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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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GCFCC publishes paper on ‘Fighting financial crime & protecting data privacy through responsible data sharing: A path forward’

October 16, 2024

The paper sets out a multi-disciplinary explanation of the intersection between fighting financial crime (“FFC”) and data protection and privacy (“DPP”) along with 4 important recommendations for the adoption of international regulations, standards and measures to fight financial crime while still providing protection for individual’s data privacy. Achieving a balance between FFC and DPP is not a zero sum game, with only winners and losers. Where differences arise as they will, resolution will only come from a better understanding of why and how activities are undertaken, and why and how these can be carried out consistent with the aims of FFC as well as safeguarding rights for DPP…

SEC charges a “magic mushroom” company and two individuals in a multimillion-dollar pump-and-dump scheme

October 16, 2024

The SEC alleges took control of Minerco a dormant penny stock and appointed its head to promote the company as a pioneer in psilocybin mushroom research. From 2020 to 2021 issued false statements, claiming Minerco had partnerships and valuations that didn’t exist, and misleadingly represented it as an active Nevada company. Shumake is also accused of using an offshore entity to “dump” shares, amassing at least $3.4 million in unlawful profits…

NCA has released its 2024 annual assessment of serious and organised crime, issuing a stark warning that drug use is now more dangerous than ever

October 15, 2024

The assessment draws on intelligence from across law enforcement, government, the third sector and private industry, highlights that whilst overall crime has fallen in the UK over the last decade, the scale and harm of serious and organised crime has increased. Latest data pinpoints increases in the threat from child sexual abuse, cybercrime and money laundering, as well as drugs…

The Payment Systems Regulator (PSR) now mandates APP scam reimbursements within 5 days, capped at £85K, with firms given 35 days to resolve claims

October 14, 2024

Payment firms can “pause the clock” to gather more information, but must resolve cases within 35 business days. An optional £100 excess may apply, except for vulnerable consumers, and firms can opt for a lower or no excess. Firms can reimburse more than £85,000, with claims exceeding this directed to the Financial Ombudsman Service (FOS), which has a compensation limit of £430,000, depending on case specifics…

CFTAF finds that Suriname has made significant progress to address AML/CFT shortcomings, with 9 out of 40 recommendations being re-rated

October 14, 2024

Re-ratings in the latest enhanced follow-up report reflect steps taken by Suriname to improve the regime with respect to record keeping, higher-risk countries, the reporting of suspicious transactions, the regulation and supervision of FIs, the powers of supervisors, DNFBPs, responsibilities of law enforcement and investigative authorities, and provisions relating to cash couriers.

CFATF re-rates St Lucia on 7 out of the 40 Recommendations in latest enhanced follow-up report

October 14, 2024

St Lucia is now largely compliant with recommendations 15, 26, 28, 33 and 30, covering, among other topics, new technologies, DNFBPs and freezing and confiscation with respect to mutual legal assistance.

The Guardian: Trump fundraising efforts raise corruption concerns

October 13, 2024

Trump’s fundraising strategy has increasingly become transactional targeting major donations from influential figures like Elon Musk and wealthy fossil fuel and cryptocurrency donors in exchange for favourable federal policies. Musk’s America Pac had spent nearly US $60 million and fossil fuel contributors had added over $20 million to pro-Trump Super Pacs and his campaign raising concerns about corruption…

Politico: Germany, Italy and France call for watered down banking regulations

October 13, 2024

In a bid to improve economic competitiveness with the US and China, European leaders including French President Emmanuel Macron, are calling for a more protectionist approach to prevent the EU from lagging. The three major EU nations are pushing for a regulatory pause on financial rules to prioritize banking sector competitiveness and reconsider the implementation of the Basel capital standards…

EBA releases its Annual Work Programme for 2025 and sets out the path to 2027, covering EU Single Rulebook, financial stability, data, DORA, oversight and MiCAR supervision, and AML/CFT

October 12, 2024

Throughout next year, the EBA will be i) implementing the EU Banking Package and enhancing the Single Rulebook, ii) enhancing risk- based and forward-looking financial stability for a sustainable economy, iii) enhancing data infrastructure and launching a data portal, iv) starting oversight and supervisory activities under the Digital Operational Resilience Act (DORA) and Markets in Crypto-Assets Regulation (MiCAR), and v) developing consumer oriented mandates and ensuring a smooth transition to the new anti-money laundering and countering the financing of terrorism (AML/CFT) framework.

 

 

AUSTRAC collaborates with partner agencies including the Australian Taxation Office to combat ML and other crimes through initiatives like the Serious Financial Crime Taskforce

October 12, 2024

In 2018, a joint investigation by the SFCT revealed a major international criminal syndicate that exploited stolen identities from darknet markets to commit large-scale cybercrimes, resulting in the opening of over 60 Australian bank accounts and an estimated theft of US $3.3 million. The group laundered US $2.5 million by transferring funds to an offshore contact in Asia, who then purchased luxury goods and remitted the proceeds back to the syndicate…

The Globe and Mail: Canadian banking regulator says AML risks have risen

October 12, 2024

TD Bank is under intense regulatory scrutiny regarding its AML program with a potential record fine of over US $3 billion from U.S. regulators. The bank’s issues, exacerbated by its failed US $13.4 billion acquisition of First Horizon Corp highlight broader challenges in the banking sector as criminal organizations grow more sophisticated and operate internationally…

HKMA publishes consultation conclusions on information sharing among Authorised Institutions to aid in prevention or detection of crime

October 11, 2024

The HKMA launched a public consultation on 23 January 2024 to seek views from the banking sector and the public on proposals to facilitate sharing of information among AIs of information on customer accounts (including personal customers) for the purposes of preventing and detecting crime. The aim of the proposals is to help protect bank customers and the banking system against abuse for fraud, money laundering and terrorist financing (ML/TF).

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