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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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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…

FATF updates its Consolidated Assessment ratings

November 15, 2024

This table provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance (last updated on 7 November 2024). These should be read in conjunction with the detailed Mutual Evaluation Reports, which are available on this website.

HM Treasury announces further reforms to UK MiFID framework

November 14, 2024

HM Treasury has committed to make the changes to the UK’s Markets in Financial Instruments Directive (MiFID) framework as part of the government’s work to reform our rulebook for capital markets so that it delivers for investors and firms, and supports growth across the UK.

OFSI issues Financial sanctions guidance for High Value Dealers & Art Market participants

November 14, 2024

It provides financial sanctions guidance for entities and individuals that operate in the sale or trade of high value goods, especially those trading internationally with regions that may be subject to UK…

APG publishes mutual evaluation reports for the Marshall Islands, Papua New Guinea and Timor-Leste

November 14, 2024

These MERs provide a snapshot of the Marshall Island’s system as at the date of the onsite visit in November/December 2023, Papua New Guinea’s system at the date of the onsite in October 2023 and Timor-Leste’s system as at the date of the onsite visit in September 2023.

GFI examines how opacity in vessel ownership and international trade creates facilitates illicit trade

November 14, 2024

Recommends that, given ‘these clusters of opacity’, the entire trade ecosystem – the goods, the pricing and the delivery – should be under scrutiny by the international community.

Open Secrets investigates South Africa’s property laundromat in new report

November 14, 2024

This multi-year investigation exposes how politically connected elites from other African nations use South African real estate to conceal the proceeds of grand corruption, facilitated by local professionals. Lawyers and real estate agents, as detailed in this report, play a key role in enabling these transactions, often at the expense of anti-money laundering laws.

UNODC launches new Issue Paper on ‘Organised Fraud’ shedding light on the rising complexity of these crimes, leveraging technology, including AI

November 14, 2024

The Paper presents several notable findings: Sophistication of Fraud Schemes: Organized fraud schemes are becoming increasingly sophisticated, often involving advanced technology and cross-border operations. Economic Impact: The financial losses from organised fraud are substantial, affecting individuals and businesses globally. Victim Profiles: Organized fraud victims come from diverse backgrounds, highlighting the need for tailored support and protection measures…

Luxembourg Times: Banque Internationale à Luxembourg (BIL) at centre of Azerbaijani embezzlement scandal

November 14, 2024

A joint investigation led by the OCCRP reveals that Banque Internationale à Luxembourg (BIL) played a key role in moving embezzled funds from Azerbaijan. The UK’s National Crime Agency highlighted BIL’s involvement in funneling millions from Azerbaijan’s International Bank of Azerbaijan to Europe. These funds were used to purchase luxury properties in the UK and France…

EPPO traces fraudulent Chinese imports to France via Port of Athens

November 14, 2024

According to the investigation, a criminal organisation, mainly based in the Paris area, in the Seine Saint-Denis district, imported goods from 2020 to 2023 through at least six French companies, believed to act as ‘missing traders’, which would vanish without fulfilling their tax obligations. It is understood that the criminal group undervalued the imported goods in order to illicitly reduce the duties due to the French customs authorities…

Europol supports EPPO-led investigation into EUR 520 million VAT fraud involving mafia networks

November 14, 2024

 The operation has resulted in detention orders being executed against 43 suspects linked to a criminal enterprise of an estimated value of EUR 520 million. The investigation, led by the EPPO offices in Milan and Palermo, targeted an organised crime network spanning multiple EU Member States and non-EU countries…

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