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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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Gambling Commission sets out new rules for financial penalties with six-step model focused on disgorgement and deterrence in its 2023 2023 consultation response

July 10, 2025

Key changes include a transparent six-step process covering consumer harm, illicit gain, seriousness, deterrence uplifts, discounts for early cooperation, and affordability checks to avoid insolvency risk. A new “disgorgement” step ensures recovery of illegal profit or consumer loss, while enhanced financial key-event reporting will capture changes in ownership and funding structures…

U.S SEC charges a Georgia-based lender and its owner with running a $140M Ponzi scheme that misled around 300 investors by offering high returns on “bridge loans” that largely defaulted

July 10, 2025

Instead, new investor funds were used to pay earlier investors, while Frost allegedly diverted millions for personal luxuries, rare coins, family vacations, and political donations. The SEC is seeking emergency relief, including asset freezes and the appointment of a receiver. As of late May 2025, the firm held just $2.67 million despite raising $140 million, exposing the scheme’s collapse. This case underscores the SEC’s crackdown on affinity-based frauds that exploit trusted networks and retail investors.

FCA shuts down 1,600+ scam websites, removes 50+ rogue apps, and flags 20,000 illegal promotions in 2024, ramping up its tech-powered fight against financial crime

July 10, 2025

The FCA took action against unauthorized ‘finfluencers’ on social media, issuing 38 alerts and interviewing 20 individuals under caution. Additionally, the FCA canceled the authorizations of over 1,500 firms, marking a 20% increase from the previous year. These measures are part of the FCA’s broader strategy to enhance consumer protection and market integrity…

FINTRAC July 2025 updates enhances AML/ATF compliance with sharper identity verification, updated PEPs rules, and refined business relationship guidance across industries

July 10, 2025

FINTRAC’s July 10, 2025 updates to its guidance and directives introduce key changes affecting various sectors under Canada’s anti-money laundering and anti-terrorist financing regime. These updates aim to enhance compliance and reporting standards across regulated sectors, ensuring alignment with Canada’s anti-money laundering and anti-terrorist financing objectives…

HKMA launches the Anti-Scam Consumer Protection Charter 3, bringing regulators, tech leaders, and telecoms together to boost scam reporting, tighten oversight, and raise public awareness

July 9, 2025

The Charter sets out six key principles covering: reporting suspected scams, vetting advertisers, improving internal monitoring, enforcing terms of service, and jointly enhancing public education and awareness. The initiative is supported by the Consumer Council, Hong Kong Association of Banks, the Police Force, and the Office of the Communications Authority…

FinCEN extends by 45 days its first cross-border orders against 3 Mexican banks tied to fentanyl ML, blocking U.S. transactions and urging swift reforms or face steep penalties

July 9, 2025

The extension, now pushing the compliance deadline to September 4, 2025, follows progress by Mexican regulators who have temporarily taken control of these banks to strengthen anti–illicit finance measures. While the orders prohibit U.S. institutions from conducting certain transactions with these entities, they stop short of requiring asset freezes or OFAC reporting…

EP approves removal of UAE & Gibraltar from high-risk AML list, aligning closer with FATF standards – following AMLA’s pledge to reassess Russia’s AML risk by year-end

July 9, 2025

The EP has approved the removal of the UAE from the EU’s list of High-Risk Third Countries – despite initial resistance, after AMLA promised a year-end review on whether to blacklist Russia. This helped ease opposition from MEPs, especially in Spain. The updated list now aligns with FATF’s grey list but may change based on AMLA’s assessment of Russia’s financial sector amid ongoing sanctions…

U.S DoJ sentences Myrtle Beach Safari owner Bhagavan “Doc” Antle to 12 months in prison and fining $55K for wildlife trafficking and laundering over $500K tied to a human smuggling scheme

July 8, 2025

Antle also must forfeit three illegally obtained chimpanzees and serve three years of supervised release. This case exposes the use of fraudulent nonprofit donations to mask illegal wildlife trade and highlights the DOJ’s focus on combating the intersection of environmental crimes and financial fraud. Co-conspirators have also been prosecuted, reinforcing efforts to hold individuals accountable…

FATF’s Fifth Round Procedures introduce a risk-based, time-sensitive evaluation cycle prioritising high-risk jurisdictions and enforcing stricter follow-up within six years

July 8, 2025

The procedures outline a risk-based approach to mutual evaluations, prioritising jurisdictions with higher money laundering and terrorist financing risks, larger financial sectors, or outdated assessments. The procedures mandate a six-year evaluation cycle with reinforced follow-up, requiring jurisdictions to address key deficiencies within three years or face potential public identification through the ICRG process.

FATF updates its 2023 Consolidated processes and procedures for mutual evaluations and follow-ups

July 8, 2025

Key changes include stricter timelines, clearer expectations for addressing deficiencies, standardized assessor selection, and reinforced confidentiality and conflict-of-interest safeguards. These reforms seek to strengthen the global AML/CTF regime by improving the effectiveness and reliability of assessments, ultimately supporting stronger international cooperation against financial crime…

FATF’s 2025 Terrorist Financing risks report reveals evolving TF threats, with 69% of jurisdictions still fail to understand TF trends and investigate or prosecute effectively, exposing critical gaps

July 8, 2025

The report also warns of gaps in countries’ abilities to fully understand TF trends and thus respond effectively. It calls for urgent action to bolster technical compliance and effectiveness in both the public and private sectors to prevent terrorists from exploiting vulnerabilities. The FATF stresses the importance of enhancing international cooperation and information sharing among FIUs…

Egmont Group marks its 30th anniversary in Luxembourg, uniting 170+ FIUs to boost global efforts against FC and emerging threats from virtual assets, fintech, and cross-border illicit flows

July 8, 2025

The event highlighted emerging risks linked to virtual assets, fintech, and cross-border illicit flows, while underlining the vital role of FIUs in sharing intelligence to support complex investigations. Discussions also focused on adapting to new regulatory challenges, strengthening public-private partnerships, and leveraging data analytics…

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