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US to publish new rules to curb money laundering in real estate in early 2024

The U.S. Treasury Department said its FinCEN unit is planning to propose a long-awaited rule aimed at curbing money laundering in real estate in early 2024. The regulator is also aiming to issue a notice of proposed rulemaking that would require investment advisers flag…

INTERPOL Secretary General welcomes G7 commitments on transnational organised crime

The G7 remains dedicated to combating transnational organized crime, recognizing it as a global crisis eroding the foundations of the rule of law, communities, and businesses worldwide…

The Gambling Commission publishes their latest ML and TF risk assessment which upgrades the risk level from low to medium

The report provides useful guidance to operators including outlining which gambling areas are considered high risk e.g. remote casino, betting and bingo…

Isle of Man releases its latest Financial Crime Strategy report

The report outlines the Island’s current standing and recent policy developments, as well as addressing the constantly evolving threats faced by governments worldwide. The report reaffirms its commitment to combatting money laundering, terrorist financing and financing…

NatWest Group publishes key findings and recommendations from Phase 2 of the independent review into PEP account closures

The report confirms that decision-making was consistent with relevant standards and otherwise appropriate and that there was no evidence of discrimination due to political views or affiliations, or any other protected characteristic…

UK Cross-Agencies issue red alert guidance on Gold-based financial and trade sanctions circumvention

This Red Alert is issued by the NECC, a multi-agency unit in the NCA, OFSI and FCDO working in conjunction with law enforcement and financial sector partners as part of JMLIT with the aim of promoting awareness and bringing about preventative action…

AML regulations in the art market compared across the UK, US and EU

This edition provides a needed and focused overview of laws on AML due diligence obligations, beneficial ownership registration, and the civil and criminal sanctions that can flow from violations in each covered jurisdiction…

OECD publishes Pilot Inter-Agency Trust Maturity Model and Trust Perception Survey

The Inter-Agency Trust Maturity Model is a tool for jurisdictions to self-assess the level of maturity of their practices and processes for achieving and maintaining inter-agency trust, and the Inter-Agency Trust Perception Survey is to help tax/financial crime authorities to foster and develop trusting relationships.

Home Office releases two new factsheets relating to the Criminal Justice Bill 2023

The measures in the Bill will reform the confiscation regime – the statutory framework used to strip criminals of their proceeds of crime – to improve the process by which confiscation orders are made and enforced facilitate the transfer of funds representing the amounts…

Monetary Authority of Singapore consults on regulations for FI-FI information sharing in relation to AML/CFT

The new electronic information sharing system named Collaborative Sharing of ML/TF Information & Cases(COSMIC) will enhance information exchange between the prescribed FIs to more effectively deter and disrupt criminal activities.

Financial Ombudsman Service publishes annual report and accounts

Reviews cases investigated by the regulator for the year ended 31 March 2023

IMF publishes 2023 review of the Fund’s AML and CFT Strategy

Takes stock of the implementation of the IMF’s AML/CFT strategy since 2018 and proposes deepening the integration of financial integrity issues and an enhanced focus on the macroeconomic impact of AML/CFT issues for the way forward.