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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 EU announces MONEYVAL is recognising advancements in combating ML and terrorism financing

July 24, 2024

Council of Europe’s AML body  praises UK Crown Dependency of Jersey for enhancing its legal and regulatory framework to combat AML/CFT, and proliferation financing. This also brings into light to strengthen the practical implementation of its investigative and prosecutorial frameworks for ML and to better enforce sanctions related to AML/CFT measures…

ESA publishes a consultation paper on Guidelines under Markets in Crypto-assets Regulation (MiCAR)

July 22, 2024

Establishes templates for explanations and legal opinions regarding the classification of crypto-assets along with a standardised test to foster a common approach to classification.

Europol publishes the 10th edition of the Internet Organised Crime Threat Assessment (IOCTA), providing an in-depth assessment of the key developments, changes and emerging threats in cybercrime in 2023

July 22, 2024

The report highlights relevant trends in crime areas such cyber-attacks, child sexual exploitation and online and payment fraud schemes. It also provides an outlook of what can be expected in the near future, especially regarding new technologies, payment systems, AI, cryptocurrencies and illicit content online…

UNODC publishes report on Drug Trafficking Dynamics across Iraq and the Middle East highlighting the trends and responses

July 22, 2024

The report sheds light on the increasingly complex and dynamic drug trafficking landscape across the Near and Middle East region, and the efforts invested by Iraq and other countries in the region in confronting this threat. This can serve as a roadmap to assist national, regional, and international counterparts in implementing coordinated strategies to prevent and reduce drug production, trafficking, and consumption…

AUSTRAC urges stricter regulations to address the growing use of cryptocurrencies in criminal activities in Australia

July 22, 2024

The Australian Government is dedicated to collaborating with international partners to exchange intelligence and bolster defenses against ML threats at domestic, regional, and global levels. This effort is supported by various multilateral and bilateral agreements managed through its agencies…

FinCEN and other agencies have issued an interagency statement on proposed rulemakings aimed at strengthening and modernising financial institutions’ AML/CFT programmes

July 20, 2024

The proposed amendments are based on changes to the Bank Secrecy Act as enacted by the Anti-Money Laundering Act of 2020 (the “AML Act”) and are a key component of Treasury’s objective of building a more effective and risk-based AML/CFT regulatory and supervisory regime…

INTERPOL and Europol investigators from 25 countries dismantle an international operation against art trafficking, resulting in 85 arrests and the recovery of more than 6,400 cultural goods

July 19, 2024

During Pandora VIII, several thousand checks were carried out at airports, ports and border crossing points, as well as in auction houses, museums and private residences. Law enforcement also patrolled the web and conducted 6,000 online checks, leading to the recovery of 580 stolen goods. A total of 113 criminal and 137 administrative cases are still ongoing, with more arrests and seizures expected…

Bloomberg: ECB is pushing UK Fintech Revolut to bolster EU Bank controls amid review

July 19, 2024

The European Central Bank is urging Revolut to enhance financial crime controls and governance at its EU unit following similar issues to those delaying the UK fintech’s banking license bid. Having recently taken direct supervision of Revolut Holdings Europe UAB, the ECB has identified several deficiencies in the unit’s control environment and is demanding improvements…

FATF publishes targeted update on implementation of the FATF standards on Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs)

July 18, 2024

FATF’s report finds that while some jurisdictions have made progress in putting AML/CFT regulation in place, global implementation is still lagging. There are several governments which have yet to take any significant steps to regulate the sector, and these countries need to prioritise implementing the Standards in full as a matter of urgency.

FATF provides update on New Zealand’s progress in strengthening measures to tackle ML and TF

July 18, 2024

FATF re-rates the country on 5 Recommendations in recognition of steps taken to address weakness identified in the 2021 Mutual Evaluation Round and in the 2022 follow-up report.

HMRC investigates whether Harrods perfume seller knowingly exported perfumes to Russia in breach of UK export restrictions on luxury goods.

July 18, 2024
A ruling in a commercial dispute in London has revealed that prosecutors are considering a case against the director of a high-end perfume distributor suspected of breaching export controls on the sale of luxury goods to Russia..

FCA sets out the final rules and guidance necessary to implement the Overseas Funds Regime

July 17, 2024

The gateway for eligible funds to apply for recognition under the OFR is scheduled to open later this year: in September for new schemes and starting from October for funds currently in the temporary marketing permissions regime (TMPR).

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