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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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FCA fines Volkswagen Finance £5.4m for failing to treat its customers in financial difficulty fairly

October 24, 2024

Volkswagen Finance failed to consider customers unique situations resulting in the wrongful repossession of vehicles from vulnerable individuals many of whom depended on their cars for work. Volkswagen Finance implemented a compensation scheme, enhanced staff training, and revamped its debt collections approach. Therese Chambers from the FCA underscored the critical role cars play in people’s lives and called attention to how…

EPPO uncovers Chinese underground banking network suspected of €113 million VAT fraud

October 23, 2024

EPPO in Bologna and Milan has dismantled a criminal gang accused of evading €113 million in VAT and ML through a Chinese underground banking network. Authorities conducted searches across 20 Italian cities and arrested seven suspects, including two alleged ringleaders, while five others were placed under house arrest. The investigation uncovered a complex international tax fraud scheme involving ghost companies that imported clothing…

FinCEN issues alert to financial institutions to help counter the financing of Hizballah and related terrorist activities

October 23, 2024

This alert builds on a May 2024 advisory focused on Iran-backed terrorist groups, aiming to disrupt Hizballah’s global financial networks and safeguard the U.S. financial system from terrorist exploitation. Since its inception in 1982 Hizballah has engaged in violence against Israel and generates revenue through various illegal activities, including oil smuggling, money laundering, and illegal arms procurement…

INTERPOL in collaboration with the Korean National Police Agency (KNPA) convened the first-ever Future of Policing Congress to address emerging challenges facing law enforcement

October 23, 2024

The Future of Policing Congress is organized into three sessions: the first explores future scenarios, the second examines their impact on law enforcement, and the final session focuses on how law enforcement can prepare to face future challenges…

MAS releases Joint Advisory on rise in Government Official impersonation scam variant featuring impersonation of banks

October 22, 2024

In this variant, the victim would first receive an unsolicited call from a scammer impersonating a bank officer, typically from DBS, OCBC, UOB or Standard Chartered Bank. The scammer would inform the victim that a credit card has been issued under the victim’s name, or that there were suspicious or fraudulent transactions detected in the victim’s bank account, and would ask the victim to confirm these financial transactions…

Meta expands its partnership with UK banks through the FIRE programme to combat online scams, enabling intelligence-sharing that has led to the removal of thousands of fraudulent accounts

October 22, 2024

The Fraud Intelligence Reciprocal Exchange (FIRE) programme, allows banks to share intelligence with us directly to combat scams on our platforms. The early stage of this pilot has already led us to take action against thousands of accounts run by scammers, with approximately 20,000 accounts removed based on data shared…

Eurojust seizes over 6 million illegally exported pills in an international operation targeting a drug trafficking network

October 22, 2024

A criminal group operating an international smuggling route for prescription pills was dismantled during a major operation resulting in the arrest of 47 individuals and the seizure of over 6 million pills by Romanian, Estonian, Finnish, and Serbian authorities with support from Eurojust and Europol. The group sourced pills for treating anxiety, seizures, and insomnia from other criminal networks in Serbia, concealing them in tires, vehicles…

 

Eurojust assists German Authorities in dismantling a €300m large-scale online investment scam

October 22, 2024

The General Public Prosecution Office of Dresden and the Police Directorate of Chemnitz began investigating in June 2020 after online investors were drawn to professional-looking websites that promised high returns on minimal investments leading to approximately EUR 12 million in losses for around 120 German victims. A joint investigation team (JIT) was formed to improve collaboration between German and Serbian authorities resulting in…

Reuters: FATF places Lebanon on financial crime watchlist

October 22, 2024

FATF announced that it has placed Lebanon on its grey list for countries under increased scrutiny. Lebanon, which has been grappling with a financial crisis since 2019 exacerbated by Israeli airstrikes and operations against Hezbollah, has received some leeway regarding deadlines in its action plan. Prime Minister acknowledged that Lebanon’s grey listing was anticipated due to the ongoing challenges in approving essential financial legislation…

INTERPOL global crackdown on illegal Football Gambling uncovers links to human trafficking, money laundering and fraud, seizing over USD 59m in illicit proceeds

October 22, 2024

The operation, code-named SOGA X was designed to tackle illegal online football gambling during the UEFA 2024 European Football Championship, which was predicted to generate a surge in betting turnover, and lucrative profits for criminal organizations. The illegal gambling market is worth a staggering USD 1.7 trillion globally, according to research by the Asian Racing Federation, and is closely tied to other criminal enterprises…

FATF revises its ‘grey listing’ criteria to place a stronger emphasis on risk assessment, adding Algeria, Angola, Côte d’Ivoire, and Lebanon, while removing Senegal from the list

October 22, 2024

The FATF has revised its listing criteria to reduce the burden on least developed countries and prioritize high-risk jurisdictions. These changes target countries that pose the greatest risks to the international financial system, while providing added support to low-capacity nations. The reforms could cut the number of low-capacity countries on the list by half in the upcoming cycle…

 

 

FCA publishes results of non-financial misconduct survey

October 21, 2024

The survey of over 1,000 investment banks, brokers and wholesale insurance firms found that the number of allegations reported increased between 2021 and 2023.

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