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US DoJ charges Florida man and Brazilian national for decade-long scheme to defraud IRS

A federal grand jury in Miami returned an indictment charging Dan Rotta, of Aventura, Florida, and Sergio Cernea, of Sao Paolo, Brazil, with conspiring to defraud the United States by concealing income and assets in Swiss bank accounts. The indictment also charged Rotta with tax evasion, filing a false tax return, making a false statement and failing to file Reports…

ECB announces establishment of seven new workstreams to develop the digital euro rulebook and calls for expert assistance

The workstreams will report to the RDG (representing consumers, retailers, and intermediaries) in order to assist it in drafting various sections of the digital euro rulebook. The rulebook sets out the framework for a new digital form of the euro which complements cash and which consumers and businesses can use throughout the euro area…

HM Treasury proposes expanding its money laundering regulations to capture a broader range of digital asset activities, including non-fungible token (NFT) issuance

The new rules will require businesses dealing with NFTs to conduct customer due diligence and report suspicious activities to the authorities. The move aims to bring NFTs under the same AML regulations as other digital assets like cryptocurrencies. This decision comes as NFTs have gained popularity and value in recent years, leading to concerns about their potential use in illicit activities…


FCO publishes post-legislative scrutiny memorandum on the Sanctions and Anti-Money Laundering Act 2018

Provides an assessment of the functioning of SAMLA and UK sanctions regimes underpinned by SAMLA, following the UK’s introduction of an autonomous sanctions framework post-Brexit.

EU Commission recommends actions to combat counterfeiting and better protect intellectual property rights

The Recommendation, also known as the EU toolbox against counterfeiting, aims to foster collaboration between rights holders, service providers, and law enforcement, while encouraging best practices and the use of modern tools and technologies.

FBI releases Internet Crime Report 2023 highlighting a significant 22% increase in losses due to cybercrime, amounting to over $12.5 billion

Strategy focuses on building strong partnerships with the private sector; removing threats from US networks; pulling back the cloak of anonymity many of these actors hide behind; and hitting cybercriminals where it hurts: their wallets, including their virtual wallets.

FCA publishes its Business Plan 2024/25 highlighting some of the challenges to the UK’s economic and geopolitical landscape

FCA publishes the Business Plan 2024/25 highlighting some of the challenges to the UK’s economic and geopolitical landscape. The areas of focus will include protecting consumers, ensuring market integrity, promoting effective competition, embedding our secondary objective to facilitate international competitiveness of the UK economy…

FATF publishes new guidance on beneficial ownership and transparency of legal arrangements focusing on Rec.25

The new guidance clarifies: Key risks, particularly those compounded by multiple layers, controlled by a Company with various Directors or nominee shareholders and cross-border jurisdictional complexities, Requirements for countries to assess the ML/TF risks associated with different types of trusts and other similar legal arrangements…

MONEYVAL publishes 5th enhanced follow-up report and technical compliance re-rating on the Slovak Republic

Serbia has taken positive steps towards improving its anti-money laundering and terrorist financing (AML/CFT) regime, in particular concerning compliance with the Financial Action Task Force’s Recommendation 15 on virtual assets and virtual assets service providers.

GI-TOC’s Pacific Programme maps how organised crime is impacting the Pacific Islands and exploring the different criminal actors driving illicit activities

Pacific islands have traditionally been considered as mostly immune from high levels of criminality due to their geographic remoteness. However, highly pernicious illicit markets are taking hold, and the islands are becoming increasingly vulnerable to new threats in the form of cyber-enabled and cyber-dependent crimes and the introduction of new narcotics, to mention just two examples…

US DoJ sentences 4 men for an eight-year investment fraud and money laundering scheme that defrauded over a dozen victims around the world out of more than $18M

For nearly a decade, the defendants brazenly and repeatedly lied to investors, defrauding them out of more than $18M and laundering the proceeds of their crime through a complex web of bank accounts around the world…

The European Council and European Parliament strike a deal on the Corporate Sustainability Due Diligence Directive (CS3D) with the aim to protect the environment and human rights

Under the CS3D, businesses are required to conduct a thorough due diligence process to identify, mitigate, prevent and account for negative impacts on human rights and the environment, or face potential sanctions or civil liability…