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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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BaFin urges FIs to invest their strong earnings to bolster defences against AI-driven fraud, highlighting generative AI risks, advanced phishing threats, and the need for adaptive security measures

January 28, 2025

For example, through generative AI. More and more companies in the financial sector are using generative AI or testing its use. And of course, criminals are also using such technologies – to develop new attack methods or malicious code, for example. High quality phishing messages can be created quickly using AI, which makes it much more difficult to identify fraudulent messages…

NCA UKFIU SARs highlight rising threats in ML, fraud, and illicit company formations – identifying evolving risks from fraudulent registrations to large-scale laundering schemes

January 27, 2025

A reporter suspected that a business customer was ML and submitted a DAML SAR to the UKFIU to request a defence to return the account’s balance to the customer while ending their relationship with them. Suspicious indicators on the customer’s account included little evidence of the business being legitimate, cash deposited in small amounts in an apparent effort to avoid detection…

Europol and Eurojust dismantle a €100m ML network using offshore accounts, shell companies, and unregulated crypto exchanges, seizing €8m in cash and freezing €27m in cryptocurrencies

January 27, 2025

The authorities discovered that the group was running a sophisticated money laundering service for other criminal organisations. The group acted as a financial service to transfer criminal profits internationally. Cryptocurrencies were used to move cash profits between criminal organisations. To dispose of the cash profits, money was transported on commercial flights, mainly to Cyprus, and by public transport to neighbouring countries of Spain…

Europol disrupts a Ukrainian-led network exploiting the EU’s temporary protection status for ML and was involved in drug trafficking, tax evasion, and smuggling

January 27, 2025

The action day, which follows raids conducted in October 2024, saw the arrest of several suspects and the seizure of various criminal assets. In total, the operation, which took place over several months, led to the arrest of 23 suspects, the seizure of EUR 35.7 million in cash, bank accounts and cryptocurrencies as well as 36 vehicles, real estate, watches, and jewellery.

CFATF adopts Fourth Round Mutual Evaluation of Montserrat

January 24, 2025

Montserrat has strengthened its AML/CFT framework through a National Risk Assessment and policy alignment among Competent Authorities. Financial intelligence efforts were effective but limited by low Suspicious Transaction Reports. Money laundering investigations were mostly reactive, though some prosecutions succeeded. Asset confiscation focused on cash, with limited success in seizing other criminal assets. Terrorist financing risk was deemed low, with minimal monitoring of Non-Profit Organisations.

Europol’s Taskforce dismantles a large-scale drug trafficking network from Colombia to Spain, seizing 7.2 tonnes of cocaine and €6m, while freezing 53 bank accounts

January 24, 2025

The Spanish Civil Guard supported by Europol busted a large-scale drug trafficking network in an investigation involving Bulgaria, Colombia, Costa Rica and Panama. The suspects were allegedly involved in the reception and wholesale distribution of cocaine across the EU, as well as in money laundering. The sting was coordinated by Europol’s Operational Taskforce…

US DoJ convicts man for conspiracy to commit insurance fraud, ML, filing false tax returns and identity theft

January 24, 2025

Court documents revealed that Wilson conspired with others to fraudulently obtain over 30 life insurance policies by misrepresenting applicants’ health, wealth, and existing coverage over US $20 million in death benefits. He also defrauded investors to fund premiums on these fraudulent policies and concealed proceeds through multiple bank accounts. Wilson filed false tax returns to hide millions in fraud proceeds…

 

Reuters: Donald Trump signed an executive order to establish a cryptocurrency working group focused on new regulations and exploring a national crypto stockpile

January 24, 2025

The order also ensures banking services for crypto firms and bans central bank digital currencies (CBDCs) to prevent competition with cryptocurrencies. Additionally the SEC rescinded a costly crypto asset guidance, responding to industry pressure. The move contrasts sharply with the Biden administration’s crackdown on crypto exchanges, earning praise from the industry…

Home Office’s ‘Evaluation of Clear, Hold, Build: A local response to serious and organised crime’ shows success in reducing acquisitive crime but identifies challenges in tackling illegal drug supply & ML

January 23, 2025

Clear Hold Build is a place-based operational framework of 3 phases, designed to be deployed flexibly. Clear removes the immediate SOC threats through co-ordinated enforcement work by police and partners to target and disrupt organised crime groups (OCGs) and their spheres of influence through arrests and disruption activity. Hold involves interventions and further disruption activities to consolidate and stabilise the Clear phase, so that remaining OCGs cannot fill the void created. Build involves delivering a whole-system approach through interventions that tackle the drivers of crime and reduce the risk of SOC re-emerging in the future.

FCA reviews firms’ use of the National Fraud Database (NFD) and money mule account detection tools, urging the need for stronger controls

January 23, 2025

A review of firms’ use of the National Fraud Database (NFD) and detection tools revealed inconsistent reporting and monitoring practices, with some firms failing to report the majority of identified mule cases. The FCA is urging firms to improve data-sharing, enhance real-time checks, and refine detection thresholds to address evolving money laundering risks…

 

 

FINTRAC releases a new Operational Alert, Laundering the Proceeds of Illicit Synthetic Opioids, to help businesses detect and report financial transactions linked to fentanyl trafficking

January 23, 2025

. Developed in collaboration with U.S. and Mexican financial intelligence units, the alert highlights money laundering tactics used by organized crime, including darknet markets, virtual currencies, and trade-based laundering. The initiative supports Project Guardian, a public-private partnership targeting opioid-related money laundering. Since 2018, FINTRAC has issued nearly 1,000 intelligence disclosures, aiding law enforcement in disrupting criminal networks.

Europol pinpoints that criminals hire others to violently resolve drug trade disputes through explosive attacks and kidnappings

January 23, 2025

German and Dutch law enforcement have launched a successful cross-border operation arresting 23 suspects involved in violent retaliatory acts linked to the illegal drug trade. The operation, which followed a dispute in Cologne, Germany, saw Dutch criminals hired to carry out attacks, including bombings and kidnappings on German soil. The investigation also uncovered disturbing trends, such as the use of minors in criminal activities and a growing…

 

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