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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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US DoJ seizes over US $6m in suspected proceeds from a cryptocurrency confidence scheme

October 11, 2024

In Southeast Asia, perpetrators targeted individuals in the US and fraudulently obtained millions in cryptocurrency through a confidence investment scheme prompting the FBI to trace victim funds on the blockchain and uncover over US $6 million in multiple cryptocurrency wallets. These schemes typically involve criminals manipulating potential victims via misdirected texts or dating apps, leading them to fake investment platforms…

UNODC ‘Transnational Organised Crime’ report exposes escalating threat of organised crime in the Pacific

October 11, 2024

The report reveals that foreign crime syndicates, primarily from Asia and the Americas, are exploiting the Pacific’s strategic location to traffic illicit drugs and other contraband. The region’s isolation, once considered a barrier, now provides these groups with opportunities to operate in less-patrolled waters, facilitating large-scale shipments through ship-to-ship transfers…

 

 

 

 

SFO recovers an additional £295,000 from hidden pensions belonging to a convicted fraudster who was convicted for an international metal trading scam

October 11, 2024

The SFO has recovered £295,000 from two pension funds in its ongoing investigation into convicted fraudster assets raising the total recovery to nearly £6 million which also includes proceeds from his Marylebone home sale and seized valuable items. The investigation revealed that Rastogi and his co-directors fabricated over 300 fake customers with false addresses worldwide to obtain cash advances from banks…

FATF’s update on Kuwait’s AML/CFT measures shows investigative progress but emphasise the need for better case understanding, prosecution, and asset-freezing enforcement

October 11, 2024

The FATF mutual evaluation of Kuwait found that while the country has a basic understanding of ML risks, its awareness of terrorist financing risks remains low. Kuwait has increased ML investigations, but challenges remain in securing convictions, and its legal framework lacks enforceable measures to freeze assets linked to terrorism or proliferation. Additionally, Kuwait needs to strengthen its risk-based approach in the non-profit sector…

 

 

FATF re-rates Japan on six Recommendations in recognition of the country’s progress since the 2021 Mutual Evaluation

October 10, 2024

Reflects improvements in measures targeting proliferation, NPOs, Politically exposed persons and DNFBPs; as well as new focus on the transparency and beneficial ownership of legal arrangements.

FCA fines TSB £10.9m for failing to properly support customers in financial difficulty, with inadequate systems and controls that led to unaffordable repayment plans and inappropriate fees

October 10, 2024

TSB Bank has been fined £10.9 million by the FCA for failing to properly support customers in financial difficulty, with inadequate systems and controls that led to unaffordable repayment plans and inappropriate fees. Despite identifying issues in 2016 effective action wasn’t taken until 2020 FCA-ordered review which revealed the extent of the failings. TSB has since paid £99.9 million in redress and implemented a £105 million program…

New Zealand publishes its AML/CFT Programme Guideline

October 9, 2024

The Act improves New Zealand’s safety by making it harder for criminals to profit from their offending. It also provides a mechanism for potential criminal activity to be reported and then investigated, for tackling organised crime and depriving criminals of assets amassed from illegal activity. Similarly, by making it harder to finance terrorism, the Act disrupts terrorist activities, both in New Zealand and worldwide….

Inter-Ministerial Committee publishes Recommendations to strengthen Singapore’s Anti-Money Laundering Framework: ‘Proactive Prevention, Timely Detection, Effective Enforcement

October 9, 2024

It focused on five key areas: a) How to better prevent money launderers from misusing corporate structures; b) How financial institutions can enhance their controls and collaborate more effectively with one another and the authorities to guard against and flag suspicious transactions; c) How other gatekeepers in the system, like corporate service providers, real estate salespersons and estate agencies, and precious stones and precious metals dealers can better guard against ML risks, including the adequacy of the existing regulatory framework over these players;…

OECD new survey finds that stronger consumer protections are needed to address current and emerging harms in online commerce

October 9, 2024

Nine out of ten consumers have been affected by “dark commercial patterns” – manipulative online design tactics such as countdown timers, hidden fees, and subscription traps that influence consumer behaviour and often lead to unintended purchases or privacy compromises. These deceptive practices are widespread on websites and apps, posing significant risks to consumers worldwide.

The Betting and Gaming Council (BGC) launches its first International Best Practice Guide, a vital new resource for online gaming operators and policymakers around the world

October 9, 2024

The guide, commissioned by the BGC and compiled by leading professional services firm Alvarez and Marsal (A&M), sets out core objectives for policymakers, and the different approaches jurisdictions take to achieve them. Drawing on lessons from around the world, it then highlights the benefits and disadvantages of those varying regulatory choices. Please request a copy, email Pierre.Tournier@BettingandGamingCouncil.com...

 

Eurojust assists authorities in Germany, Croatia, Czechia, and Italy in combating a long-term fraud scheme involving illegal or undeclared labor and tax evasion, ongoing since 2019

October 9, 2024

The perpetrators set up three different building companies, mainly operating in and around the city of Münster in Germany, which did not pay taxes or social levies on the wages of their employees. To mask this fraud, a string of so-called service companies were set up in the Czechia, which supplied fake invoices. One of the suspects also functioned as alleged manager or administrator of some of the enterprises, to give the fraud an official front…

 

 

 

MEPs expose involvement of pro-Russian Moldovan oligarchs and Russia’s state-funded RT network in Moldovan voter fraud schemes, along with cyber operations and information warfare

October 9, 2024

MEPs adopted a resolution issuing a strong warning against continued Russian attempts to derail Moldova’s pro-European trajectory. They also call on the EU and its member states to ensure that all necessary assistance is provided to Moldova to strengthen its institutional mechanisms and ability to respond to hybrid threats…

 

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