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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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FinCEN issues supplemental advisory on the illicit procurement of fentanyl precursor chemicals and manufacturing equipment

June 20, 2024

The supplemental advisory builds off FinCEN’s 2019 advisory with new typologies and red flags to identify and report suspicious transactions, and fulfills the requirement in Section 3202 of the recently enacted FEND Off Fentanyl Act.

OFSI updates Guidance on Maritime services ban and oil price cap

June 20, 2024

This guidance outlines obligations under the UK Maritime Services Ban and Oil Price Cap exception, as well as OFSI’s approach to implementation and enforcement. This should be considered supplementary to, and not a replacement for, OFSI’s general guidance. Further sources of information that may prove helpful can be found at the end of this guidance.

Govt of Canada announces additional sanctions against Russian government for its responsibility in death of Alexei Navalny

June 20, 2024

Canada announced additional sanctions on 13 Russian individuals in relation to the death of opposition leader Alexei Navalny and Russia’s continued human rights abuses…

The Council of the EU has released reports on EU-wide crime-fighting initiatives, highlighting the 2023 results of EMPACT, the EU’s flagship tool for combating organised crime

June 19, 2024

The Council has published the results of the EU’s flagship instrument to fight organised crime, EMPACT, which stands for the European Multidisciplinary Platform Against Criminal Threats.

 

EBA publishes regulatory products under the Markets in Crypto-Assets Regulation​

June 19, 2024

The package of EBA regulatory products comprises:
Final draft Regulatory Technical Standards (RTS) on the use of asset-referenced tokens (ARTs) and electronic money tokens (EMTs) denominated in a non-EU currency as a means of exchange;
Final draft Implementing Technical Standards (ITS) on the reporting obligations of issuers of ARTs and EMTs denominated in a non-EU currency, and of crypto-asset service providers (CASPs);
Guidelines (GL) on liquidity stress testing;
Final draft RTS on supervisory colleges.

APG re-rates Vietnam on Recommendation 13 in first follow-up report to the MER

June 19, 2024

Recommendation 13 requires additional measures to be applied to cross-border correspondent banking relationships, in addition to performing the CDD and enhanced due diligence (EDD) measures in FATF Recommendation 10 for high risk customers. Vietnam is re-rated to partially compliant.

GCFFC releases Financial Scams Report: An Assessment of Scams in Australia, Hong Kong SAR & Singapore

June 19, 2024

There are more than 20 main types or variety of scam types identified in this report, with some hybrids & others involving additional forms of criminality, leading to financial losses, lifestyle changing consequences, & changes to life with 500,000 people estimated as modern slavery/human trafficking victims forced into criminality to support romance baiting and numerous suicides from scams such as sextortion…

FCA assists the Met Police in the arrest of two individuals suspected of running an illegal cryptoasset exchange

June 18, 2024

More than £1 billion of unregistered cryptoassets are believed to have been bought and sold through this business.

APG reviews the progress made by Palau in fifth follow-up to the MER

June 18, 2024

Palau has been re-rated on R.22, R.23, R.28 and R.36, which they requested prior to follow-up. These Recommendations cover PEPs, DNFBPs and international instruments.

EPPO arrests ringleader, code-named Goliath of €85 million VAT fraud in Kenya

June 18, 2024

According to the investigation, the suspects established companies in Germany and other EU Member States, as well as in non-EU countries, in order to trade the goods through a fraudulent chain of missing traders – who would vanish without fulfilling their tax obligations. Other companies in the fraudulent chain would subsequently claim VAT reimbursements from the national tax authorities…

MONEYVAL publishes 6th Enhanced Follow-up Report & Technical Compliance Re-Rating for Hungary highlighting that the country made progress in addressing its compliance deficiencies

June 18, 2024

MONEYVAL has reported improvements in the country’s approach to AML/CFT compliance and regulation of digital assets. Hungary will continue to report to MONEYVAL in improving its implementation of AML/CFT measures…

 

 

Europol dismantles sophisticated counterfeiting print shop in Italy, seizing over EUR100K in counterfeit banknotes and over EUR10K in cryptocurrencies

June 15, 2024

The forgers are responsible for producing highly convincing counterfeit euro banknotes, which they offered for sale via a popular encrypted messenger service…

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