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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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FCA Notice to regulated firms with exposure to cryptoassets

March 24, 2022

The FCA is reminding all regulated firms of their existing obligations when they are interacting with or exposed to cryptoassets. They present risks to market integrity and consumers, particularly when used as a speculative investment…

UNODC draft proposals relating to illicit drugs

March 22, 2022

UNODC publishes draft proposals relating to illicit drugs, e.g, Promoting alternative development as a development-oriented drug control strategy, taking into account measures to protect the environment, Strengthening international cooperation in preventing…

EBA assessment of competent authorities’ approaches to AML/CFT supervision of banks

March 22, 2022

EBA finds that AML and countering the financing of terrorism supervision is improving but not always effective yet. Significant challenges remain in important areas such as the identification and assessment of ML/TF risks…

 

FATF report on ML/TF arising from migrant smuggling

March 22, 2022

FATF analyses the ML/ TF risks associated with migrant smuggling. While there has been an increase in migrant smuggling, many countries do not consider it a high-risk crime for ML and the financial flows…

OECD on Crypto-Asset Reporting Framework

March 22, 2022

OECD released a public consultation document concerning a new global tax transparency framework to provide for the reporting and exchange of information with respect to crypto-assets, as well as proposed amendments to the CRS for the automatic exchange…

NCA detains superyacht owned by Russia national

March 20, 2022

NCA’s Combating Kleptocracy Cell have served a detention notice on a superyacht owned by a Russian national. The ownership of the yacht was deliberately well hidden. The company the ship is registered to is based in the islands of St Kitts and Nevis and it carried Maltese…

GIABA report on ML risks of casinos and gambling sector in West Africa

March 18, 2022

The key focus of this project is the development of a detailed vulnerabilities study on the risks of the casinos sector in West Africa, including risks of money laundering and other forms of illicit financing in the sector…

Nigerian amends ML Act, banks to report deposits to EFCC

March 17, 2022

The Senate passed a bill to amend the Money Laundering Act 2011, which makes it mandatory for Deposit Money Banks and other financial institutions to report to the Special Control Unit Against ML under the Economic and Financial Crimes Commission…

UK Economic Crime Bill 2022 receives Royal Assent

March 17, 2022

The Bill seeks to establish a register of overseas entities and their beneficial owners, amend financial sanctions law and reform the UK’s Unexplained Wealth Orders (UWOs) to empower criminal investigators…

Home Office Guidance on Whistleblowing & Public Interest Disclosure Act 1998

March 17, 2022

Home Office provides instructions and guidance for all staff in the immigration detention estate or escorting services on whistleblowing procedures. ‘Staff’ are defined as any individual employed or contracted to provide services within the immigration detention…

FinCEN penalty against USAA Federal Savings Bank

March 17, 2022

USAA FSB admitted that it willfully failed to implement and maintain an AML program that met the minimum requirements of the BSA and failed to accurately and timely report thousands of suspicious transactions to FinCEN involving suspicious financial activity…

UK Statement to the OSCE, 17 March 2022

March 17, 2022

UK Ambassador Neil Bush speaks about the impact on civilians of Russia’s war against the Ukrainian people. Russia has blocked access to several media websites and introduced a law on the spread of so-called “fake” information about the brutal actions…

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