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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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ICIJ reveals that French authorities seized an estimated $75m worth of French Riviera real estate and luxury cars as part of an investigation into alleged ML

November 7, 2024

Eight properties, including villas on the French Riviera, and two luxury cars were seized as part of a money laundering probe into suspect offshore lending companies…

Gambling Commission publishes its 2024 Young People and Gambling Report, its annual study into children’s and young people’s exposure to, and involvement in, all types of gambling

November 7, 2024

The research was conducted in schools, with pupils completing online self-completion surveys in class. The study collected data from a sample of 3,869 11 to 17 year olds between January and June 2024. Headline statistics include: 27 percent of young people spent their own money on gambling in the 12 months prior to taking part in the survey; the most common types of gambling activity that young people spent their own money on were legal or did not feature age restricted products…

Europol supports Albania and Italy in dismantling a vast criminal network of drug traffickers from South America

November 6, 2024

Law enforcement authorities in Albania and Italy have taken down a drug trafficking criminal network led by two Albanian brothers, believed to be responsible for organising drug shipments from South America to several EU Member States.

UNODC issues report on Drug trafficking dynamics across Iraq and the Middle East: Trends and Responses

November 6, 2024

Notes that Iraq is becoming ‘a critical juncture in the complex trafficking dynamics observed in the Near and Middle East region’, with activity related to the production and trade of the methamphetamine ‘Captagon’ being of heightened concern.

HM Treasury issues guidance on the offence of ‘failure to prevent fraud’ introduced by ECCTA

November 6, 2024

Under the offence, which was created by the Economic Crime and Corporate Transparency Act 2023, an organisation may be criminally liable where an employee, agent, subsidiary, or other “associated person”, commits a fraud intending to benefit the organisation and the organisation did not have reasonable fraud prevention procedures in place.

SRA releases its latest AML Annual Report 2023-24, showing increased regulatory action against firms

November 5, 2024

Report shows that in 2023/24 the Solicitors Regulatory Authority (SRA) took regulatory action against firms in relation to anti-money laundering breaches in 78 cases – an increase on the previous year (47). In more than half of the cases, the most common breaches related to firms having inadequate risk assessments or AML controls. 44 fines were issued, totalling £556,832.

Egmont Group requests proposals from potential vendors to plan, develop, and train the EGS IT team to a Data Matching system

November 5, 2024

The Data Matching system will allow Financial Intelligence Unites (FIUs) identify hits between subjects of interest of one FIU and those of another, without revealing the list of queried subjects to the other FIU.

UK PM announces further funding for the National Crime Agency (NCA) and new migration returns figures

November 4, 2024

The Prime Minister has announced two new elements of this government’s approach to boost border security and restore order to the asylum system – a £58 million boost for the National Crime Agency (NCA) and new figures showing 9,400 people with no right to be here have been returned since the government took power.

Legal Futures admits that one in five law firms are fully compliant with AML regulations

November 4, 2024

Only 22% of law firms inspected by the Solicitors Regulation Authority (SRA) last year were fully compliant with AML rules. The SRA’s annual AML report revealed a significant increase in enforcement actions against firms and individuals. Non-compliance was primarily due to inadequate focus by senior executives, insufficient training and supervision, and ineffective systems that allowed unchecked transactions…

FATF summarises outcomes of the first FATF Plenary, led by Mexico’s President, Elisa de Anda Madrazo, held from Oct 23-25

October 29, 2024

Members agreed to release for public consultation proposed revisions to the standards related to FATF’s ongoing focus on financial inclusion. FATF also adopted new guidance on national risk assessments to support countries to understand the illicit finance risks they face…

 

FATF re-rates South Korea on Recommendation 8 concerning the abuse of NPOs for terrorist finance

October 29, 2024

Korea is compliant on 13 Recommendations and largely compliant on 20. The country has 7 Recommendations rated partially compliant.

FCA fines Starling Bank £28.96m for serious shortcomings in its AML systems, notably regarding financial sanctions screening and the identification of beneficial owners and high-risk individuals

October 28, 2024

Deficiencies detected include Starling only screened its customers against the sanctions records for individuals who were known to reside or have links to the UK. A misconfiguration in the screening system that had existed since 20 July 2017 resulted in customers or prospective customers only being screened against individuals on the Consolidated List…

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