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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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EPPO obtains freezing order of €28.8m in probe into €40m VAT fraud

October 21, 2024

During the execution of the freezing order, the Italian Financial Police (Guardia di Finanza) froze €3.1 million in bank accounts of a company based in Reggio Emilia, which is believed to be the main beneficiary of the fraud. The search for other assets belonging to the two convicted individuals is still ongoing.

Gambling Commission shares details on it’s approach to tacking unlicensed gambling

October 21, 2024

The Chief Executive of the commission, Andrew Rhodes, outlines how the evidence-based approach being undertaken to tackle illegal gambling markets in the UK.

FATF updates its procedures for AML/CFT/CPF mutual evaluations, focusing on targeting high-risk jurisdictions and supporting low-capacity nations

October 21, 2024

The FATF amended its assessment procedures and methodology in 2022. The FATF commenced its 5th round of evaluations in 2024, using these revised Procedures.

 

AP News: Albania’s former left-wing President Meta has been arrested on corruption charges

October 21, 2024

Albanian prosecutors have arrested former President on charges of corruption, ML and concealing personal income and assets. President contends that the allegations are politically motivated, while former EU ambassador welcomed the arrest as evidence that no one is above the law. The Special Structure Against Corruption and Organized Crime reported that President’s arrest followed a five-year investigation…

BBC: Ireland has signed extradition treaties with the UAE

October 21, 2024

The Republic of Ireland and the United Arab Emirates (UAE) have signed two bilateral treaties focused on extradition and mutual legal assistance. Irish Justice Minister finalized the agreements in Abu Dhabi with UAE counterpart after negotiations initiated last year to address organized crime and drug trafficking. These treaties are anticipated to enable the extradition of a prominent member of the organized crime gang back to Ireland…

Association of Accounting Technicians (AAT) publishes AML Annual Report for 2022/23

October 20, 2024

The report aims to provide transparency over AAT’s work as a supervisory authority in this period, including an overview of all AML monitoring activities and providing insight into member compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended, updated or re-enacted from time to time) known as the ‘Money Laundering Regulations’ in this report.

FATF issues call to action with respect to the high-risk jurisdictions of Iran and DPRK

October 20, 2024

FATF urges all jurisdictions to apply effective countermeasures against Iran, in line with Recommendation 19, noting the country’s failure to enact the Palermo and Terrorist Financing Conventions. Countries are also advised to properly assess and account for increased proliferation financing risk with respect to DPRK.

FinCEN hosts Regional Training Event in Botswana to combat money laundering

October 20, 2024

The training event brought together delegations from Angola, Botswana, Comoros, Eswatini, Lesotho, Madagascar, Namibia, and South Africa, along with facilitators and trainers from the United States and from Canada’s Financial Transactions and Reports Analysis Centre, to improve the capabilities of government agencies to investigate and address priority illicit finance threats, including those related to the illegal wildlife trade (IWT). CIFT training is designed to provide capacity-building, case studies, and targeted training to personnel from participating governments’ financial intelligence units, law enforcement agencies, regulatory bodies, and prosecutors.

Eurojust dimantles a criminal network that produced narco-boats for drug smuggling

October 20, 2024

The criminal organization established multiple warehouses in Spain and Portugal where they manufactured illegal boats in Portugal to sell to other criminal groups for drug trafficking, including heroin and marijuana, into Spain. Authorities began investigating the group in late 2022 upon discovering their production and sale of narco-boats, necessitating an international operation to apprehend them…

A UNODC survey reveals that Colombia’s potential cocaine production increased by 53% in 2023

October 18, 2024

Although no new hotspots of coca cultivation were recorded as of December 2023, coca enclaves remain a major challenge: 39 per cent of the potential coca leaf production comes from productive enclaves that occupy only 14 per cent of the territory where coca is planted. (Link to executive summary in Spanish)

Dun & Bradstreet launches podcast on ‘Exploring the intersection of Technology and Organised Crime’, featuring insightful discussion with renowned investigative journalist Geoff White

October 18, 2024

Geoff, known for his extensive work on the Snowden leaks and his recent book “Rinsed,” shares his expertise on how technology is both a tool and a target for financial criminals. From the challenges of money laundering in the digital age to the role of cryptocurrency and AI in combating financial crime, this episode offers a comprehensive look at the evolving landscape of financial crime and the innovative solutions being developed to tackle it.

US DoJ sentences man to 7 years in Federal Prison for orchestrating a fraudulent investment scheme that defrauded investors of $23m

October 18, 2024

SEAN GRUSD formed three funds that he claimed would invest in private financial technology companies.  Beginning in 2021, Grusd provided potential investors with marketing materials containing numerous falsehoods about the funds’ purported investment history and successes.  Among other things, the promotional materials falsely claimed that one of Grusd’s funds had been an early investor in successful startup companies, such as Instacart, Coinbase, and Shippo.  Grusd also falsely claimed that he had graduated from a prestigious law school …