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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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FinCEN has released final rules to protect the residential real estate and investment adviser sectors from illicit finance

August 28, 2024

FinCen has issued two final rules to address illicit finance risks in the residential real estate and investment adviser sectors. The residential real estate rule mandates reporting of high-risk non-financed transfers to increase transparency, while the investment adviser rule imposes AML/CFT requirements on certain advisers to address regulatory gaps. These measures part of anti-corruption strategy, aim to close loopholes exploited by criminals…

FinCEN launches nationwide public service announcements to inform business owners about beneficial ownership reporting requirements

August 27, 2024

To directly reach business owners, educate stakeholders about these reporting requirements, and encourage compliance, television and radio PSAs are now running nationwide in tandem with digital and print ads.

NCA releases its Annual Report and Accounts: 2023 to 2024

August 27, 2024

Includes: a performance report which demonstrates the agency’s performance against its priorities for 2023 to 2024 and the serious and organised crime threat; an accountability report which outlines the agency’s accountability, assurance, governance and risk processes and procedures in 2023 to 2024

AML Intelligence: US Homeland Security warns of increasing gift card fraud connected to Chinese organized crime groups

August 27, 2024

The fraud impacts retailers and consumers while also posing severe risks to national security and the economy, the agency reports. The HSI partnering with law enforcement and businesses to address this issue focusing on Chinese crime groups linked to various criminal activities.  They also warned that gift card fraud threatens public safety and national security by using sophisticated methods to siphon card values and fund illicit operations…

AML Intelligence: UK detectives dismantle a £55 million Chinese underground banking operation with student money mules

August 27, 2024

Metropolitan Police detectives reported that the group laundered over £55 million between February 2020 and June 2023. Initial concerns about underground banking led to an investigation culminating in December 2022 raids on the homes of Xiaoyu Shu and Yin Ying Wang, where over £104,000 was found in a hidden carrier bag, and their residence which yielded cash counting machines and money bags…

ESAAMLG notes that Madagascar has made progress in resolving technical compliance shortcomings identified in its 2018 Mutual Evaluation Report

August 26, 2024

Madagascar is re-rated on seven recommendations, including those covering CDD, PEPs, Wire Transfers, Reliance of Third Parties and Sanctions.

ESAAMLG re-rates Malawi on Two Recommendations from the 2019 Mutual Evaluation Report in latest follow-up

August 26, 2024

Re-ratings were applied to Recommendation 2, which coves national coordination and cooperation; and Recommendation 3, on the criminalisation of money laundering.

FinCEN reminds financial institutions to remain vigilant to suspicious transactions associated with synthetic opioids

August 26, 2024

Reminds financial institutions to monitor for and report suspicious transactional activity related to the illicit fentanyl supply chain and the trafficking of illicit fentanyl and other synthetic opioids.

TI Russia have conducted an in-depth analysis of illegal money transfers from Russia to the UK through e-payments over the past decade, emphasising the need for stringent regulatory controls and international cooperation to close loopholes in the e-payment sector

August 26, 2024

This research explores the illicit trade of verified business bank accounts often used by criminals to conceal large financial transfers. It highlights regulatory shortcomings and the role of dark web marketplaces where such accounts, registered under false identities but with real documents, are sold. The study also notes that e-payment platforms despite strict AML procedures are notably vulnerable, with 18% of all Defence aganist ML…

Europol and New Zealand strengthen ties to fight serious crime and terrorism

August 25, 2024

The agreement includes provisions on the exchange of information and data protection, the rights of data subjects, the establishment of a supervisory authority, and administrative and judicial redress. This is the first agreement of its kind since the Europol Regulation 2017, which allows Europol to transfer personal data to an authority of a third country on the basis of an international agreement between the EU and the third country…

UNODC publishes report on organised criminal networks linked with drug trafficking in the Eastern Indian Ocean region

August 24, 2024

This examines the complex dynamics of transnational drug smuggling in Maldives and Sri Lanka, highlighting the role of socio-cultural factors, corruption, and emerging trafficking routes. The report also addresses the increasing influence of maritime routes in drug trafficking and the evolving use of air and postal methods.

Independent: Chile’s leading lawyer has been detained on ML and tax fraud charges, shaking the nation’s elite

August 24, 2024

Chile’s top lawyer, Luis Hermosilla, has been detained pending trial on charges of ML and tax fraud following a high-profile corruption scandal. The court approved the prosecution’s request for his detention after leaked recordings suggested he discussed bribes with a former client. The investigation has implicated judges and business leaders, threatening Chile’s reputation for low corruption and its standing with international financial institutions…