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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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Bloomberg: Australian AML rules are set to focus on advisory roles

September 9, 2024

Australia’s new AML reforms will target lawyers, accountants, real estate agents and other advisers, addressing gaps in regulating “tranche-two” entities involved with criminal syndicates. Attorney General highlighted that these updates are part of two National Risk Assessments aimed at improving Australia’s global compliance. The assessments revealed that criminals have been using legal channels like cash, luxury goods, real estate for ML…

GAFILAT publishes Mutual Evaluation Report on El Salvador’s measures to combat ML and TF

September 8, 2024

The report analyses the level of compliance with the FATF 40 Recommendations and the level of effectiveness of the AML/CTF system of El Salvador, and recommends how the system can be strengthened.

MONEYVAL publishes Mutual Evaluation Report on Jersey highlighting that Jersey’s effectiveness in preventing financial crime is among the highest level found in jurisdictions evaluated around the world

September 5, 2024

In most respects, the elements of an effective AML/CFT system are in place, but the practical application of the existing framework has still to be improved in some areas to reach a substantial level of compliance.

NCA and ICO signed a Memorandum of Understanding to enhance collaboration on cyber security, support victims of cyber attacks, and encourage the reporting of cyber crime

September 5, 2024

Cyber crime is indiscriminate and unpredictable, and poses a substantial threat to the UK’s national security. According to recent reports by Sophos, the cost of recovery to victims of a ransomware attack has increased by 50% over the last year alone, and now stands at a staggering $2.73 million (£2.07 million).

FATF President, Elisa de Anda Madrazo of Mexico, highlights FATF’s inclusive approach at the G20 Finance Ministers and Central Bank Governors Meeting in Brazil, July 2024

September 2, 2024

It was highlighted that FAFTF is developing guidance on how to be effective in combatting illicit finance from a low-capacity country context and dimension. Changes have been made how to prioritse countries for increased scrutiny to reduce the pressure on less developed countries…

MAS’s proposal for cross-border money transfers to China includes new compliance measures for financial institutions to ensure adherence to AML/CFT standards

September 1, 2024

It introduces new or revised regulations to enhance oversight of cross-border money transfers between Singapore and China. It Increased transparency and reporting requirements for transactions to improve monitoring and traceability….

SPF announces transnational ML syndicate has been dismantled through a joint operation by the Singapore Police Force and Interpol

September 1, 2024

The Singapore Police Force in collaboration with the Hong Kong Police Force and INTERPOL, has successfully dismantled a transnational ML syndicate linked to scams in Hong Kong and Technical Support Scams in Singapore. Singapore received 185 reports of these scams, resulting in losses of at least SGD 17.9 million. Victims were deceived by fraudulent pop-ups claiming malware infections and were tricked into granting scammers remote access…

FINTRAC updates its guidance on how to report suspected sanctions evasion in a Suspicious Transaction Report

September 1, 2024

This guidance explains the requirement to report suspicious transactions to FINTRAC…

European Artificial Intelligence Act (AI Act) comes into force

August 30, 2024

The AI Act is designed to ensure that AI developed and used in the EU is trustworthy, with safeguards to protect people’s fundamental rights. The regulation aims to establish a harmonised internal market for AI in the EU, encouraging the uptake of this technology and creating a supportive environment for innovation and investment.

Cabinet Office publishes work programme and fees for the National Fraud Initiative 2024 to 2025

August 29, 2024

This document sets out the confirmed work programme and associated scale of fees for the NFI 2024/25 data matching exercise for mandatory participants of the NFI.

ESAAMLG reports on Kenya’s progress following on from the 2022 Mutual Evaluation Report

August 28, 2024

Among 15 re-ratings, 11 bring Kenya to being considered compliant with the recommendations of the original MER.

ESAAMLG publishes report on the Mutual Evaluation of Rwanda

August 28, 2024

Report summarises the AML/CFT measures in place in the Republic of Rwanda as at the date of the on-site visit conducted from 26th June to 7th July 2023.