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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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Egmont Group issues statement on FIU Colombia

September 23, 2024

Due to recent actions involving FIU Colombia and the unauthorised disclosure of information provided by one of our members, the Egmont Group Heads of FIU have confirmed the suspension of FIU Colombia’s access to the Egmont Secure Web (ESW), which is the secure network used by our 177 members to exchange information related to money laundering, associated predicate offences, and terrorist financing.

Finance Magnates: Australia’s financial watchdog is seeking a technology partner for a 5-year initiative to combat fraud

September 23, 2024

Australia’s financial regulator is seeking a tech partner for a five-year contract to tackle fraudulent websites targeting investors with the current deal ending in June 2025. The initiative supports the government’s “Fighting Scams” campaign focusing on fake investment platforms and crypto scams. Since July 2023, ASIC has removed over 7300 scam websites as investment fraud losses in Australia hit US $1.3 billion in 2023…

Arab Times: Kuwait has prohibited cash transactions for vehicle sales as part of efforts to combat ML

September 22, 2024

Kuwait’s Ministry of Trade and Industry has prohibited cash payments for vehicle sales, mandating transactions through banking channels to combat ML. This measure aims to improve fund tracking and ensure compliance, with violations subject to penalties. The ministry emphasized its dedication to fighting financial crimes that threaten the economy and the nation’s global standing…

OECD and UN announce next steps in collaboration on Artificial Intelligence (AI), a significant step to support globally coordinated AI governance

September 22, 2024

OECD and the UN will link their efforts to help governments improve the quality and timeliness of their policy response to AI’s opportunities and its risks…

ICIJ reveals that Antonio Mexia, a former Portuguese Govt official and current CEO, secretly held $5.9m in an offshore account in the British Virgin Islands

September 22, 2024

Account statements found by Expresso in the Pandora Papers reveal that in mid-2017 Miamex Ventures had $1.4 million in investment funds, $2.7 million in corporate bonds and $1.7 million in bank deposits, for a total market value of $5.9 million The documents analyzed by Expresso show that the funds were in an account managed by a Portuguese financial manager, Bernardo d’Orey, of EFG Capital. He did not respond to Expresso’s request for comment.

Guardian: HSBC urges tech companies to assist in reimbursing fraud victims

September 22, 2024

Most authorized push payment (APP) scams where individuals are tricked into transferring money to criminals are facilitated by text messages or fake ads on platforms like Instagram, Google, TikTok, and Facebook Marketplace. APP fraud losses reached £459.7m in 2023 with 232,429 cases.While banks are urged to stay vigilant, HSBC’s Callington emphasized that tech companies must also be held accountable…

GFI analyses the current practices of Belize’s Beneficial Ownership Registry, evaluating its strengths and weaknesses in the broader context of global financial transparency efforts

September 21, 2024

Belize, a country that has been navigating international financial regulation and striving to align its practices with global standards, introduced its BOR as part of an effort to improve its legal and regulatory framework to comply with international standards and improve its capacity to prevent financial crimes…

German and Italian authorities, along with Eurojust and Europol, dismantled a fraudulent scheme targeting public institutions and municipalities

September 20, 2024

For over a year, suspects ran a fraudulent scheme in Germany that made them millions. Several public institutions, companies, cities, and municipalities were affected by the scheme. By using phishing techniques, the suspects gained access to real invoices that were addressed to public institutions and companies. The fraudsters manipulated them with their own financial information. The manipulated invoices were then sent to victims, who paid them to the fraudsters instead of their business partners…

German Law Enforcement seizes the infrastructure of 47 Russian-language no-KYC (Know Your Customer) cryptocurrency exchanges

September 20, 2024

These instant-swap services allow users to exchange crypto or fiat to crypto without providing personal information or undergoing verification. Many of these platforms targeted by the BKA share similar on-chain infrastructure and off-chain networks, often lacking official company details or jurisdictional transparency. Though based on German servers they primarily serve Russian clients with support from sanctioned Russian banks like Sberbank…

 

Australian Securities & Investments Commission (ASIC) seeks provider to identify investment scams and phishing websites from fake investment platforms and crypto fraud

September 19, 2024

The types of investment scam and phishing websites which ASIC is looking for the service to identify and/or refer and takedown may include: Investment scam websites falsely claiming to be authorised and/or regulated by ASIC, fake investment trading platform scams, crypto-asset related scams, phishing scam email domains and websites impersonating organisations that are regulated by ASIC…

 

 

Eurojust supports a major operation against an Albanian drug-trafficking ring in Italy, resulting in 66 arrests and seizure of cocaine, luxury vehicles, and arms and ammunition

September 19, 2024

The suspects laundered their illegal profits via an extensive network of enterprises run by an Italian-Chinese organisation set up for this purpose, which supplied fake invoices with a total value of around EUR 375 million. The OCG members will be charged with the trafficking of illicit drugs, money laundering and investment fraud.

Europol announces operation targeting human trafficking route on Turkish-Bulgarian border that resulted in eight arrests

September 18, 2024

The suspected ringleaders, predominantly Syrian nationals, coordinated the smuggling activities while maintaining contacts with smugglers and hawaladars in Turkey and Greece, as well as in other countries along the smuggling route. The suspects facilitated the transportation of migrants from the Turkish-Bulgarian border to accommodations in the region of Sofia. After a short stay there, they were further transported to the Bulgarian-Serbian border.

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