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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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Eurojust seizes over 6 million illegally exported pills in an international operation targeting a drug trafficking network

October 22, 2024

A criminal group operating an international smuggling route for prescription pills was dismantled during a major operation resulting in the arrest of 47 individuals and the seizure of over 6 million pills by Romanian, Estonian, Finnish, and Serbian authorities with support from Eurojust and Europol. The group sourced pills for treating anxiety, seizures, and insomnia from other criminal networks in Serbia, concealing them in tires, vehicles…

 

Eurojust assists German Authorities in dismantling a €300m large-scale online investment scam

October 22, 2024

The General Public Prosecution Office of Dresden and the Police Directorate of Chemnitz began investigating in June 2020 after online investors were drawn to professional-looking websites that promised high returns on minimal investments leading to approximately EUR 12 million in losses for around 120 German victims. A joint investigation team (JIT) was formed to improve collaboration between German and Serbian authorities resulting in…

Reuters: FATF places Lebanon on financial crime watchlist

October 22, 2024

FATF announced that it has placed Lebanon on its grey list for countries under increased scrutiny. Lebanon, which has been grappling with a financial crisis since 2019 exacerbated by Israeli airstrikes and operations against Hezbollah, has received some leeway regarding deadlines in its action plan. Prime Minister acknowledged that Lebanon’s grey listing was anticipated due to the ongoing challenges in approving essential financial legislation…

INTERPOL global crackdown on illegal Football Gambling uncovers links to human trafficking, money laundering and fraud, seizing over USD 59m in illicit proceeds

October 22, 2024

The operation, code-named SOGA X was designed to tackle illegal online football gambling during the UEFA 2024 European Football Championship, which was predicted to generate a surge in betting turnover, and lucrative profits for criminal organizations. The illegal gambling market is worth a staggering USD 1.7 trillion globally, according to research by the Asian Racing Federation, and is closely tied to other criminal enterprises…

FATF revises its ‘grey listing’ criteria to place a stronger emphasis on risk assessment, adding Algeria, Angola, Côte d’Ivoire, and Lebanon, while removing Senegal from the list

October 22, 2024

The FATF has revised its listing criteria to reduce the burden on least developed countries and prioritize high-risk jurisdictions. These changes target countries that pose the greatest risks to the international financial system, while providing added support to low-capacity nations. The reforms could cut the number of low-capacity countries on the list by half in the upcoming cycle…

 

 

FCA publishes results of non-financial misconduct survey

October 21, 2024

The survey of over 1,000 investment banks, brokers and wholesale insurance firms found that the number of allegations reported increased between 2021 and 2023.

EPPO obtains freezing order of €28.8m in probe into €40m VAT fraud

October 21, 2024

During the execution of the freezing order, the Italian Financial Police (Guardia di Finanza) froze €3.1 million in bank accounts of a company based in Reggio Emilia, which is believed to be the main beneficiary of the fraud. The search for other assets belonging to the two convicted individuals is still ongoing.

Gambling Commission shares details on it’s approach to tacking unlicensed gambling

October 21, 2024

The Chief Executive of the commission, Andrew Rhodes, outlines how the evidence-based approach being undertaken to tackle illegal gambling markets in the UK.

FATF updates its procedures for AML/CFT/CPF mutual evaluations, focusing on targeting high-risk jurisdictions and supporting low-capacity nations

October 21, 2024

The FATF amended its assessment procedures and methodology in 2022. The FATF commenced its 5th round of evaluations in 2024, using these revised Procedures.

 

AP News: Albania’s former left-wing President Meta has been arrested on corruption charges

October 21, 2024

Albanian prosecutors have arrested former President on charges of corruption, ML and concealing personal income and assets. President contends that the allegations are politically motivated, while former EU ambassador welcomed the arrest as evidence that no one is above the law. The Special Structure Against Corruption and Organized Crime reported that President’s arrest followed a five-year investigation…

BBC: Ireland has signed extradition treaties with the UAE

October 21, 2024

The Republic of Ireland and the United Arab Emirates (UAE) have signed two bilateral treaties focused on extradition and mutual legal assistance. Irish Justice Minister finalized the agreements in Abu Dhabi with UAE counterpart after negotiations initiated last year to address organized crime and drug trafficking. These treaties are anticipated to enable the extradition of a prominent member of the organized crime gang back to Ireland…

Association of Accounting Technicians (AAT) publishes AML Annual Report for 2022/23

October 20, 2024

The report aims to provide transparency over AAT’s work as a supervisory authority in this period, including an overview of all AML monitoring activities and providing insight into member compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended, updated or re-enacted from time to time) known as the ‘Money Laundering Regulations’ in this report.