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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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MONEYVAL re-rates Estonia owing to its improved compliance with TFS regime and notes progress in other areas

January 13, 2025

Despite improvements in measures targeting sanctions for proliferation financing and support for virtual asset service providers, Estonia remain Partly Compliant on these Recommendations and remains in enhanced follow-up.

EBA publishes joint report on recent development in crypto-assets

January 13, 2025

This report, intended to inform the European Commission’s (EC) report to the European Parliament and Council, examines decentralised finance (DeFi), crypto lending, borrowing, and staking activities. It is primarily analytical, refraining from policy recommendations but highlighting key insights and risks.

MENAFATF announces a new five-point strategic plan to strengthen regional efforts against ML/TF, as Jordan assumes the group’s presidency for 2025

January 11, 2025

The leadership of the Middle East and North Africa Financial Action Task Force (MENAFATF), chaired by Her Excellency Samia Abu Sharif of Jordan, met with Vice-Chairman His Excellency Hamed Saif Al-Zaabi of the UAE to develop plans for implementing their joint strategic priorities. These priorities were approved during the 39th MENAFATF Plenary in November 2024, building on the successes of the 2024 Yemeni presidency….

HKMA issues alert on fraudulent website and internet banking login screen related to Shanghai Commercial Bank Limited

January 10, 2025

The Hong Kong Monetary Authority (HKMA) has issued an alert about a fraudulent website and internet banking login screen reported by Shanghai Commercial Bank. It reminds the public that banks will never ask for sensitive information like passwords or One-Time Passwords via SMS, email, or embedded links. Those affected by the fraud should contact the bank and report the incident to the Hong Kong Police’s Crime Wing Information Centre…

INTERPOL publishes its first Silver Notice to help trace and recover criminal assets, fight transnational crime, and boost global police cooperation

January 10, 2025

Italy has requested a Silver Notice to track criminal assets linked to linked to fraud, corruption & ML. This new addition to the Organization’s color-coded Notices and Diffusions facilitates global info sharing. Currently in a pilot phase with 52 countries, the program will run until at least November 2025…

APGML 2023/24 annual business report highlights regional AML/CFT progress, mutual evaluations, and typologies on emerging financial crime trends

January 9, 2025

This report highlights the achievements of the APG over the reporting period against the goals and strategies contained in the Strategic Plan 2020-2024…

EBA publishes final guidelines on ESG risk management, requiring institutions to identify, measure, manage, and monitor risks, and prepare plans to address financial risks from ESG factors

January 9, 2025

Institutions must develop plans that align with EU transition efforts. They are set to apply from 11 January 2026 for most institutions with an extended deadline for smaller entities. They complement other sustainable finance actions outlined by the EBA. These guidelines are part of the EU’s broader strategy to promote sustainable finance and ensure the stability of financial institutions in light of intensifying ESG challenges…

 

 

Eurozone Banks are now required to process payments in 10 seconds under SEPA Instant Payments, raising potential fraud risks

January 9, 2025

Could the rapid processing of instant payments become a new target for fraudsters to exploit? As of 9 January 2025, all Eurozone PSPs must support receiving instant payments, marking a key milestone in harmonising instant payment adoption across the EU…

EBA consults on draft standards for prudential treatment of crypto asset exposures, aiming to harmonise capital requirements across EU FIs, ensuring alignment with Basel standards

January 8, 2025

The European Banking Authority has issued a consultation on the draft regulatory technical standards regarding the calculation and aggregation of crypto exposure values under Article 501d(5) of the CRR. This includes guidelines for financial institutions to calculate their capital requirements for crypto-asset exposures including tokenized traditional assets and other crypto-assets.The consultation seeks feedback to ensure effective regulation of crypto asset…

ICAIE releases new report examining impact of Central Bank Digital Currencies (CBDC) on global fight against ML

January 8, 2025

The International Coalition Against Illicit Economies (ICAIE) questions whether the benefits of CBDCs—such as increased transparency and control over illicit finance—are worth the potential loss of privacy and civil liberties that could come with more authoritarian models…

US DoJ charges Founder of Wolf Capital Crypto with defrauding thousands of investors out of over $9m through a Ponzi scheme

January 8, 2025

Ford made such false promises to induce members of the public to invest money in the company. Ford misappropriated and diverted investor funds to benefit himself and his co-conspirators, to the financial detriment of investors. In total, Wolf Capital raised $9.4 million from approximately 2,800 investors through fraudulent conduct…

 

 

Asian Banking & Finance: Thailand tightens AML measures after UN report

January 8, 2025

Thailand is tightening its AML/CFT measures following a UN report linking its banks to weapons procurement. The Bank of Thailand and AMLO announced stricter customer verification, enhanced scrutiny for high-risk customers, and additional documentation requirements for transactions involving dual-use items. These measures aim to prevent financial institutions from being exploited for ML, terrorism, or human rights abuses…

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