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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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UK and 38 countries unite with international cyber insurance bodies at the Counter Ransomware Initiative 2024 to endorse new guidance supporting organisations experiencing ransomware attacks

October 6, 2024

The guidance will encourage organisations to carefully consider their options instead of rushing to make payments to cyber criminals in an attempt to stop disruption and data loss. It makes clear that paying a ransom will often only embolden these criminals to target other victims, and there is no guarantee of data retrieval, malware removal or the end of a ransomware attack…

US DOJ disrupts Russian Intelligence spear-phishing efforts, aimed at committing computer fraud and abuse in the US

October 5, 2024

The seizure of 41 internet domains reflects the Justice Department’s cyber strategy in action – using all tools to disrupt and deter malicious, state-sponsored cyber actors,” said Deputy Attorney General Lisa Monaco. “The Russian government ran this scheme to steal Americans’ sensitive information, using seemingly legitimate email accounts to trick victims into revealing account credentials. With the continued support of our private sector partners, we will be relentless in exposing Russian actors and cybercriminals and depriving them of the tools of their illicit trade.”…

DEA issues warning about illegal online pharmacies

October 4, 2024

Follows an increase in illegal online pharmacies selling and shipping counterfeit pills made with fentanyl and methamphetamine to unsuspecting customers in the United States who believe they are purchasing real pharmaceutical drugs such as Oxycodone, Adderall, Xanax, and other drugs from legitimate pharmacies.

The Global Initiative publishes report looking at the roles played by women in international organised crime networks

October 4, 2024

The report offers a unique gendered perspective, highlighting that organized crime impacts women in distinct ways. It calls for policies that address these specific vulnerabilities, particularly the link between gender-based violence and criminal economies.

OECD Crypto Asset Reporting Framework XML Schema User Guide for Tax Administrations provides guidelines on implementing a standardised approach to reporting crypto-asset transactions

October 4, 2024

This document contains the user guide for the XML schema that supports the automatic exchange of information pursuant to the Crypto-Asset Reporting Framework (CARF), as approved by the OECD in 2023…

US DOJ convicts man for cyber intrusion and $37m cryptocurrency theft conspiracies

October 3, 2024

According to court documents, in February of 2022, Light was involved in a cyber-intrusion involving an investment holdings company located in Sioux Falls, South Dakota. During the cyber-intrusion, Light stole customer personal identifiable information (“PII”) and then stole cryptocurrency worth over $37 million from nearly 600 victims. He acted with one or more unidentified perpetrators…

Global law enforcement unites with INTERPOL to combat major cyber-enabled crimes in West Africa, through enhanced international intelligence sharing

October 3, 2024

The scam, which resulted in reported financial losses of over USD 1.4 million, involved perpetrators who posed as buyers on small advertising websites. The fraudsters used QR codes to direct victims to fraudulent websites that mimicked a legitimate payment platform where victims would unwittingly enter personal information such as their log in details or card number. They also impersonated the platform’s customer service agents over the phone to further deceive victims…

NCA profiles Russian cybercrime group, Evil Corp, in new briefing

October 2, 2024

Evil Corp has developed a series of malware and ransomware strains which have caused significant harm to numerous organisations and sectors, including healthcare,
critical national infrastructure and government.

FCA consults on proposals to make safeguarding rules stronger and clearer for payment and e-money firms

October 1, 2024

Firms have until December 17, 2024, to provide feedback on these proposals. The FCA proposes a new framework where funds and assets are held in trust for consumers, similar to the client assets (CASS) regime, to minimize risks associated with the current safeguarding practices. The changes are designed to make safeguarding practices clearer and more robust…

JMLSG publishes revisions to Part II Sector 18 (Wholesale markets)

September 30, 2024

This sectoral guidance considers specific issues over and above the more general guidance set out in Part 1, Chapters 4, 5, and 7, which firms operating in the wholesale markets may want to take into account when considering applying a risk-based approach

OECD releases ninth edition of Tax Policy Reforms

September 30, 2024

The annual publication “Tax Policy Reforms: OECD and Selected Partner Economies” provides a summary and comparison of tax reforms across countries.

FCA delivers speech at the AFME Annual European Compliance and Legal Conference on the FCA’s evolving enforcement strategy, emphasising the need for faster, targeted investigations to combat financial crime and provide timely market alerts

September 28, 2024

The FCA is improving its processes and embracing innovation, intervening earlier, acting faster and with more focus. The FCA is taking a targeted, outcomes-based approach, enabling a fair and thriving financial services sector for the good of consumers and the economy…