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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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HM Treasury proposes expanding its money laundering regulations to capture a broader range of digital asset activities, including non-fungible token (NFT) issuance

March 20, 2024

The new rules will require businesses dealing with NFTs to conduct customer due diligence and report suspicious activities to the authorities. The move aims to bring NFTs under the same AML regulations as other digital assets like cryptocurrencies. This decision comes as NFTs have gained popularity and value in recent years, leading to concerns about their potential use in illicit activities…

 

FCO publishes post-legislative scrutiny memorandum on the Sanctions and Anti-Money Laundering Act 2018

March 19, 2024

Provides an assessment of the functioning of SAMLA and UK sanctions regimes underpinned by SAMLA, following the UK’s introduction of an autonomous sanctions framework post-Brexit.

EU Commission recommends actions to combat counterfeiting and better protect intellectual property rights

March 19, 2024

The Recommendation, also known as the EU toolbox against counterfeiting, aims to foster collaboration between rights holders, service providers, and law enforcement, while encouraging best practices and the use of modern tools and technologies.

FBI releases Internet Crime Report 2023 highlighting a significant 22% increase in losses due to cybercrime, amounting to over $12.5 billion

March 19, 2024

Strategy focuses on building strong partnerships with the private sector; removing threats from US networks; pulling back the cloak of anonymity many of these actors hide behind; and hitting cybercriminals where it hurts: their wallets, including their virtual wallets.

FCA publishes its Business Plan 2024/25 highlighting some of the challenges to the UK’s economic and geopolitical landscape

March 19, 2024

FCA publishes the Business Plan 2024/25 highlighting some of the challenges to the UK’s economic and geopolitical landscape. The areas of focus will include protecting consumers, ensuring market integrity, promoting effective competition, embedding our secondary objective to facilitate international competitiveness of the UK economy…

FATF publishes new guidance on beneficial ownership and transparency of legal arrangements focusing on Rec.25

March 19, 2024

The new guidance clarifies: Key risks, particularly those compounded by multiple layers, controlled by a Company with various Directors or nominee shareholders and cross-border jurisdictional complexities, Requirements for countries to assess the ML/TF risks associated with different types of trusts and other similar legal arrangements…

MONEYVAL publishes 5th enhanced follow-up report and technical compliance re-rating on the Slovak Republic

March 18, 2024

Serbia has taken positive steps towards improving its anti-money laundering and terrorist financing (AML/CFT) regime, in particular concerning compliance with the Financial Action Task Force’s Recommendation 15 on virtual assets and virtual assets service providers.

GI-TOC’s Pacific Programme maps how organised crime is impacting the Pacific Islands and exploring the different criminal actors driving illicit activities

March 18, 2024

Pacific islands have traditionally been considered as mostly immune from high levels of criminality due to their geographic remoteness. However, highly pernicious illicit markets are taking hold, and the islands are becoming increasingly vulnerable to new threats in the form of cyber-enabled and cyber-dependent crimes and the introduction of new narcotics, to mention just two examples…

US DoJ sentences 4 men for an eight-year investment fraud and money laundering scheme that defrauded over a dozen victims around the world out of more than $18M

March 18, 2024

For nearly a decade, the defendants brazenly and repeatedly lied to investors, defrauding them out of more than $18M and laundering the proceeds of their crime through a complex web of bank accounts around the world…

The European Council and European Parliament strike a deal on the Corporate Sustainability Due Diligence Directive (CS3D) with the aim to protect the environment and human rights

March 18, 2024

Under the CS3D, businesses are required to conduct a thorough due diligence process to identify, mitigate, prevent and account for negative impacts on human rights and the environment, or face potential sanctions or civil liability…

OCCPR: France indicts nephew of Lebanon’s Former Central Bank Governor as part of a wider money laundering probe into Salame

March 16, 2024

Ex governor Salame has been accused of embezzling hundreds of millions of dollars from Lebanon’s central bank in a scheme that spanned more than a decade. Much of this money was allegedly invested in property across Europe, prosecutors say. Several properties and assets worth almost US$100 million were first revealed by previous OCCRP investigations…

OFAC amends Global Magnitsky Sanctions Regulations and designates network of al-Shabaab facilitators

March 15, 2024

According to OFAC, al-Shabaab generates more than $100m per year to support al-Qa’ida ambitions worldwide and is responsible for some of the worst terrorist attacks in East Africa’s modern history that have claimed the lives of thousands of innocent civilians.  The targeted network is reportedly made up of influential businesspersons and companies located in the Horn of Africa, the United Arab Emirates (“UAE”) and Cyprus.

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