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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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Council of the EU gives green light for EU law on asset recovery and confiscation

April 12, 2024

The Council adopted a law which sets out EU-wide minimum rules on the tracing, identification, freezing, confiscation and management of criminal property in connection with a wide range of crimes.

OCCPR highlight that Belarusian timber finds its way to EU despite sanctions

April 11, 2024

The EU banned imports of wood from Russia and Belarus in March 2022, shortly after Moscow invaded Ukraine. Until then, only Belarus exported timber worth around one billion euros annually. But since the ban came into effect, the EU suddenly saw an influx of wood supposedly coming from Kazakhstan and Kyrgyzstan…

FATF publishes Status of implementation of Rec. 15 by FATF Members and Jurisdictions with Materially Important VASP Activity

April 8, 2024

FATF notes that many countries have yet to fully implement the FATF’s requirements on virtual assets and virtual asset service providers to prevent their misuse for illicit finance. The lack of implementation of these requirements (Rec. 15) leaves significant loopholes globally, that criminals and terrorists exploit.

FIAU Malta publishes guidance document in relation to goAML Rejection Rules

April 8, 2024

The purpose of this guidance document is to provide an overview of the goAML Rejection Rules following the Web Report validation process. These Rejection Rules serve as an additional automated filter prior to the acceptance stage. This is to ensure that submissions made include as much information as possible to assist with the prompt assessment and prioritisation of reports received by the FIAU.

Europol publishes ground-breaking report uncovering the most significant criminal networks threatening the security of the EU

April 5, 2024

Describes, in detail, how the most threatening criminal networks are organised, which criminal activities they engage in, and how and where they operate.

 

Bank of England, FCA, PRA and PSR conduct 2023 review of Memorandum of Understanding for payment systems in the UK

April 5, 2024

The Authorities have identified areas for future co-operation and co-ordination, including revisions to the MoU regarding proposed stablecoin regulation, embedding the reforms from the Financial Services and Markets Act 2023 (FSMA 2023), as well as further enhancing the sharing of information and data. These will be undertaken during 2024 and beyond…

FATF highlights United States’ progress in strengthening measures to tackle ML/TF – R. 24: Transparency and beneficial ownership of legal persons

April 5, 2024

The FATF published the updated rating in the Seventh Enhanced Follow-Up Report of the US, recognizing Treasury’s historic efforts to increase beneficial ownership transparency and address key vulnerabilities in the U.S. AML/CFT framework…

FinCEN seeks comments on modernising its Customer Identification Program (CIP) requirements for banks

April 4, 2024

Relates to existing requirements for banks under the Customer Identification Program (CIP) Rule to collect a taxpayer identification number (TIN) from a customer prior to opening an account.

The Wolfsberg Group releases the principles for auditing financial crime risk management (FCRM)

April 4, 2024

The Group believes that IA can assist their FIs in their fight against financial crime by measuring FCRM outcomes using the Factors and has developed principles and measures for auditing an FCRM programme…

EBA’s Risk Dashboard shows EU banks are robust, but signs of credit quality deterioration are becoming apparent

April 4, 2024

It discloses aggregated statistical information for the largest EU/EEA institutions. EU/EEA’s banks capitalisation stands at record levels, liquidity has improved, while return on equity (RoE) stood at 10.3%. Yet, early signs of credit quality deterioration have become more apparent. The publication also includes information on minimum requirements for own funds and eligible liabilities (MREL).

HMRC issues list of businesses that failed to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

April 4, 2024

Refers to civil breaches of the regulations and not to criminal offences and covers the period 1 April to 30 September 2023.

NCA publishes UKFIU SARs Annual Statistical report for 2022-23, highlighting a 38.9% increase in the volume of cases and a 46.6% increase in the value of assets denied, between £0 and £500k

April 4, 2024

*In the last two years the sum total of funds denied from DAML requests is £578.4m, higher than the total denied in the previous six years at £499m. 2021 – 2022 benefitted from seven cases of asset denial between £10m and £50m, contributing to a very high overall asset denied figure…

 

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