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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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New report from PWC reveals that some financial firms consider AML regulations to be unhelpful

April 20, 2024

The ‘AML Survey 2024: Spotlight on Effectiveness’ revealed that only 53% of EMEA financial firms believe that current AML regulations are helpful to prevent money laundering and terrorist financing. Over a third of respondents cited an increase in regulatory pressures as their most challenging issue and just over half stated they will spend more than 10% of their AML budget on technology in the next 2 years.

Europol and law enforcement authorities from 19 countries have disrupted LabHost, one of the world’s largest “phishing-as-a-service” platforms facilitating cyber fraud on a massive scale

April 20, 2024

LabHost had provided phishing tools and services to around 10,000 cybercriminal users worldwide for a monthly subscription fee. Europol stated that at least 40,000 phishing domains were linked to LabHost, which targeted users of hundreds of financial institutions, shipping firms, telecom providers, and more…

FinScan examines the role of effective payment screening in the fight against financial crime

April 19, 2024

Payment screening represents a cornerstone of modern financial compliance, playing a pivotal role in safeguarding the integrity of financial systems worldwide. However, numerous potential pitfalls exist in managing an effective programme…

AUSTRAC issues businesses with infringement notices for failing to comply with their reporting obligations

April 18, 2024

The infringement notices related to failures to report the 2022 annual compliance report. While the majority of the 17,000 businesses AUSTRAC regulates submitted their compliance reports, AUSTRAC CEO Brendan Thomas says ensuring that businesses are compliant and using enforcement measures to guarantee this, is all part of safeguarding Australian communities from serious crime.

Beyond FS releases white paper on ‘Fine Prevention: Why financial crime and regulatory programmes fail and how to fix them’

April 18, 2024

For financial institutions, the challenge posed by criminal activity such as money laundering, and the regulatory response to it, is constantly evolving. As a result, institutions frequently find themselves having to establish resource-intensive financial crime and regulatory change programmes, including large remediation projects.

Reserve Bank consults on issuing digital cash in New Zealand

April 17, 2024

The focus of this consultation is the use of digital cash by individuals.

UAE, Gibraltar set to remain on EU’s ‘high risk’ watchlist until September at earliest

April 16, 2024

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗰𝗼𝗻𝗰𝗲𝗿𝗻𝘀 𝗿𝗮𝗶𝘀𝗲𝗱 𝗯𝘆 𝘁𝗵𝗲 𝗣𝗮𝗿𝗹𝗶𝗮𝗺𝗲𝗻𝘁 𝗿𝗲𝗴𝗮𝗿𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗨𝗔𝗘: Recent reports from credible civil society organisations (CSOs) that have highlighted outstanding deficiencies in the UAE’s AML/CFT framework, Persistent status as one of the primary providers of financial secrecy in the world…

 

UK Govt announces global call to action to tackle illicit finance through increased transparency of company ownership, ahead of World Bank Spring Meetings

April 16, 2024

Transparency about who owns, controls, or benefits from companies is a cornerstone of preventing and combatting corruption, organised crime, and tax evasion.   The UK is leading the call to action with contributions of £2 million to trust funds managed by the World Bank and the International Monetary Fund (IMF) to tackle corruption, money laundering, and illicit finance…

New research from Moody’s reveals the far-reaching risk of shell companies and their role in financial crimes such as money laundering

April 16, 2024

Moody’s new research reveals this risk is far-reaching. As of November 2023, more than 21 million risk activity flags have been raised by Moody’s Shell Company Indicator across 472 million companies…

MAS and Mastercard signed an MoU to enhance cooperation in cybersecurity, with the aim to strengthen cyber resilience in the financial services sector in Singapore

April 15, 2024

The strategic partnership aims to further cement the collaboration between MAS and Mastercard in: bilateral information sharing of cyber threat intelligence to raise cyber situational awareness in the financial services sector; joint analysis of the latest cyber threats impacting the financial services sector to produce actionable insights and recommendations on possible countermeasures; and competency-building activities, such as joint cybersecurity exercises, staff training and study visits…

AML RightSource releases the 2024 Financial Crime Market Outlook: The United Kingdom and Europe

April 15, 2024

Banks and financial institutions operating in these areas will face increased scrutiny and must take the necessary safeguards to ensure compliance in 2024, including accurate risk assessments and enhanced due diligence measures….

Council of the EU gives green light for EU law on asset recovery and confiscation

April 12, 2024

The Council adopted a law which sets out EU-wide minimum rules on the tracing, identification, freezing, confiscation and management of criminal property in connection with a wide range of crimes.

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