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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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CFATF re-rates St Lucia on 7 out of the 40 Recommendations in latest enhanced follow-up report

October 14, 2024

St Lucia is now largely compliant with recommendations 15, 26, 28, 33 and 30, covering, among other topics, new technologies, DNFBPs and freezing and confiscation with respect to mutual legal assistance.

The Guardian: Trump fundraising efforts raise corruption concerns

October 13, 2024

Trump’s fundraising strategy has increasingly become transactional targeting major donations from influential figures like Elon Musk and wealthy fossil fuel and cryptocurrency donors in exchange for favourable federal policies. Musk’s America Pac had spent nearly US $60 million and fossil fuel contributors had added over $20 million to pro-Trump Super Pacs and his campaign raising concerns about corruption…

Politico: Germany, Italy and France call for watered down banking regulations

October 13, 2024

In a bid to improve economic competitiveness with the US and China, European leaders including French President Emmanuel Macron, are calling for a more protectionist approach to prevent the EU from lagging. The three major EU nations are pushing for a regulatory pause on financial rules to prioritize banking sector competitiveness and reconsider the implementation of the Basel capital standards…

EBA releases its Annual Work Programme for 2025 and sets out the path to 2027, covering EU Single Rulebook, financial stability, data, DORA, oversight and MiCAR supervision, and AML/CFT

October 12, 2024

Throughout next year, the EBA will be i) implementing the EU Banking Package and enhancing the Single Rulebook, ii) enhancing risk- based and forward-looking financial stability for a sustainable economy, iii) enhancing data infrastructure and launching a data portal, iv) starting oversight and supervisory activities under the Digital Operational Resilience Act (DORA) and Markets in Crypto-Assets Regulation (MiCAR), and v) developing consumer oriented mandates and ensuring a smooth transition to the new anti-money laundering and countering the financing of terrorism (AML/CFT) framework.

 

 

AUSTRAC collaborates with partner agencies including the Australian Taxation Office to combat ML and other crimes through initiatives like the Serious Financial Crime Taskforce

October 12, 2024

In 2018, a joint investigation by the SFCT revealed a major international criminal syndicate that exploited stolen identities from darknet markets to commit large-scale cybercrimes, resulting in the opening of over 60 Australian bank accounts and an estimated theft of US $3.3 million. The group laundered US $2.5 million by transferring funds to an offshore contact in Asia, who then purchased luxury goods and remitted the proceeds back to the syndicate…

The Globe and Mail: Canadian banking regulator says AML risks have risen

October 12, 2024

TD Bank is under intense regulatory scrutiny regarding its AML program with a potential record fine of over US $3 billion from U.S. regulators. The bank’s issues, exacerbated by its failed US $13.4 billion acquisition of First Horizon Corp highlight broader challenges in the banking sector as criminal organizations grow more sophisticated and operate internationally…

HKMA publishes consultation conclusions on information sharing among Authorised Institutions to aid in prevention or detection of crime

October 11, 2024

The HKMA launched a public consultation on 23 January 2024 to seek views from the banking sector and the public on proposals to facilitate sharing of information among AIs of information on customer accounts (including personal customers) for the purposes of preventing and detecting crime. The aim of the proposals is to help protect bank customers and the banking system against abuse for fraud, money laundering and terrorist financing (ML/TF).

FINTRAC updates AML/CFT guidance for Canadian mortgage administrators

October 11, 2024

Guidance aims to help business determine if FINTRAC’s anti-money laundering and anti-terrorist financing requirements apply to them.

NCA disrupts Evil Corp’s $300M ransomware operation that exploited technology, as evidenced by phishing schemes and encrypted communication platforms that help evade law enforcement

October 11, 2024

The operation utilized advanced technology, including phishing schemes and encrypted communication platforms. The criminals employed methods to evade law enforcement efforts effectively….

US DoJ seizes over US $6m in suspected proceeds from a cryptocurrency confidence scheme

October 11, 2024

In Southeast Asia, perpetrators targeted individuals in the US and fraudulently obtained millions in cryptocurrency through a confidence investment scheme prompting the FBI to trace victim funds on the blockchain and uncover over US $6 million in multiple cryptocurrency wallets. These schemes typically involve criminals manipulating potential victims via misdirected texts or dating apps, leading them to fake investment platforms…

UNODC ‘Transnational Organised Crime’ report exposes escalating threat of organised crime in the Pacific

October 11, 2024

The report reveals that foreign crime syndicates, primarily from Asia and the Americas, are exploiting the Pacific’s strategic location to traffic illicit drugs and other contraband. The region’s isolation, once considered a barrier, now provides these groups with opportunities to operate in less-patrolled waters, facilitating large-scale shipments through ship-to-ship transfers…

 

 

 

 

SFO recovers an additional £295,000 from hidden pensions belonging to a convicted fraudster who was convicted for an international metal trading scam

October 11, 2024

The SFO has recovered £295,000 from two pension funds in its ongoing investigation into convicted fraudster assets raising the total recovery to nearly £6 million which also includes proceeds from his Marylebone home sale and seized valuable items. The investigation revealed that Rastogi and his co-directors fabricated over 300 fake customers with false addresses worldwide to obtain cash advances from banks…

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