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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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FATF considers revision to Rec.16, its interpretive note and related glossary of specific terms, to adapt them to the changes in payment business models and messaging standards

March 1, 2024

These proposed revisions also aim to help make cross-border payments faster, cheaper, more transparent and inclusive whilst remaining safe and secure; an objective that is part of the G20 Priority Action Plan. Before finalising the revisions however, the FATF is seeking opinions from all interested stakeholders, in particular from the payments industry…

EPPO releases Annual Report for 2023, revealing 1927 ongoing investigations and €19.2 billion in damages to the EU budget

March 1, 2024

EPPO report shows that at the end of 2023, it had a total of 1927 active investigations, with an overall estimated damage to the EU budget of €19.2 billion – 59% of which (€11.5 billion, corresponding to 339 investigations) was linked to serious, cross-border VAT fraud…

US Task Force KleptoCapture announces array of new charges, arrests, and forfeiture proceedings in advance of second anniversary of illegal invasion of Ukraine

March 1, 2024

US seeks forfeiture of $2.5 million in luxury properties, makes two arrests, charges two sanctioned oligarchs, and secures guilty plea in significant money laundering case…

US DoJ convicts Javier Aguilar, former oil and gas trader, of FCPA violations and money laundering

March 1, 2024

A federal jury in Brooklyn convicted an oil and gas trader for his role in a scheme to bribe Ecuadorean and Mexican government officials and to launder money to secure contracts worth hundreds of millions of dollars for his then-employer, Vitol Inc. (Vitol), the U.S. affiliate of the largest independent energy trading firm in the world…

US DoJ charges India and New Jersey-based jeweller with multimillion-dollar international trade fraud scheme and unlicensed money transmitting

March 1, 2024

Shah engaged in a scheme to evade duties for shipments of jewelry from Turkey and India to the US. Shah would ship or instruct his conspirators to ship goods from Turkey or India – which would have been subject to an approximately 5.5 percent duty if shipped directly to the US – to one of Shah’s companies in South Korea…

UK Government unveils a 22-point action plan to disrupt money mule activity and support exploited victims

March 1, 2024

The action plan includes creating best practice guidance on ML-linked red flags to look out for the financial sector, developing  work on firm’s fraud controls including deep dives into money mule contracts, implementing a data-sharing approach to detect high-risk payments and prevent fraudulent transactions…

 

SSRN releases paper on ‘How Do Crypto Flows Finance Slavery? The Economics of Pig Butchering’

February 29, 2024

Through blockchain addresses used by ‘‘pig butchering’’ victims, the paper trace crypto flows and uncover methods commonly used by scammers to obfuscate their activities, including multiple transactions, swapping between cryptocurrencies through DeFi smart contracts, and bridging across blockchains…

Europol supports EPPO investigation into €195 million VAT fraud scheme

February 29, 2024

Europol-led operation results in the arrest of 14 individuals across 17 countries for a EUR 195 million VAT fraud scheme. Seized assets include smartphones valued at EUR 15.3 million, a EUR 3 million yacht, and EUR 1.2 million in cash and cryptocurrency…

FMSB publishes for consultation a transparency draft of a standard for client onboarding, and identifies current inefficiencies within the UK’s Reg.

February 28, 2024

The draft identifies current inefficiencies within the UK’s regulatory requirements and guidance for ‘Know Your Client’ (KYC) due diligence. The shortcomings highlighted include: The guidance rarely specifies precise data points to be populated or parameters for evidence which firms may accept to conduct satisfactory due diligence…

 

EAG publishes First Follow-up Report on the Russian Federation

February 27, 2024

Outlines re-rating of Russia of Four Recommendations following progress between October 2019 and July 2023.

Europol releases ‘Sinking Drug Shipments’ podcast exploring Europe’s port and how they are fighting organised crime

February 27, 2024

Organised crime networks are always adapting their methods, trying to stay one step ahead of law enforcement. This is especially true for their illegal shipments; drugs, counterfeits and other illicit goods are constantly being uncovered and intercepted by law enforcement in unexpected places. One of the key avenues criminals exploit in their logistics is maritime ports….

 

Eurojust supports full-scale action against EUR 2 billion money laundering network via Lithuania

February 27, 2024

In total 55 places were searched and over EUR 11.5 million in assets and bank accounts have been frozen. Eurojust and Europol played pivotal roles in facilitating and coordinating the international activities.

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