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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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OECD publishes 2024 Economic Outlook Interim Report ‘strengthening the foundations for growth’

February 10, 2024

The report highlights that global economic growth stayed strong in 2023, aided by lower energy costs and resolved supply chain issues, quickening inflation’s decline. Although growth is slowing, inflation is expected to hit target levels in most G20 nations by the end of 2025. However, geopolitical tensions and the Middle East conflict could disrupt this progress, posing risks of inflation spikes and market instability…

GAFILAT publishes Mutual Evaluation Report on Boliva

February 8, 2024

Finds a good understanding of ML/TF risks, but a comparatively limited enforcement environment.

Home Office undertakes an economic crime survey detailing whether UK businesses have experienced economic crime and the approaches to tackle it

February 8, 2024

Survey will question UK businesses to learn more about whether they have experienced economic crime and the approaches they take to tackle it.

 

Bank of Singapore and StanChart targeted with forged documents in major ML case with over $160 million in assets gets seized

February 8, 2024

Su Jianfeng, implicated in Singapore’s largest money laundering scandal, faces charges for submitting fake documents to Standard Chartered and Bank of Singapore, falsely showing legitimate wealth. Holding six charges, including illegal possession of S$17 million, Su’s assets worth over S$160 million have been seized. Denied bail due to potential collusion risks, his pre-trial conference is set for Feb 15…

CFATF releases Mutual Evaluation Report on Saint Vincent & the Grenadines

February 7, 2024

Finds a good understanding of the ML/TF risks in the jurisdiction, despite lack of sectoral risk assessments for VASPs, MPSPs and FAs/FMs or a well-defined policy in place regarding the confiscation of instrumentalities. Notes scope for improvement in CFT polices amid a low risk for these activities.

 

ESAAMLG issues Mutual Evaluation Report on Lesotho

February 7, 2024

Notes that there have been improvements since the first MER, including the establishment of the FIU, amendments to national legislation relating to the ML and the promulgation of various new regulations, as well as a National Risk Assessment and approval of a national AML/CFT Strategy. However, report identifies strategic gaps in Lesotho’s technical compliance and effectiveness which need to be addressed.

FinCEN proposes a rule to combat money laundering and promote transparency in residential real estate

February 7, 2024

The proposed rule would require certain professionals involved in real estate closings and settlements to report information to FinCEN about non-financed transfers of residential real estate to legal entities or trusts.

US DoT has published the 2024 National Risk Assessments on money laundering, terrorist financing, and proliferation financing

February 7, 2024

Russia and the Democratic People’s Republic of Korea (DPRK) presented heightened risk since the 2022 assessment. To support its unlawful war in Ukraine, Russia has expanded efforts to illegally acquire U.S.-origin goods with military applications using a variety of obfuscation techniques, such as the use of front companies and transshipment points around the world…

 

US Treasury publishes 2024 National Money Laundering Risk Assessment

February 7, 2024

The report details recent, significant updates to the illicit finance risk environment. These include the ongoing fentanyl crisis, foreign and domestic terrorist attacks and related financing, increased potency of ransomware attacks, the growth of professional money laundering, and continued digitization of payments and financial services.

FinCEN proposes rule to combat money laundering and promote transparency in residential real estate

February 7, 2024

The proposed rule would require certain professionals involved in real estate closings and settlements to report information to FinCEN about non-financed transfers of residential real estate to legal entities or trusts. FinCEN’s proposal is tailored to target residential real estate transfers considered to be high-risk for money laundering…

MEPs adopt new rules requiring PSPs to have in place robust and up-to-date fraud detection and prevention measures

February 7, 2024

The new regulation aims to make sure that retail clients and businesses, especially SMEs, will not have to wait for their money, as well as to enhance the safety of transfers. Banks and other payment service providers (PSPs) will have to ensure credit transfers are affordable and immediately processed…

ESA’s Joint Board of Appeal confirms ESMA’s decision to withdraw the recognition of Dubai Commodities Clearing Corporation (DCCC) due to deficiencies in the DIFC’s AML framework

February 6, 2024

ESA’s Joint Board of Appeal confirms ESMA’s decision to withdraw the recognition of DCCC on the basis of money laundering and terrorist finance risks and rejects appeals for transition period…

 

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