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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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HK SFC suspends Responsible Officer due to significant supervisory lapses, including inadequate oversight of client trading systems and failure to effectively monitor suspicious activities

June 19, 2025

This action highlights the regulator’s intensified focus on holding senior management accountable for overseeing emerging risks associated with client-supplied trading technologies. The case underscores the growing importance regulators place on robust controls within electronic trading environments to prevent market abuse and financial crime. It sends a clear message that lapses in governance and risk management…

CBUAE signs MoU with China’s CIPS to modernise payments, boost cross-border cooperation, accelerate transactions, and reduce fraud, sanctions breaches, and illicit finance risks

June 19, 2025

This move aims to strengthen financial ties between the UAE and China and facilitate smoother, more cost-effective payments. However, as the volume and complexity of RMB transactions grow, so do the challenges associated with monitoring and preventing financial crimes such as money laundering and fraud. The evolving regulatory landscape and the inherently cross-border nature of these transactions increase risks and demand…

EU countries agree on new payment rules to combat fraud, foster innovation, protect consumers, and enhance fee transparency across the bloc

June 18, 2025

The Council has adopted its position on new EU payment rules aimed at strengthening fraud prevention, enhancing consumer protection, and increasing transparency of fees and exchange rates. The proposals also modernise the regulatory framework by supporting innovation in payment services, improving access to account data, and ensuring alignment with EU data protection standards…

FATF’s revised R.16 clarifies roles, standardises data for transfers above USD/EUR 1,000, and requires technology to detect fraud and errors in cross-border payments

June 18, 2025

The FATF has amended Recommendation 16 to clarify responsibilities across the payment chain, standardise required payer and payee information for cross-border transfers over USD/EUR 1,000, and mandate tools to prevent fraud and error. These changes aim to enhance transparency, improve payment accuracy, and support global efforts to combat financial crime while aligning with the G20 roadmap for more efficient cross-border payments…

MONEYVAL reports that Cyprus has strengthened its AML/CFT compliance, upgrading its rating on correspondent banking while keeping it under enhanced follow-up due to ongoing NPO sector gaps

June 18, 2025

Cyprus has addressed technical deficiencies in its framework for correspondent banking, leading to an upgraded compliance rating under FATF Recommendation 13. However, moderate shortcomings in the oversight of non-profit organisations persist, requiring further action as Cyprus remains under enhanced follow-up…

FinCEN’s 62nd BSAAG plenary unveiled its FY2024 review and a bold plan to modernise the BSA, focusing on risk-based compliance, streamlined SAR/CTR reporting, and smarter regulation to tackle FC

June 18, 2025

The Plenary united public and private stakeholders to drive AML/CFT modernization, unveiling its FY2024 “Year in Review” report showcasing BSA data’s role in combating illicit finance, reaffirming its focus on beneficial ownership transparency under the AML Act of 2020, and emphasizing risk-based compliance, streamlined reporting, and enhanced cross-sector collaboration…

EC reaffirms the EU’s anti-corruption drive at the June 2025 UNCAC Prevention WG, unveiling bold reforms targeting organised crime, whistle-blower protection, BO, and corporate integrity

June 18, 2025

Representing the EU and aligned countries, the EC highlighted recent legislative and strategic efforts, including the Rule of Law Reports, a forthcoming EU anti-corruption strategy, and enhanced frameworks tackling organised crime and corruption links. Key initiatives addressed include beneficial ownership transparency, whistleblower protection, integrity in public procurement, and private-sector accountability—each aligned with relevant UNCAC resolutions. The EU also stressed the importance of international cooperation through projects like CRIMJUST and called for continued global implementation of anti-corruption measures…

EP adopts tougher rules against child sexual abuse, targeting deepfakes, AI-generated content, and live-streamed crimes by broadening offences, increasing penalties, and removing reporting time limits

June 17, 2025

The European Parliament has adopted a strong position on updating EU child sexual abuse (CSA) laws, calling for tougher penalties, abolishing limitation periods, and expanding the legal scope to include AI-generated deepfakes and livestreamed abuse. The proposed directive aims to modernise CSA legislation, strengthen victim support, and enable more effective investigations, with trilogue negotiations set to begin on 23 June…

MONEYVAL commends Bulgaria’s improved AML/CFT compliance, particularly in risk-based supervision and data reporting, but notes gaps remain in enforcement, tech adoption, and sanctions

June 17, 2025

Bulgaria has enhanced its AML/CFT framework by improving compliance with FATF Recommendations on targeted financial sanctions, customer due diligence, beneficial ownership, DNFBP supervision, and guidance. While progress has been made, eight Recommendations remain partially compliant, and Bulgaria is expected to report further advancements to MONEYVAL within one year…

UK’s 2nd progress report on ECCTA 2023 signals a tougher stance on corporate abuse, with stronger Companies House powers, stricter ownership transparency, and faster ID checks to fight fraud and FC

June 17, 2025

Key reforms include the phased introduction of identity verification for directors and beneficial owners by autumn 2025, enhanced oversight of limited partnerships, and improvements to the Register of Overseas Entities. Thousands of compliance warnings and penalties have been issued, while data protection measures have been bolstered. Backed by over £100 million in funding, these measures are part of a long-term rollout through 2027, aimed at tackling fraud, preventing abuse of UK company structures, and bolstering economic crime enforcement…

Companies House’s 2025–26 Business Plan signals a bold shift in tackling economic crime, equipping the agency with cutting-edge digital tools, tighter ID checks, and expanded powers to curb abuse

June 17, 2025

A key focus is enhancing data integrity through AI-driven analytics, cloud-based platforms, and cross-agency intelligence sharing. Reforms will also tackle misuse of registered addresses, improve trust transparency, and modernise digital services—positioning Companies House as a proactive gatekeeper against illicit financial activity…

Nauru becomes the first Pacific nation to launch a digital asset regulator, aiming to attract global crypto businesses while enforcing robust AML and cybersecurity standards

June 17, 2025

The legislation aims to establish a clear, robust framework for regulating virtual asset service providers (VASPs) and digital financial innovation, ensuring compliance with international AML and transparency standards. Through the Command Ridge Virtual Asset Authority, Nauru seeks to attract investment, diversify revenue streams, and position itself as a hub for Web3 development in the Pacific…

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