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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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EPPO uncovers €8.8 million VAT fraud involving cleaning products and beverages in Italy

July 16, 2024

Two individuals were arrested today in Italy, on suspicion of orchestrating an €8.8 million VAT fraud involving the trade of cleaning products and alcoholic and non-alcoholic beverages. The Italian Financial Police of Verona also executed a freezing order, at the EPPO’s request, targeting bank accounts, real estate and other assets…

INTERPOL operation strikes major blow against West African financial crime, seizing millions in illegal assets, including cryptocurrencies and luxury items

July 16, 2024

The volume of financial fraud stemming from West Africa is alarming and increasing. This operation’s results underscore the critical need for international law enforcement collaboration to combat these extensive criminal networks. By identifying suspects, recovering illicit funds and putting some of West Africa’s most dangerous organized crime leaders behind bars, we are able to weaken their influence and reduce their capacity to harm communities around the world…

FATF publishes follow-up report to Tajikistan’s assessment of AML and CTF measures

July 15, 2024

Tajikistan has demonstrated significant progress in addressing the technical compliance deficiencies noted in the Mutual Evaluation and has been upgraded on 6 Recommendations.

Wolfsberg Group publishes note on applying the Wolfsberg correspondent banking due diligence questionnaire in Brazil

July 15, 2024

The Wolfsberg Group (the Group) has engaged with Abracam (The Brazilian Foreign Exchange Association) to better understand their proposal to introduce a process to validate local institutions’ responses to the Wolfsberg Correspondent Banking Due Diligence Questionnaire (CBDDQ), with the validation performed by an independent auditing company.

EPPO opens an investigation into attempted EU funding fraud involving the construction of a waste treatment plant in Slovakia

July 15, 2024

According to the preliminary investigation, during the approval procedure, the beneficiary submitted additional documents as part of the grant application, which contained incorrect and incomplete information relating to the project documentation for planning permission…

MONEYVAL acknowledges Jersey’s progress in combatting money laundering and financing of terrorism

July 15, 2024

MONEYVAL calls on the jurisdiction to further reinforce the practical application of its frameworks for investigations and prosecutions for ML, as well as the enforcement of sanctions related to AML/CFT preventative measures…

Reuters: North Korean hackers transferred stolen cryptocurrency to a wallet used by an Asian payment firm

July 15, 2024

Huione Pay, a Cambodian payments firm, received over $150,000 in cryptocurrency from a wallet linked to North Korean hacking group Lazarus between June 2023 and February 2024. Lazarus, laundering funds in Southeast Asia, stole the crypto through phishing attacks on three companies in mid-2022…

Luxembourg to create dedicated AML unit within tax office to combat ML

July 13, 2024

A new team will be established within the Registration Duties, Estates, and VAT Authority to oversee AML/CFT controls, as well as the application of international financial sanctions. The new office aims to elevate the fight against ML to the same level of internal importance as traditional administrative matters within the agency…

Global Initiative issues Policy brief on ‘What’s the protocol on protocols – the risks of a last-minute cybercrime treaty protocol’

July 12, 2024

Introducing a new protocol at this stage could broaden the convention’s scope prematurely, potentially leading to human rights abuses and further complicating the already contentious negotiations. Settling the primary scope of the convention is crucial before considering additional protocols..

The Globe and Mail: TD has recruited regulatory experts for its AML team in response to ongoing investigations into its controls

July 11, 2024

TD has enlisted external regulatory and risk management experts to address deficiencies in its risk and control procedures. Nathalie Martineau, will join TD shortly as VP of AML, governance, and control for Canada, Europe, and Asia-Pacific will try to control the risk procedures in place…

AUSTRAC releases money laundering in Australia national risk assessment 2024

July 9, 2024

The key theme to emerge from this assessment is persistence: persistent exploitation of channels that have historically been used to launder funds (e.g. banks, remitters and casinos); persistent exploitation of high-value assets like luxury watches, vehicles and real estate; and persistent involvement of
professional service providers to help establish complex business structures and associated banking arrangements to help individuals launder funds and conceal wealth.

FATF consults on proposals to update National Risk Assessment guidance, with focus on money laundering requirements

July 8, 2024

The goal is to update the NRA guidance to make it more effective, comprehensive and useful for all stakeholders involved. FATF invites contributions from the private sector, civil society and academia to ensure the guidance is aligned with their experiences…

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