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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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US Senate Caucus on International Narcotics Control holds a hearing entitled ‘Chinese ML organisations: Cleaning cartel cash’

May 8, 2024

The hearing will examine Chinese money laundering organizations’ techniques and effects on the synthetic opioids supply chain, and actions the federal government can take to curb them. The Caucus, which is authorized in law and has the status of a standing committee, has held hearings on strengthening U.S. counter-narcotics efforts around the world, narcotics-related corruption, as well as addressing the drug overdose epidemic in America…

European Commission publishes latest update on AML/CTF of terrorism legislative package

May 8, 2024

EU proposed on 20 July 2021 by the European Commission are now agreed by co-legislators. The proposed agreement also covers the institutional side with the creation of a new EU authority to fight money laundering (AMLA) which will be at the core of the system implementing the new framework…

EBA identifies new types of payment fraud and proposes measures to mitigate underlying risks and protect consumers from resultant losses

May 8, 2024

The EBA confirms that regulatory measures such as the Strong Customer Authentication (SCA) that the revised Payment Service Directive (PSD2) and the EBA’s Technical Standards have imposed on the payments industry have been successful in achieving the aim of significantly reducing fraud that involves the stealing of customers’ credentials. However, fraudsters have adapted their techniques and are using more complex types of fraud, such as those based on what is commonly referred to as ‘social engineering’…

US DoJ convicts CEO for $28m long-running investment fraud scheme

May 8, 2024

A federal jury convicted a Hawaii man yesterday for his role in a more than a decade-long scheme to defraud investors of Semisub Inc. and Semisub LLC (collectively, “Semisub”) of over $28 million. Curtiss E. Jackson, 71, of Honolulu, was Semisub’s CEO in addition to holding other corporate positions and fraudulently solicited investments in Semisub. Jackson and his co-conspirator falsely told investors for years that the vessel, Semisub One, was weeks and months away from beginning operations…

EBA to start collecting information on natural persons through its AML/CFT database, EuReCA

May 7, 2024

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.

Gold and art worth millions forfeited by NCA and linked to crime

May 7, 2024

The criminal assets were seized by NCA officers during an investigation into ML, whose clientele included drug traffickers. Mayhew-Lewis, of Oxted in Surrey, was caught with eight kilos of gold bars and shavings when he was arrested in 2019 by West Midlands Police officers acting on NCA intelligence. The officers found the precious metal – now worth more than £400k – stowed in a compartment of his Bentley…

FinCEN reminds financial institutions to remain vigilant to environmental crimes

May 7, 2024

FinCEN reminds financial institutions to remain vigilant in identifying and reporting suspicious activity related to environmental crimes. Environmental crimes frequently involve transnational criminal activity related to several of FinCEN’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Priorities, including corruption, fraud, human trafficking, and drug trafficking…

UK commits to combatting corruption and recovering assets to the OSCE’s Economic and Environmental Committee

May 7, 2024

One of the enduring challenges in tackling corruption is untangling the complex web of corporate structures used to launder criminal proceeds and hide stolen assets. In the context of Russia’s war of aggression against Ukraine, the UK is fully committed to recovering and returning corruptly-obtained assets in accordance with due process…

European Parliament imposes ban on products made with forced labour from EU single market

May 7, 2024
Member state authorities and the European Commission will be able to investigate suspicious goods, supply chains, and manufacturers. If a product is deemed to have been made using forced labour, it will no longer be possible to sell it on the EU market (including online) and shipments will be intercepted at the EU’s borders…

European Commission publishes Q&As on new reforms in the AML/CFT framework which rests on 4 legal acts

May 7, 2024

A Regulation establishing an EU AML/CFT Authority in the form of a decentralised EU regulatory agency:

• A new Regulation on AML/CFT containing directly applicable AML/CFT rules, including a revised EU list of entities subject to AML/CFT rules (known as obliged entities);
• A Directive on AML/CFT replacing the existing EU AML/CFT Directive and containing provisions not appropriate for a Regulation and requiring national transposition, such as rules concerning national supervisors and Financial Intelligence Units in Member States;
• A recast of the 2015 Regulation on Transfers of Funds (Regulation 2015/847)…

HM Treasury released its annual AML/CTF Supervision Report for the period April 2022-2023, offering a timely insight into the activities of the UK’s 25 AML supervisors

May 7, 2024

These include: Total fines across 25 regulators decreased from £504 million in 2021-22 to £197 million in 2022-23, mainly due to fewer large fines by the FCA, FCA and the Gambling Commission imposing higher fines compared to HMRC and PBSs, FCA’s perspective that retail banking (including payments), wholesale banking, wealth management and crypto-asset firms pose the greatest risk of being exploited for ML…

NCA unmasks LockBit cyber-crime gang leader by infiltrating the group’s network, taking control of its services, including its leak site on the dark web

May 7, 2024

LockBit were one of the most prolific ransomware groups in recent years, responsible for attacks on over 200 UK businesses and major public service providers. UK and Allies crack down on malicious cyber-criminal activity emanating from Russia that seeks to undermine global integrity, prosperity and security…

 

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