffing tools, OTP bypass services, and remote access trojans (RATs). Law enforcement seized 17 servers and €300K in illicit assets, shutting down Sellix, a payment processor enabling criminal transactions, and StarkRDP, a hosting service used for cyberattacks…

 

INTERPOL’s Operation Screen West Africa unites 12 nations to strengthen borders and dismantle transnational crime networks, seizing millions in drugs, counterfeit medicines, and stolen vehicles

January 30, 2025

Frontline officers at land, air and sea border points were provided with INTERPOL Mobile Devices (IMDs) to access INTERPOL’s critical global intelligence, enabling them to conduct in real time over 1.3 million checks against INTERPOL’s databases. Checks against INTERPOL’s Stolen and Lost Travel Documents database detected 82 individuals travelling on stolen and irregular passports. Mauritanian authorities also launched an investigation into the international trafficking of French and Spanish passports…

 

Dutch news: Finance minister wants banks to be able to share information about their customers as part of AML investigations, despite privacy concerns

January 30, 2025

Finance Minister Eelco Heinen is calling for more targeted monitoring and potential legislation to boost competition in the savings market while addressing inefficiencies in privacy laws that hinder AML efforts. He highlighted the €1.4 billion cost of current practices with 13000 bank employees focusing on identifying suspicious spending. Heinen warned that privacy concerns are clashing with the need to keep the financial system…

European Parliament, Council, and Commission begin final negotiations on the EU Anti-Corruption Directive (proposed in May 2023), with key changes ahead and adoption is expected by Q1- Q2 2025

January 30, 2025

The key discussion points include: Establishing consistent definitions for corruption-related offenses, Lifting immunity for high-ranking officials in serious corruption cases, Supporting Deferred Prosecution Agreements for corporate compliance, Imposing fines of 5% to 10% of global turnover on corrupt companies. Trilogue discussions expected to conclude and finalise the directive  in Q1-Q2 2025…

 

FINRA 2025 Annual Regulatory Oversight Report, highlight new contents provides updates on AI and investment fraud by bad actors that directly targets investors

January 28, 2025

Highlights key compliance risks and regulatory updates for member firms, including emerging risks like third-party cybersecurity threats, AI implementation, and extended hours trading.

 

 

JMLSG’s proposed revisions to Part I of its Guidance provide clearer direction on intra-group outsourcing, CDD for group companies, and intermediaries, to help firms achieve regulatory compliance

January 28, 2025

The proposed revisions include new paragraph relating to local authorities and professional deputies, new paragraphs relating to group companies, as well as a new paragraph and amendments relating to an intermediary as an agent of the customers…

 

White House unveils first steps toward new policies supporting cryptocurrencies and digital financial technology

January 28, 2025

The new administration has promised to provide clear regulatory guidance regarding cryptoassets to promote innovation, in a marked shift from the risk-focused approach under its predecessor. A new executive order revokes all of the Biden administration’s digital asset policies and emphasizes promoting open blockchain networks and dollar-backed stablecoins. It also prohibits U.S. central bank digital currencies and ordered a study of a possible federal strategic cryptocurrency reserve…

BaFin urges FIs to invest their strong earnings to bolster defences against AI-driven fraud, highlighting generative AI risks, advanced phishing threats, and the need for adaptive security measures

January 28, 2025

For example, through generative AI. More and more companies in the financial sector are using generative AI or testing its use. And of course, criminals are also using such technologies – to develop new attack methods or malicious code, for example. High quality phishing messages can be created quickly using AI, which makes it much more difficult to identify fraudulent messages…

NCA UKFIU SARs highlight rising threats in ML, fraud, and illicit company formations – identifying evolving risks from fraudulent registrations to large-scale laundering schemes

January 27, 2025

A reporter suspected that a business customer was ML and submitted a DAML SAR to the UKFIU to request a defence to return the account’s balance to the customer while ending their relationship with them. Suspicious indicators on the customer’s account included little evidence of the business being legitimate, cash deposited in small amounts in an apparent effort to avoid detection…

Europol and Eurojust dismantle a €100m ML network using offshore accounts, shell companies, and unregulated crypto exchanges, seizing €8m in cash and freezing €27m in cryptocurrencies

January 27, 2025

The authorities discovered that the group was running a sophisticated money laundering service for other criminal organisations. The group acted as a financial service to transfer criminal profits internationally. Cryptocurrencies were used to move cash profits between criminal organisations. To dispose of the cash profits, money was transported on commercial flights, mainly to Cyprus, and by public transport to neighbouring countries of Spain…