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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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MAS and ABS establish an AI-driven cyber risk taskforce to strengthen financial sector resilience against emerging AI, technology, and cyber threat

July 28, 2026

The Monetary Authority of Singapore and the Association of Banks in Singapore have formed the AI-Driven Cyber and Technology Risk Taskforce with major banks, the Singapore Exchange and national payment and processing operators. The taskforce will share emerging threat intelligence and use cases, trial advanced AI-enabled defensive tools and develop guidance on measures for detecting, preventing…

EC’s 37th PIF Report strengthens the EU’s anti-fraud framework through prevention, smarter data use and enhanced cooperation to tackle fraud, corruption and misuse of EU funds

July 28, 2026

The report highlights stronger fraud prevention measures, improved data sharing and risk-based controls, while identifying continued challenges in prosecution, asset recovery and coordination between EU and national authorities. In 2025, 13,010 irregularities involving €2.1 billion were recorded, including 986 suspected fraud cases amounting to €274.3 million…

Singapore Police dismantles a criminal network facilitating illegal online gambling, arresting 9 suspects and freezing over S$39,000 across nine corporate bank accounts linked to 6 shell companies

July 25, 2026

The arrests formed part of a wider crackdown on illegal gambling ahead of the 2026 FIFA World Cup, during which police also blocked over 600 illegal gambling websites, apps and social media accounts and prevented 6,900 banking transactions linked to illegal betting, worth more than S$600,000. The suspects are being investigated for offences including facilitating illegal gambling and the misuse of corporate…

EBA advances the reporting framework that will help determine which firms come under direct AMLA supervision

July 24, 2026

The EBA has published a draft data model and taxonomy for the 2027 exercise used to collect information on institutions potentially eligible for AMLA direct supervision. The framework forms part of the process for identifying significant cross-border financial institutions that will ultimately fall under the EU authority’s direct supervisory remit.

FinCEN issues an alert urging FIs to strengthen detection and reporting of fraud targeting U.S. federal student aid programmes, warning of identity theft, “ghost” students, synthetic identities 

July 24, 2026

The alert says criminals exploit open-admission and online courses to enrol fictitious or complicit students, keep them nominally active and divert financial-aid refunds into accounts unrelated to the intended recipients. The proceeds may then be moved through money mules, shell companies, peer-to-peer transfers and digital assets, while identity-theft victims can be left with fraudulent debts or lose their own eligibility for student support…

Europol-led action disrupts “The Com”, a nihilistic violent extremist online network, referring 4,340 URLs linked to violent propaganda, radicalisation and online exploitation

July 24, 2026

The network, made up of loosely connected online groups, has been associated with the grooming and radicalisation of young people through social media, messaging apps and gaming platforms, with some groups promoting self-harm, violent attacks, child sexual abuse material (CSAM) and other criminal activities. Europol’s action forms part of wider efforts under Project COMPASS to address emerging forms of…

NCA freezes 16 luxury London properties worth approximately US$30M linked to a suspect under investigation in Singapore’s record US$2.3B money laundering case

July 24, 2026

The assets, held through UK-registered companies, were restrained under the Proceeds of Crime Act as part of ongoing civil recovery proceedings. The case highlights the ongoing misuse of UK real estate to conceal and integrate suspected illicit wealth and underscores the growing importance of global cooperation, BO transparency and asset recovery in combating cross-border money laundering…

FCA publishes findings from its review of financial crime controls across 242 asset management and alternative investment firms, highlighting good practices and gaps in key AML controls 

July 22, 2026

The review found that over one-fifth of firms had inadequate business-wide risk assessments, 18% lacked a formal customer risk assessment, and only 36% of firms outsourcing CDD/EDD had full oversight of third-party AML processes. The report also sets out examples of good and poor practice, with a particular focus on the heightened ML risks arising from complex ownership structures in private markets, while urging firms to strengthen governance, CDD and AML control frameworks…

AMLA finalises supervisory cooperation standards ahead of direct supervision in 2028, establishing a harmonised framework for selecting and supervising the bloc’s most significant cross-border FIs

July 22, 2026

The standards define the process for identifying supervised entities, outline data collection and risk assessment responsibilities, and require the transfer of firms’ full supervisory histories to ensure continuity. Developed in close cooperation with national supervisors, the framework is designed to minimise reporting burdens and support consistent, risk-based AML/CFT supervision across…

AMLA publishes FAQs on its reporting package for identifying provisionally eligible entities, clarifying the data requirements and process for selecting FIs that may fall under direct supervision from 2028

July 22, 2026

The guidance explains the purpose, scope and practical aspects of the reporting process, including how national supervisors and firms should provide information required for the selection of high-risk, cross-border financial institutions. The FAQs aim to ensure a consistent and harmonised approach across EU Member States by addressing questions on eligibility criteria, reporting obligations, data quality…

FinCEN outlines plans to modernise the U.S. AML/CFT framework, highlighting nearly US$2B recovered for cyber fraud victims and disrupted the Huione Group’s alleged US$4B ML operation

July 21, 2026

Director Andrea Gacki told Congress that the programme has helped recover stolen funds for 5,790 US individuals and businesses since 2015. Her testimony also highlighted FinCEN’s action against Huione Group and successor entities, which the agency says were connected to laundering at least $4 billion, alongside efforts to modernise the Bank Secrecy Act regime around current illicit-finance risks…

FATF’s 2026 DeFi Report highlights rising AML/CFT challenges in decentralised finance, calling for stronger accountability, risk-based oversight and enhanced controls across digital asset ecosystems

July 21, 2026

The report highlights that DeFi is creating new AML/CFT challenges as criminals exploit decentralised platforms, virtual assets and blockchain-based services to move and conceal illicit funds. The central message is that a platform cannot avoid AML/CFT responsibilities simply by claiming to be decentralised. Authorities must assess the actual level of control, influence and governance behind DeFi arrangements to determine where accountability lies…

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