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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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UK Govt proposes amendments to the Economic Crime Bill to significantly expand the corporate criminal liability for economic crimes through reform of the ‘identification doctrine’

June 16, 2023

The proposals seek to amend the existing “identification doctrine” to allow for the actions of senior managers, acting within the actual or apparent scope of their authority, to fix the entity with liability with respect to a comprehensive list of economic crimes, including fraud…

Herald Scotland: How hundreds of foreign property owners stayed hidden in Scotland

June 15, 2023

A “loophole” in new legislation means more than half of the offshore entities which own hundreds of Scottish properties including estates, forests and castles are allowed to remain secret…

EU extends sanctions targeting Russian businesspersons to include immediate family members and others

June 14, 2023

These amendments were made on the basis that leading Russian business persons have engaged in a systematic practice of distributing their funds and assets amongst their immediate family members and others in order to hide their assets, circumvent sanctions and maintain…

Europol issues Annual EU Terrorism Situation and Trend Report (TE-SAT)

June 14, 2023

The report provides an overview of the terrorism phenomenon in the EU in a given year. It offers law enforcement officials, policymakers and the general public facts and figures on terrorism in the EU, while also identifying developing trends in this crime area, based on…

OFSI issues new Oil Price Cap Guidance and General Licence INT/2023/3074680

June 14, 2023

OFSI issued General Licence permitting the trade in oil derivatives and futures previously prevented by regulation 46Z9C of the Russia (Sanctions) (EU Exit) Regulations 2019. The exemptions will apply to individuals, organisations and brokers trading in…

The White House issues Fact sheet on the ongoing efforts to stem firearms trafficking to Mexico

June 14, 2023

Drug traffickers’ supply of firearms enables them to grow their enterprises and move deadly drugs, including illicit fentanyl, into the US. They use these weapons, which consist of everything from handguns to high caliber and assault weapons, against the Mexican people…

FinCEN and South African Financial Intelligence Centre host Task Force meeting on Combatting the Financing of Wildlife Trafficking and Terrorist Finance Dialogues

June 13, 2023

FinCEN’s participation in the Task Force reinforces the U.S. Government’s commitment to protect wildlife populations from further poaching and disrupt the associated illicit trade through the identification and seizure of the proceeds generated from the wildlife trafficking…

GFI explores new developments in illegal mining in Colombia and the issue of illicit financial flows

June 13, 2023

Illegal gold mining has emerged as a profitable revenue source for organized crime groups and has become a major concern for authorities due to its social and environmental impacts. Due to the transnational nature of illicit gold trafficking and limited traceability, it has become…

U.S-UK issue Joint Statement on the announcement that both countries have committed in principle to establish a data bridge

June 9, 2023

A U.S-UK data bridge would uphold the rights of data subjects, facilitate responsible innovation, and provide individuals in both countries greater access to the services that suit them, whilst reducing the burdens on businesses and delivering better outcomes for people…

The White House delivers message to the Congress on the continuation of the national emergency with respect to Belarus

June 9, 2023

The actions and policies of certain members of the Government of Belarus and other persons, and the Belarusian regime’s harmful activities and long-standing abuses, continue to pose an unusual and extraordinary threat to the national security and foreign policy of the US…

Guernsey FSC consults on AML/CFT obligations upon VASPS and additional obligations upon Licensed Trustees and Partners

June 9, 2023

The consultation paper also seeks comments on proposed additional rules and guidance for trustees of trusts and partners of partnerships and limited partnerships without legal personality to hold information on the identity of other regulated agents and service providers…

SEC files 13 charges against Binance, Founder Changpeng Zhao and other related entities

June 8, 2023

The charges include operating unregistered exchanges, broker-dealers, and clearing agencies; misrepresenting trading controls and oversight on the Binance.US platform; and the unregistered offer and sale of securities. The entities engaged in an extensive web of deception…

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