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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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FCA consults on proposed changes to the Financial Crime Guide in relation to sanctions, proliferation financing and transaction monitoring

April 26, 2024

FCG provides practical assistance and information for firms of all sizes and across all FCA-supervised sectors on actions they can take to counter the risk that they might be used to further financial crime. Its contents are drawn primarily from FCA and FSA thematic reviews, with some additional material included to reflect other aspects of our financial crime remit…

Wolfsberg Group responds to the FATF public consultation on R.16 covering payments transparency and its Interpretative Note

April 26, 2024

The explanatory memorandum contains eighteen questions for consultation on various subjects including: Additional transparency requirements on exemption for purchase of goods and services using cards. Removal of the withdrawal or purchase of cash or a cash equivalent from R.16 exemption, subject to certain conditions. Improving the content and quality of basic originator and beneficiary information in payment messages…

INTERPOL network renews commitment to protecting victims from global crime threats

April 26, 2024

To address the increasing logistical, operational and technological sophistication of transnational organized crime, INTERPOL’s Heads of NCB conference has ended with delegates approving a series of conclusions to boost the law enforcement response…

Estonia’s Financial Intelligence Unit publishes yearbook for 2023

April 25, 2024

Annual report summarising key AML/CFT developments in the Baltic state.

MEPs vote on new rules for payment services to improve access to cash with strong defences against fraud and data breaches

April 25, 2024

The aim is to foster a level playing field between banks and non-bank payment service providers while protecting users from fraud, misuse of their data and hidden fees and charges. MEPs also want to ensure better access to cash for all citizens, especially those in remote or rural areas…

FinCEN issues notice on the use of counterfeit U.S. passport cards to perpetrate identity theft and fraud schemes at Financial Institutions

April 24, 2024

The Notice provides an overview of typologies associated with U.S. passport card fraud, highlights select red flags to assist financial institutions in identifying and reporting suspicious activity, and reminds financial institutions of their reporting requirements under the Bank Secrecy Act (BSA).

Europol arrests 20 in clampdown against gang suspected of laundering EUR10M

April 24, 2024

20 members of an intercontinental criminal network engaged in drug trafficking and money laundering have been arrested following a large-scale operation on 6 and 7 March in Spain and Portugal. The suspects laundered more than EUR 10 million using stolen identities of Colombian, Portuguese, Spanish and Venezuelan nationals…

FCA publishes report on its approach on AI following the Govt’s publication of its pro-innovation strategy

April 24, 2024

The FCA want to promote the safe and responsible use of AI in UK financial markets and leverage AI in a way that drives beneficial innovation. The FCA sees beneficial innovation as a vital component of effective competition. When competition works well, consumers benefit from lower costs and prices, higher service standards and quality, and increased access to financial service…

UNODC launches new action to combat human trafficking and migrant smuggling

April 24, 2024

The involvement of organized crime and the rapid evolution of digital technologies have exacerbated the situation. Online technologies are regularly abused to exploit trafficking victims or advertise migrant smuggling services. Financial crises, armed conflicts and forced displacement, catalyzed by the pandemic…

House of Lords issues letter to the FCA on Consultation Paper CP24/2: Our Enforcement Guide and publicising enforcement investigations – a new approach

April 23, 2024

The letter raises concerns that the FCA’s proposals risk having a disproportionate effect on firms named in investigations, where those firms are subsequently cleared of any wrongdoing, particularly given the length of many investigations. This also risks the overall integrity of the market, including through possible unwarranted impacts on share prices…

Home Office adds Terrorgram to list of proscribed terrorist organisations

April 22, 2024

The UK is to become the first country in the world to proscribe the Terrorgram collective, an online network of neo-fascist terrorists who produce and disseminate violent propaganda to encourage those who consume its content to engage in terrorist activity.

FinCEN renews its GTO requiring US title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate

April 22, 2024

The terms of the GTOs are effective beginning April 19, 2024, and ending on October 15, 2024. FinCEN renewed the GTOs that cover certain counties and major U.S. metropolitan areas in California, Colorado, Connecticut, Florida, Hawaii, Illinois, Maryland, Massachusetts, Nevada, New York, Texas, Washington, Virgina, and the District of Columbia.

 

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