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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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EU Parliament reaches provisional deal on making firearms import and export more transparent to fight trafficking

March 14, 2024

Under the updated and more harmonised rules, all imports and a vast majority of export of firearms for civilian use will be subject to closer supervision without compromising trade.

US DoJ announces sentences leader of drug trafficking organisation sentenced for international cocaine trafficking conspiracy

March 14, 2024

The leader of the Lorenzana drug trafficking organization was sentenced last week to 33 years in prison and ordered to forfeit $27 million for charges related to international drug trafficking.

US Deputy Attorney General Lisa Monaco delivers keynote remarks at the American Bar Association’s 39th National Institute on white collar crime

March 14, 2024

It was stated that accountability promotes fairness, drives deterrence, and fosters respect for the rule of law. At its best, it should also encourage investments in building a culture of compliance…

The EU Council and EU Parliament strike a deal on the regulation prohibiting in the EU market products made with forced labour

March 14, 2024

The provisional agreement reached between the two co-legislators supports the main objective of the proposal to prohibit the placing and making available on the EU market, or the export from the EU market, of any product made using forced labour…

UK Govt considers softening AML regulations to support fintech innovation

March 14, 2024

The proposed changes aim to strike a balance between preventing financial crimes and promoting technological advancements. The new rules could include allowing simplified customer due diligence processes for low-risk transactions and utilizing digital identification methods. The Financial Conduct Authority (FCA) is also exploring the potential use of biometric technology for identity verification.

The European Commission adds Kenya and Namibia to the list in Delegated Regulation (EU) 2016/1675 of high-risk third countries under 4MLD

March 14, 2024

The Commission considers that Kenya and Namibia have strategic deficiencies in their respective AML/CFT regimes. The Commission has also taken into account the fact that these countries were identified in the FATF list of ‘Jurisdictions under Increased Monitoring’ in February 2024.

Europol releases podcast: ‘Targeting Dark Finances’ highlighting how economic and financial crime is becoming more complex

March 13, 2024

Covers a case led by the French Gendarmerie with the active support of Europol, who arrested in Burgundy a high-profile fugitive from Ukraine involved in a complex case of international fraud that resulted in the seizure of a castle, a vintage Rolls Royce Phantom and 3 works of art by Salvador Dali.

Moody’s releases financial crime documentary series ‘The Infinite Game: Inside the constantly evolving global battle with financial crime’

March 13, 2024

Spotlights why financial crime countermeasures can never become “set and forget” activities. Each of the three 10-minute episodes highlights the scale of the challenge posed by sophisticated criminal tactics that are carefully designed to grow illegal profits.

MONEYVAL publishes 2nd enhanced follow-up report and technical compliance re-rating on the Slovak Republic

March 12, 2024

Concludes that the Slovak Republic 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 26 on the regulation and supervision of financial institutions.

HSF releases ‘The Fraud Files podcast series’ – decoding the Economic Crime and Corporate Transparency Act 2023

March 12, 2024

The Fraud Files: Decoding the Economic Crime Act breaks down everything listeners need to know about the Economic Crime and Corporate Transparency Act 2023, its impact on corporate criminal liability, and the new offence of failure to prevent fraud…

FCA sends ‘Dear CEO letter’ to Annex 1 firms to complete a financial crime gap analysis over ML failings

March 11, 2024

The FCA is asking Annex 1 Firms to carry out a gap analysis against the failings it has identified in the market, and to take immediate steps to close any identified gaps, with the implication being that the FCA will carry out further reviews to assess how firms have performed in this regard….

HM Treasury issues policy paper on The Payment Services (Amendment) Regulations 2024 to slow payment processing in response to fraud concerns

March 11, 2024

A near-final version of legislation to slow down payments processing when there are reasonable grounds to suspect fraud, which is being published for checks…

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