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The White House issues notice on the continuation of the national emergency with respect to the widespread humanitarian crisis in Afghanistan and the potential for a deepening economic collapse

The widespread humanitarian crisis in Afghanistan including the urgent needs of the people of Afghanistan for food security, livelihoods support, water, sanitation, health, hygiene, and shelter and settlement assistance, among other basic human needs and the potential for a deepening economic collapse in Afghanistan continue to pose an unusual and extraordinary threat to the national security…

US DOJ sentences 2 Chinese nationals for trafficking counterfeit Gift Cards to Belleville

The defendants retained the access numbers to 6,100 gift cards with intent to place the altered gift cards on the sales racks at Target. Once a gift card was loaded with funds by an unsuspecting patron, the fraudsters would have the codes needed to steal the funds…

 

Moneyval calls on Azerbaijan to step up investigations and prosecutions of money laundering and improve supervisory arrangements

MONEYVAL’s evaluation report on Azerbaijan notes that the country demonstrates a fair understanding of ML/TF risks, according to which domestic corruption, tax related crimes, smuggling and drug trafficking are the main ML predicate offences.

The NCA issues the SARs Reporter Booklet February 2024, summarising law enforcement feedback on the usage of SARs

Multiple reporters submitted a number of DAML SARs to return funds while exiting their relationship with the same business. Concerns
were held regarding multiple accounts held by the business, which frequently received high value payments that were transferred
in and out of the accounts, indicating potential money laundering…

GAFILAT publishes enhanced follow-up report and technical compliance re-rating of Costa Rica

Note minor deficiencies in the implementation of the requirements in Recommendations 17, 22 and 28 and these have been re-rated.

FATF releases its Annual Report 2022-2023

The Report sets out the achievement of the FATF to deliver on its mandate and strategic priorities to prevent criminals, the corrupt and terrorists from abusing the international financial system and strengthen the foundations for sustainable and more inclusive economic development….

EBA consultation on ML & CTF guidelines for crypto and fund transfers (Travel rule Guidelines) will run until 26 Feb 2024

The European Banking Authority (EBA) launched a consultation on Guidelines to prevent money laundering and terrorist financing in fund and crypto transfers. These “travel rule” Guidelines aim to unify EU practices by ensuring service providers can detect and manage incomplete transfer information, bolstering the anti-money laundering regime. The consultation will run until 26 February 2024…

FCA publishes research note reviewing maximal extractable value and blockchain oracles

This research analyses two novel concepts of blockchain technology, Maximal Extractable Value (MEV) and blockchain oracles. As well as expanding the functionality of decentralised financial applications, these features have been identified as introducing risks and potential sources of vulnerability…

OECD publishes 2024 Economic Outlook Interim Report ‘strengthening the foundations for growth’

The report highlights that global economic growth stayed strong in 2023, aided by lower energy costs and resolved supply chain issues, quickening inflation’s decline. Although growth is slowing, inflation is expected to hit target levels in most G20 nations by the end of 2025. However, geopolitical tensions and the Middle East conflict could disrupt this progress, posing risks of inflation spikes and market instability…

GAFILAT publishes Mutual Evaluation Report on Boliva

Finds a good understanding of ML/TF risks, but a comparatively limited enforcement environment.

Home Office undertakes an economic crime survey detailing whether UK businesses have experienced economic crime and the approaches to tackle it

Survey will question UK businesses to learn more about whether they have experienced economic crime and the approaches they take to tackle it.

 

Bank of Singapore and StanChart targeted with forged documents in major ML case with over $160 million in assets gets seized

Su Jianfeng, implicated in Singapore’s largest money laundering scandal, faces charges for submitting fake documents to Standard Chartered and Bank of Singapore, falsely showing legitimate wealth. Holding six charges, including illegal possession of S$17 million, Su’s assets worth over S$160 million have been seized. Denied bail due to potential collusion risks, his pre-trial conference is set for Feb 15…