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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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Business Times: Singapore enhances AML regulations for corporate service providers and companies mandating providers to arrange nominee directorships

July 2, 2024

Parliament passed two Bills amending laws governing CSPs and entities, following a debate where Second Finance Minister Indranee Rajah addressed queries from MPs, particularly regarding the new nominee directorship requirements. Under the new rules, only a corporate service provider or a sole proprietor of a registered CSP can arrange a nominee directorship with violators facing fines of up to US$10,000…

Finextra: Crypto bank Silvergate pays $63m to settle regulator charges for misleading investors about the strength of their AML program and the losses sustained during the collapse of FTX

July 2, 2024

The SEC charged Silvergate and its executives with misleading investors about the company’s losses from expected securities sales and its dire financial condition during a liquidity crisis and bank run following FTX’s collapse. Silvergate and Martino misrepresented the situation leading the firm to announce the winding down of its banking operations last year. Consequently, the company’s stock plummeted to nearly zero…

MAS updates its Terrorist Financing National Risk Assessment for Singapore

July 1, 2024

Update takes into account key developments since the last TF NRA in 2020, such as the evolving global and regional terrorism landscape, growth of the digital economy and financial services in Asia, and emerging TF risk typologies. Similar to 2020, the 2024 TF NRA has observed that the TF threat of raising and moving funds for terrorists and terrorism activities overseas remains pertinent in Singapore’s context. Self-radicalised individuals continue to pose the most salient TF threat to Singapore.

Wolfsberg Group issues statement on effective monitoring for suspicious activity

July 1, 2024

The Group does not believe that the value being derived from the (constantly increasing) volume of SARs/STRs is contributing proportionately to effective outcomes in the fight against financial crime.

Europol summarises the organisation’s mission in a new briefing

July 1, 2024

The latest edition of Europol in Brief answers these questions and more, and explains how exactly the agency works, who works there and what each of Europol’s five crime centres focus on.

Europol publishes consolidated annual activity report covering 2023

July 1, 2024

This Consolidated Annual Activity Report covers the period from 1 January to 31 December 2023 and presents the progress made to achieve the objectives deriving from Europol’s Strategy through the implementation of the 2023 Annual Work Programme1.

Council of the EU imposes sanctions on six individuals for undermining stability and political transition of Sudan

July 1, 2024

Among the newly listed individuals is Abdulrahman Juma Barakallah, a RSF General in West Darfur accused of atrocities, ethnically motivated killings, attacks on human rights defenders, conflict-related sexual violence, and community destruction. The sanctions also target the RSF’s financial adviser and a Mahamid clan tribal leader linked to the RSF in West Darfur…

EPPO has indicted three Croatian citizens and one company for subsidy fraud and document forgery after investigating their fraudulent acquisition of SME financial support

July 1, 2024

The investigation has found grounds to suspect that the individuals set up a chain of companies owned and managed by them to prove their eligibility to obtain financial support for SMEs. They are understood to have presented falsified investment plans and invoices for non-existent transactions, as well as unreliable corporate balance sheets that indicated a thriving business…

Reuters: Panama’s court has acquitted individuals accused of ML connected to the Panama Papers and “Operation Car Wash” scandals

July 1, 2024

Judge Marquinez also imposed fines on witnesses who failed to comply with summonses and noted that evidence from Mossack Fonseca’s servers lacked proper chain of custody. In relation to Operation Car Wash, a large-scale corruption investigation originating in Brazil, Marquinez concluded that it couldn’t be proven funds from illicit sources entered Panama to conceal crimes…

Financial Times: U.S. federal law enforcement officials stated that suspects chose Citigroup ATMs for ML due to operational advantages

July 1, 2024

US prosecutors revealed that drug traffickers chose Citigroup for ML due to its perceived weaker fraud controls. In January 2021, two California residents deposited nearly $36,000 in illicit cash at Citi ATMs by splitting the amount into smaller transactions to avoid detection. The Drug Enforcement Administration reported that the duo, allegedly part of a network laundered at least $50m, chose Citi after evaluating several banks…

FATF launches a transformative e-book titled “Breaking Barriers: Empowering Women Leaders in the Fight Against Financial Crime” to inspire the next generation of female leaders

June 29, 2024

Its goal is to connect accomplished mentors with aspiring professionals, fostering a dynamic exchange of knowledge and perspectives to enhance global financial crime prevention efforts. The e-book features insightful stories from experienced leaders in the FATF and its Global Network…

UNODC publishes report on the impact of transnational organised crime on stability and development in the Sahel

June 28, 2024

Considers the impacts of transnational organised crime on: peace and security; human rights; governance and rule of law; and sustainable development. The six illicit market examined within this report are: trafficking in drugs, fuel, gold, firearms, medical products, and smuggling of migrants.

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