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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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ICIJ reports that leaked Dubai property files reveal links between luxury apartments and scammers from the One Coin cryptocurrency scheme

May 25, 2024

The owner had established One Coin, promised to launch a cryptocurrency that would be the number one globally. The global investigators connected it to a $4 billion global pyramid scheme that defrauded over 3.5 million people. In order to receive and allegedly launder money wired from One Coin investors, the owner established bank accounts and incorporated shell companies there…

 

Council of the EU publishes regulation for establishing the Authority for AML and CFT

May 24, 2024

The new authority will pursue a harmonised approach to strengthen the Union’s existing preventive AML/CFT framework and specifically AML/CFT supervision and cooperation between Financial Intelligence Units.

Council of the EU publishes details of new AML package

May 24, 2024

This new instrument is part of a comprehensive package that aims to strengthen the Union’s AML/CFT framework – forming the legal framework governing the AML/CFT requirements to be met by obliged entities and underpinning the Union’s AML/CFT institutional framework, including the establishment of an Authority for anti-money laundering and countering the financing of terrorism (AMLA).

US Treasury launches new public-private FinCEN exchange series to fight fentanyl trafficking

May 24, 2024

At these exchanges, federal officials brief on information critical to tracking illicit financial flows associated with the opioid epidemic, including typologies and red-flag indicators of fentanyl-related activity, and discuss what types of information are particularly valuable when financial institutions report suspicious activity.

EBA will start collecting information on natural persons through its AML/CFT database, EuReCA from May 2024

May 24, 2024

With this step, the EBA will contribute to further strengthening the fight against money laundering (ML) and terrorist financing (TF) in the EU. EuReCA contains information on serious AML/CFT deficiencies in individual financial institutions that have been identified by EU supervisors. It also contains information on the measures taken by supervisors to address those deficiencies…

UK Law Society reveals that two-fifths of organised crime networks launder money through property

May 24, 2024

Organised crime is one of the biggest economic crime threats in the UK and Europe. New Europol research shows 41% of the most threatening criminal networks launder through property and 86% make use of legal business structures…

 

US DEA releases 2024 National Drug Threat Assessment, evaluating illicit drug threats and trafficking trends that pose a danger to the US

May 24, 2024

The shift from plant-based drugs, like heroin and cocaine, to synthetic, chemical-based drugs, like fentanyl and methamphetamine, has resulted in the most dangerous and deadly drug crisis the United States has ever faced,” said DEA Administrator…

OFSI issues updated Industry Guidance on UK Maritime services ban and oil price cap

May 24, 2024

Russia’s invasion of Ukraine, the UK and its allies have imposed some most severe sanctions against Russia. This targets Russia’s most profitable revenue stream – the sale of oil products – while also ensuring that these products continue to be exported to non-EU countries. The measures are intended to reduce Russia’s revenues from its oil exports by targeting the maritime transport of goods of Russian origin…

GIABA publishes second enhanced follow-up Technical Compliance report on the Gambia

May 23, 2024

The Gambia is re-rated on Recommendations 1, 13 and 16; covering a risk-based approach, cross-border correspondent banking relationships and the exchange of virtual currencies.

NCA has secured the first Unexplained Wealth Order in Northern Ireland against a man suspected of involvement in serious organised crime

May 23, 2024

The Order compels the man and his wife to explain the source of funds used to construct a property in County Armagh worth approximately £275,000. NCA investigators believe that the man, who is now resident in the Republic of Ireland, has connections to paramilitary activity, cigarette smuggling and money laundering…

EU and UNODC enhance cooperation to address increasing organised crime and violence within and beyond the EU

May 23, 2024

The key areas addressed were migrant smuggling, trafficking in human beings, illicit financial flows, critical infrastructure protection and illegalities associated with critical raw materials’ supply chains.

RUSI releases commentary on the UK Govt’s launch of its first strategy to tackle the silent threat of fraud to national security

May 23, 2024

The covid pandemic was a  contributing factor to the issue, crime had skyrocketed to the point where the UK economy was estimated to be losing £190billion because of its enormous scope and connections to both organized crime and terrorism, fraud has come to be perceived by many as a “silent threat” to national security. The legislative framework for tackling fraud formulating by scheduling new draft to banning possession of SIM Farms…

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