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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 Cabinet Office announces £311m taxpayer saving from counter fraud schemes designed to prevent and identify fraud across the public sector

November 13, 2023

These savings were identified through several activities led by the Public Sector Fraud Authority and working with other public bodies that helped prevent, identify and recover public money lost to criminals.

France imposes restrictive measures upon two Hamas leaders

November 13, 2023

These measures were taken in accordance with Articles L. 562-2 of the Monetary and Financial Code, which authorizes the freezing of assets and prohibits making funds available to those who engage in certain financial crimes, including the financing of terrorist activities…

The White House issues Notice on the continuation of the national emergency with respect to Iran

November 13, 2023

This renewal, distinct from a previous one on March 10, 2023, ensures that measures taken in response to the Iran-related emergency declared in 1979 remain in effect for an additional year, with the notice to be published in the Federal Register and transmitted to Congress…

Diligencia insights on how to accelerate customer onboarding in the Middle East & Africa

November 12, 2023

Diligencia recognises that onboarding corporate customers and third parties in the Middle East & Africa (MEA) poses significant challenges, especially for regulated entities offering discretionary services like legal advice or private wealth management…

FinCEN finalises rule on the use of FinCEN identifiers in beneficial ownership information reporting

November 7, 2023

The rules responds to concerns that incumbent identifiers did not obscure the identities of beneficial owners in a more transparent manner and the need for more clear criteria.

 

FATF consults on its risk-based guidance to Rec.25 on beneficial ownership and transparency of legal arrangement

November 6, 2023

FATF is seeking input on its guidance from companies and other legal persons, FIs, DNFBPs, and non-profit organisations by 8 Dec 2023. The FATF Plenary held in Oct 2023 agreed to release the revised guidance for public consultation and expects to finalise this work at its Feb 2024 Plenary…

RUSI discuss Hamas financing in new podcast series focusing on STRs

November 3, 2023

Host Stephen Reimer unpacks the key issues and debunks some common myths at the heart of the Hamas financing story with Jessica Davis of Insight Threat Intelligence and Matthew Levitt of The Washington Institute for Near East Policy.

 

FATF publishes follow-up report to the Mutual Evaluation of Japan

November 3, 2023

Japan has made progress in addressing technical compliance deficiencies identified in its MER and has been upgraded on several Recommendations.

FATF issues follow-up report and technical compliance re-rating for Switzerland

November 3, 2023

Switzerland has made progress in addressing the technical compliance deficiencies identified in the MER with respect to Recommendation 10 and Recommendation 40 and is re-rated to Largely Compliant on both measures.

AUSTRAC provides briefing on virtual kidnappings

November 2, 2023

Virtual kidnappings are a form of technology-enabled scam that involves scammers: often impersonating a Chinese military or government official; convincing victims they have been implicated in a crime; demanding large payments from victims under the threat of being deported or arrested.

Home Office and Singapore secure an agreement on ransomware payments 

November 2, 2023

Led by the UK and Singapore, members of the CRI affirmed that relevant funds from central government should not be used to pay a ransomware attacker – the first international statement of its kind.

AML Rightsource unveils nine best practices for a successful compliance system implementation

November 1, 2023

A compliance department’s function is integral for safe business and legally mandated. As such, any legacy system change, even if necessary, is met with extreme caution and trepidation…