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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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Egmont Group Chair highlights global efforts to combat ML/TF at Latin American Event, stressing the role of FIUs in helping to dismantle the financial networks that support criminal organisations

September 18, 2024

She stated our collective efforts, which are based on trust and following the principles of FIUs operational independence and autonomy, are essential in disrupting the financial mechanisms of crime and ensuring a safer global financial system…

EPPO in Spain files an indictment seeking over 8 years of imprisonment and fines exceeding €25m against 2 companies for evading anti-dumping duties

September 18, 2024

In the indictment, the damage caused to the financial interests of the European Union as a result of this tax evasion is estimated at just under €10 million (€9,936,344.98). To ensure the defendants can meet their financial liabilities, over 30 properties linked to them were seized as a precautionary measure…

Swiss FINMA finds Mirabaud & Cie SA breached its AML obligations and financial market laws due to inadequate review and client documentation

September 17, 2024

The bank may not accept any new clients with increased money-laundering risks until compliance with the law has been restored. Furthermore, FINMA has confiscated CHF 12.7 million of unlawfully generated profits and opened three proceedings against individuals…

UK Govt launches Office of Trade Sanctions Implementation (OTSI) to enforce UK trade sanctions, whose powers come into effect on 10 Oct 2024

September 16, 2024

The OTSI will be responsible for the enforcement of UK trade sanctions, ensuring compliance with UK laws on financial, commercial, and trade-related restrictions. The OTSI will work closely with international counterparts to ensure the UK’s sanction policies align with broader global measures, particularly post-Brexit…

FCA consults on proposals for tackling authorised push payment (APP) fraud, focusing on enabling a risk-based approach to payment processing

September 16, 2024

The UK has seen a significant increase in authorised push payment (APP) fraud. This is where someone is deceived into authorising a payment either: (i) to an account that they think belongs to a legitimate payee but is actually controlled by a fraudster, or (ii) for something they believed was legitimate but is actually fraudulent

FATF updates its consolidated assessment ratings – a notable development is the removal of Jamaica and Turkey from the grey list

September 15, 2024

Jamaica successfully implemented a 13-point action plan addressing deficiencies like preventing misuse of legal entities and improving its AML/CFT measures. Turkey enhanced its supervision of vulnerable sectors like banking and cryptocurrency, leading to its removal from the grey list as well. Additionally, FATF has revised its methodology to strengthen asset recovery and international cooperation standards, requiring countries to prioritize confiscating criminal assets and improving cross-border collaboration​. These should be read in conjunction with the detailed Mutual Evaluation Reports, which are available on this website…

INTERPOL Americas meeting strengthens regional commitment to combat human trafficking, crimes against children, and environmental offenses

September 15, 2024

INTERPOL Americas Regional Conference ended with a push for stronger collaboration to fight organized crime and related violence. Key recommendations included safeguarding vulnerable groups, combating drug and environmental crimes, and addressing vehicle crime linked to broader criminal activities. Senior officials highlighted the critical role of INTERPOL’s Notices system in tracking down gang members and identifying terrorism…

Europol’s report on AI in policing explores the transformative potential and the associated challenges of artificial intelligence for law enforcement agencies

September 14, 2024

This report offers in-depth exploration of the applications and implications of AI in the field of law enforcement, underpinned by the European Union’s regulatory framework. It also looks at concerns about data bias, fairness, and potential threats on privacy, accountability, human rights protection and discrimination, which are particularly relevant in the background of the EU’s Artificial Intelligence Act.

EP releases a briefing titled ‘Understanding the EU’s Response to Money Laundering: New EU AML Package,’ outlining the latest measures to combat money laundering in the EU

September 14, 2024

Money laundering is how criminals convert the proceeds of crime into what appear to be legitimate earnings. Criminals are employing ever-more sophisticated methods, including digital and emerging crypto-currencies, to disguise the source of their money. The impact on society of criminality is difficult to understate. It has a significantly negative effect across the socio economic spectrum…

An INTERPOL-coordinated international operation targeting drug trafficking in Southeast Asia led to the record-breaking seizure of synthetic drugs valued at USD1.05 bn

September 14, 2024

INTERPOL’s real-time intelligence exchange significantly enhanced the operation’s success, including analysing 291 kilograms of cocaine washed ashore in Vietnam and adding the data to its relief database for tracking future shipments. The relief database offers advanced analysis of drug packaging while Interpol’s secure platform and I-RAID program support systematic drug trafficking data management and combat operations…

Reuters: Former Swedbank CEO Bonnesen sentenced to prison in money laundering case

September 14, 2024

Swedbank’s CEO Birgitte Bonnesen, denied all charges related to a ML scandal in its Baltic operations and was acquitted by a district court in 2023. The Court of Appeal found her guilty on one count but acquitted her of six others. The CEO who led the bank from 2016 to 2019, has denied the charges.

 

 

FBI’s 2023 Cryptocurrency Fraud Report reveals over $5.6 bn in reported losses due to cryptocurrency fraud, detailing various types of fraud such as scams and Ponzi schemes

September 13, 2024

In 2023, the FBI’s Internet Crime Complaint Center received more than 69,000 complaints from the public regarding cyber-enabled crime and financial fraud involving the use of cryptocurrency, with over $5.6 billion in reported losses. Criminal actors exploit cryptocurrencies for all schemes, to include tech support, confidence and romance, investment, and government impersonation scams. Investment fraud was the most reported cryptocurrency scheme in 2023, and also saw the most reported losses, with about $3.9 billion lost.

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