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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 UK sanctions legislation allows the government to target Belarus exports

June 8, 2023

The measures also give the government grounds to prevent designated Belarusian media organisations from spreading propaganda in the UK, including over the internet, as the regime continues to actively facilitate Russia’s invasion of Ukraine and spread false narratives….

HMRC issues £3.2 million in money laundering penalties

June 8, 2023

240 supervised businesses were fined between 1 July and 31 Dec 2022 by HMRC for breaching MLR aimed at preventing criminals from exploiting illicit cash. Xpress Money Services Ltd was hit with a large fine of £1.4 million for failing to carry out risk assessments not …

HKMA hosts AML Regtech Lab, supporting an agile, coordinated and strategic response to digital fraud and financial crime

June 7, 2023

The AMLab series helps enhance capabilities in the use of data and technology to respond effectively to the heightened threat of digital fraud and related ML, which increasingly threatens the integrity of our banking system as well as undermines trust in digital financial services…

EC welcomes the agreement on enhanced rules to fight terrorist financing

June 6, 2023

The new rules will provide law enforcement authorities quick access to information on the accounts where criminals and terrorists keep or hide their funds or assets. The agreed Directive will give them access to the single access point interconnecting bank account registers…

FATF notes the improvement made by Mexico in relation to its AML/CFT regime and re-rates the country on two recommendations

June 6, 2023

The country has been re-rated on two recommendations notably: Rec. 18 is upgraded from Partially Compliant to Largely Compliant and Rec.  24 is from Partially Compliant to Largely Compliant. Of the 40 Recommendations, Mexico currently has 10 Recommendations rated…

FATF updates table of consolidated assessment ratings

June 6, 2023

This table provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance. FATF and FSRBs conduct peer reviews on an ongoing basis to assess how effectively their respective members’ AML/CFT measures…

EU Council and European Parliament reach deal on access to financial information

June 6, 2023

EU countries will have to make information from centralised bank account registers available through a single access point. This will help law enforcement and judicial authorities to fight criminal offences as they currently have to collect this information via the regular…

NCA issues guidance on submitting better SARs

June 1, 2023

This document aims to provide all reporters with guidance on how to submit better quality SARs to the NCA. It should be read in conjunction with guidance found on the NCA website. The document include: Introduction to SARs, SARs Frequently Asked Questions, Reporting via SAR Online…

Home Office updates Policy Paper on Fraud Strategy: stopping scams and protecting the public

June 1, 2023

This strategy sets out how government, law enforcement, regulators, industry, and charities will work together to cut fraud incidents by 10% from 2019 pre-Covid levels. The UK Govt has already started by committing £100 million of new money to bolster law enforcement …

BIS explores use of data, tech and collaboration to combat money laundering

May 31, 2023

BIS concludes Project Aurora; a proof of concept that explores new ways of combating money laundering with a combination of payments data, privacy-enhancing technologies, artificial intelligence (AI) and enhanced cooperation across institutions and borders…

EBA consults on amendments to the Guidelines on ML/TF risk factors to include crypto-asset service providers

May 31, 2023

The consultation runs until 31 August 2023. CASPs as well as other credit and FIs are exposed to ML/TF risks. For CASPs, these risks can be increased, due to, e.g. use of innovative technologies, instant transfers of crypto assets across the world and services that contain…

FINTRAC issues special bulletin relevant to Russia-linked money laundering activities

May 30, 2023

The content of this Bulletin can be used by reporting entities to identify and assess money laundering and terrorist activity financing risks, apply controls and measures to mitigate these risks, and effectively detect and report suspicious transactions to FINTRAC…

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