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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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ESAAMLG re-rates Zimbabwe on one Recommendation from the 2016 Mutual Evaluation in 10th enhanced follow-up report

August 28, 2024

Zimbabwe is upgraded to largely compliant with respect to Recommendation 7, which covers targeted financial sanctions related to proliferation.

ESAAMLG re-rates Namibia on 13 Recommendations in its second enhanced follow-up report to the 2022 Mutual Evaluation

August 28, 2024

Re-ratings cover several areas of AML/CFT, including the criminalisation of TF, abuse of the NPO sector, PEPs, new technologies, and beneficial ownership.

EBA and ECB release a joint report on payment fraud and the role of strong customer authentication

August 28, 2024

The report assesses payment fraud reported by the industry across the European Economic Areas (EEA), which amounted to €4.3bn in 2022 and €2.0bn in the first half of 2023. Also confirms the beneficial impact of strong customer authentication (SCA) on fraud levels.

FinCEN has released final rules to protect the residential real estate and investment adviser sectors from illicit finance

August 28, 2024

FinCen has issued two final rules to address illicit finance risks in the residential real estate and investment adviser sectors. The residential real estate rule mandates reporting of high-risk non-financed transfers to increase transparency, while the investment adviser rule imposes AML/CFT requirements on certain advisers to address regulatory gaps. These measures part of anti-corruption strategy, aim to close loopholes exploited by criminals…

FinCEN launches nationwide public service announcements to inform business owners about beneficial ownership reporting requirements

August 27, 2024

To directly reach business owners, educate stakeholders about these reporting requirements, and encourage compliance, television and radio PSAs are now running nationwide in tandem with digital and print ads.

NCA releases its Annual Report and Accounts: 2023 to 2024

August 27, 2024

Includes: a performance report which demonstrates the agency’s performance against its priorities for 2023 to 2024 and the serious and organised crime threat; an accountability report which outlines the agency’s accountability, assurance, governance and risk processes and procedures in 2023 to 2024

AML Intelligence: US Homeland Security warns of increasing gift card fraud connected to Chinese organized crime groups

August 27, 2024

The fraud impacts retailers and consumers while also posing severe risks to national security and the economy, the agency reports. The HSI partnering with law enforcement and businesses to address this issue focusing on Chinese crime groups linked to various criminal activities.  They also warned that gift card fraud threatens public safety and national security by using sophisticated methods to siphon card values and fund illicit operations…

AML Intelligence: UK detectives dismantle a £55 million Chinese underground banking operation with student money mules

August 27, 2024

Metropolitan Police detectives reported that the group laundered over £55 million between February 2020 and June 2023. Initial concerns about underground banking led to an investigation culminating in December 2022 raids on the homes of Xiaoyu Shu and Yin Ying Wang, where over £104,000 was found in a hidden carrier bag, and their residence which yielded cash counting machines and money bags…

ESAAMLG notes that Madagascar has made progress in resolving technical compliance shortcomings identified in its 2018 Mutual Evaluation Report

August 26, 2024

Madagascar is re-rated on seven recommendations, including those covering CDD, PEPs, Wire Transfers, Reliance of Third Parties and Sanctions.

ESAAMLG re-rates Malawi on Two Recommendations from the 2019 Mutual Evaluation Report in latest follow-up

August 26, 2024

Re-ratings were applied to Recommendation 2, which coves national coordination and cooperation; and Recommendation 3, on the criminalisation of money laundering.

FinCEN reminds financial institutions to remain vigilant to suspicious transactions associated with synthetic opioids

August 26, 2024

Reminds financial institutions to monitor for and report suspicious transactional activity related to the illicit fentanyl supply chain and the trafficking of illicit fentanyl and other synthetic opioids.

TI Russia have conducted an in-depth analysis of illegal money transfers from Russia to the UK through e-payments over the past decade, emphasising the need for stringent regulatory controls and international cooperation to close loopholes in the e-payment sector

August 26, 2024

This research explores the illicit trade of verified business bank accounts often used by criminals to conceal large financial transfers. It highlights regulatory shortcomings and the role of dark web marketplaces where such accounts, registered under false identities but with real documents, are sold. The study also notes that e-payment platforms despite strict AML procedures are notably vulnerable, with 18% of all Defence aganist ML…

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