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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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AUSTRAC commences investigation into online betting company bet365

March 7, 2024

The investigation will focus on whether bet365 has complied with its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and follows a supervisory campaign of entities within the corporate bookmaker sector and AUSTRAC’s consideration of the external audit report received following AUSTRAC’s order to bet365 to appoint an external auditor.

FCDO releases post-legislative scrutiny memorandum on the Sanctions and AML Act 2018 to review the implementation and effectiveness

March 7, 2024

FCDO releases review of Sanctions and Anti-Money Laundering Act (SAMLA) 2018: Analysis covers implementation and impact, including case study on Russia sanctions…

Europol publishes EU Drug Markets Analysis 2024 report examining the links between between illicit drugs trade and other crime areas in the EU

March 7, 2024

The report looks at the links between the illicit drugs trade and other crime areas in the EU, such as the trafficking in firearms, as drug trafficking networks require a range of tools and capacities to facilitate their activities. The EMCDDA and Europol play a central role, supporting Member States and cooperating with third countries to strengthen Europe’s preparedness and response to illicit drug flows.

US DoJ charges man for $10m Covid-19 relief fraud scheme

March 7, 2024

According to court documents, Craig David Davis, 50, of Marina Del Rey, allegedly submitted fake tax documents and business records to three banks to obtain two Paycheck Protection Program loans and one Main Street Lending Program loan totaling $10,695,300. Davis is charged with four counts of wire fraud. If convicted, he faces a maximum penalty of 20 years in prison on each count…

Home Office publishes annual report on seizures of drugs in England and Wales, financial year ending 2023, (87%) seizures were made by police forces (165,789) and the remaining 13% (25,834) were made by Border Force

March 5, 2024

Provides an overview of drug seizures made by the police (including the British Transport Police) and Border Force in the year ending 31 March 2023 in England and Wales. The data relates to all drugs controlled under the Misuse of Drugs Act 1971 (MDA) and the Psychoactive Substance Act 2016 (PSA).

 

FCA updates position on cryptoasset Exchange Traded Notes for professional investors

March 5, 2024

The FCA continues to remind people that cryptoassets are high risk and largely unregulated. Those who invest should be prepared to lose all their money. The FCA is collaborating with government, international partners and industry to develop the UK’s cryptoasset regulatory regime and lead international standards in this space…

Wolfsberg Group publishes its updated Country Risk FAQs, providing a comprehensive understanding of the implications of country risk in the context of AML/CTF measures, including CDD requirements

March 4, 2024

The updated document specifically highlights: Clearer delineation of country risk within the wider context of CDD and enhanced due diligence EDD; Criminal indicators, political and regulatory factors which should be considered when developing a methodology to evaluate country risk; Sanctions considerations and their impact in the context of AML/CTF country risk; The need for a strong governance enabling an unbiased approach towards country risk; Practical guidance combined with clear roles & responsibilities for financial institutions…

 

European Parliament releases report on legal options that enable the use of Russian assets to reconstruct Ukraine

March 4, 2024

The European Parliament has published a study that evaluates options available under international law to enable the confiscation of Russian state assets to support the reconstruction of Ukraine. The report focuses on the $300 billion in frozen Russian Central Bank assets held in various jurisdictions…

US Treasury uses AI to recover more than $375 million in fraudulent payments

March 2, 2024

Check fraud has increased nationwide by 385% since the pandemic. To address the increase in fraud, Treasury’s Office of Payment Integrity (OPI), within the Bureau of the Fiscal Service implemented an enhanced process using AI to mitigate check fraud in near real-time by strengthening and expediting processes to recover potentially fraudulent payments from financial institutions…

 

 

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…

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