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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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Eurojust publishes report summarising meetings on money laundering and asset recovery in 2023/24

November 18, 2024

The meetings brought together dedicated prosecutors specialised in asset recovery and tackling money laundering from the European Union and countries with liaison prosecutors at Eurojust. Furthermore, representatives of the European Commission (DG FISMA, DG HOME, DG JUST and DG ECFIN), Europol, EPPO, EJN, CARIN network, INTERPOL, the Council of Europe (MONEYVAL), FATF and representatives from Asset Recovery Offices, Asset Management Offices and Financial Intelligence Units, participated.

FSB outlines steps it has taken to address current and emerging vulnerabilities in latest annual report

November 18, 2024

Key priorities include addressing lessons from the March 2023 banking turmoil; enhancing the resilience of NBFI; addressing financial risks from climate change; improving cross-border payments; responding to technological innovation; and enhancing the resolvability of central counterparties.

OECD publishes latest secretary-general tax report to G20 leaders

November 18, 2024

This report sets out recent developments in international tax reform, including on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy. It also covers progress made on the implementation of the BEPS minimum standards and tax transparency, as well as updates on tax policy, tax and inequality and tax administration.

FATF announces Korea’s progress in strengthening measures to tackle ML and terrorist financing publication details language

November 17, 2024

Korea has made progress in addressing compliance deficiencies from its 2020 Mutual Evaluation Report. As a result, the FATF has re-rated Korea on one recommendation, moving Recommendation 8 from partially compliant to largely compliant. Korea is now compliant on 13 recommendations largely compliant on 20, and partially compliant on 7…

FinCEN issues an alert on fraud schemes using deepfake media to target financial institutions

November 17, 2024

FinCEN issued an alert to financial institutions on fraud schemes involving deepfake media created with generative AI tools. The alert provides guidance on identifying suspicious activity, including fraudulent identity documents, and emphasizes reporting requirements under the Bank Secrecy Act. FinCEN warned that bad actors are exploiting AI technology to defraud businesses, urging vigilance to protect the financial system and consumers…

FATF publishes its Money Laundering National Risk Assessment (NRA) Guidance, drawing on insights from over 90 countries within the FATF Global Network

November 16, 2024

The key sections include: 1. NRA Preparation and Setup: This section identifies the prerequisites to a successful NRA. It covers such key foundational parts of the NRA such as political commitment, an inclusive NRA mechanism, objective setting, and the acquisition of information and data. 2. Assessing and Understanding Money Laundering Risks: Offers a flexible yet structured methodology for analysing threats, vulnerabilities, and risks, allowing countries to implement a coherent methodology that is adapted to their capacity and unique risk and context. 3. Post-NRA Actions: Recommends follow-up actions, including aligning mitigation measures with identified risks, communicating findings, and refining the NRA process

FATF praises South Africa for the progress it has made in addressing most of the technical compliance deficiencies identified in its MER

November 16, 2024

Country is re-rated to largely compliant on Recommendations 2, 6 and 15. Covering national cooperation and coordination, targeted financial sanctions related to terrorism, and virtual assets.

Legal Services Board consults on guidance for new regulatory objective on economic crime

November 15, 2024

Views sought on proposals to underline the important role of legal services regulators in tackling economic crime. This follows a new legal duty being placed on the LSB and the legal services regulators to ‘promote the prevention and detection of economic crime’.

FinCEN provides beneficial ownership information reporting relief to victims of recent natural disasters

November 15, 2024

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced that certain victims of Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine will receive an additional six months to submit beneficial ownership information reports, including updates and corrections to prior reports.

FATF proposed changes to Recommendation 1, emphasises simplified measures for lower risk scenarios

November 15, 2024

The proposed updates focus on promoting proportional measures for lower-risk individuals and small businesses. While FATF has consistently required enhanced due diligence for higher-risk cases, 𝗴𝘂𝗶𝗱𝗮𝗻𝗰𝗲 𝗳𝗼𝗿 𝗹𝗼𝘄𝗲𝗿-𝗿𝗶𝘀𝗸 𝘀𝗰𝗲𝗻𝗮𝗿𝗶𝗼𝘀 has been less robust. The revisions propose 𝗿𝗲𝗽𝗹𝗮𝗰𝗶𝗻𝗴 𝘁𝗵𝗲 “𝗺𝗮𝘆 𝗱𝗲𝗰𝗶𝗱𝗲” 𝗹𝗮𝗻𝗴𝘂𝗮𝗴𝗲 𝘄𝗶𝘁𝗵 𝗮 𝗰𝗹𝗲𝗮𝗿 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝘁𝗵𝗮𝘁 “𝗰𝗼𝘂𝗻𝘁𝗿𝗶𝗲𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗮𝗹𝗹𝗼𝘄 𝗮𝗻𝗱 𝗲𝗻𝗰𝗼𝘂𝗿𝗮𝗴𝗲 𝘀𝗶𝗺𝗽𝗹𝗶𝗳𝗶𝗲𝗱 𝗺𝗲𝗮𝘀𝘂𝗿𝗲𝘀”, paving the way for more inclusive financial ecosystems that better serve low-income consumers…

EBA issues two sets of Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national sanctions measures

November 15, 2024

The first set of Guideline is applicable to all institutions under the EBA’s supervisory scope, outlines the governance and risk management requirements necessary to ensure institutions do not breach or evade restrictive measures. Meanwhile, the second set specifically targets payment service providers (PSPs) and cryptoasset service providers (CASPs), detailing their responsibilities when handling transfers of funds or crypto-assets to comply with these measures…

 

Euro News: Spain has arrested the chief of anti-fraud police after €20 million who was reportedly found in his home.

November 15, 2024

Spain arrested the head of the national police’s economic crimes unit after €20 million was found hidden in his home during an investigation into the country’s largest cocaine bust. Authorities also discovered €1 million in his office and arrested 15 others including his partner a fellow police officer. The suspects face charges of drug trafficking, bribery, money laundering, and corruption…

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