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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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ESAAMLG notes that Madagascar has made progress in resolving technical compliance shortcomings identified in its 2018 Mutual Evaluation Report

August 26, 2024

Madagascar is re-rated on seven recommendations, including those covering CDD, PEPs, Wire Transfers, Reliance of Third Parties and Sanctions.

ESAAMLG re-rates Malawi on Two Recommendations from the 2019 Mutual Evaluation Report in latest follow-up

August 26, 2024

Re-ratings were applied to Recommendation 2, which coves national coordination and cooperation; and Recommendation 3, on the criminalisation of money laundering.

FinCEN reminds financial institutions to remain vigilant to suspicious transactions associated with synthetic opioids

August 26, 2024

Reminds financial institutions to monitor for and report suspicious transactional activity related to the illicit fentanyl supply chain and the trafficking of illicit fentanyl and other synthetic opioids.

TI Russia have conducted an in-depth analysis of illegal money transfers from Russia to the UK through e-payments over the past decade, emphasising the need for stringent regulatory controls and international cooperation to close loopholes in the e-payment sector

August 26, 2024

This research explores the illicit trade of verified business bank accounts often used by criminals to conceal large financial transfers. It highlights regulatory shortcomings and the role of dark web marketplaces where such accounts, registered under false identities but with real documents, are sold. The study also notes that e-payment platforms despite strict AML procedures are notably vulnerable, with 18% of all Defence aganist ML…

Europol and New Zealand strengthen ties to fight serious crime and terrorism

August 25, 2024

The agreement includes provisions on the exchange of information and data protection, the rights of data subjects, the establishment of a supervisory authority, and administrative and judicial redress. This is the first agreement of its kind since the Europol Regulation 2017, which allows Europol to transfer personal data to an authority of a third country on the basis of an international agreement between the EU and the third country…

UNODC publishes report on organised criminal networks linked with drug trafficking in the Eastern Indian Ocean region

August 24, 2024

This examines the complex dynamics of transnational drug smuggling in Maldives and Sri Lanka, highlighting the role of socio-cultural factors, corruption, and emerging trafficking routes. The report also addresses the increasing influence of maritime routes in drug trafficking and the evolving use of air and postal methods.

Independent: Chile’s leading lawyer has been detained on ML and tax fraud charges, shaking the nation’s elite

August 24, 2024

Chile’s top lawyer, Luis Hermosilla, has been detained pending trial on charges of ML and tax fraud following a high-profile corruption scandal. The court approved the prosecution’s request for his detention after leaked recordings suggested he discussed bribes with a former client. The investigation has implicated judges and business leaders, threatening Chile’s reputation for low corruption and its standing with international financial institutions…

Finextra: Deutsche Bank agrees to settle majority of post bank shareholder claims as it is facing difficulty since 2008

August 23, 2024

Deutsche Bank has settled most claims in the Postbank case agreeing to pay former shareholders an additional €31 per share on top of the €25 previously paid though some shareholders remain dissatisfied. Following last week’s denials the banks share price fell but rose 3% with the announcement of further settlements, the bank also plans to cut its future pay out reserves by €430 million…

Reuters: RBB Bancorp announces that US regulators have lifted the October 2023 consent order

August 22, 2024

RBB Bancorp announced that the consent order issued by US regulators in October 2023 has been lifted. This comes after resolving deficiencies in its AML and CFT program. The order was imposed by the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation…

ESMA publishes the translations in all official EU languages of its Guidelines on funds’ names using ESG or sustainability-related terms

August 21, 2024

The objective of the Guidelines is to ensure that investors are protected against unsubstantiated or exaggerated sustainability claims in fund names, and to provide asset managers with clear and measurable criteria to assess their ability to use ESG or sustainability-related terms in fund names…

BaFin seizes €25million in a nationwide crackdown on illegal crypto ATMs

August 21, 2024

BaFin’s crackdown involved coordinated raids across 35 locations in Germany, seizing 13 unregistered cryptocurrency ATMs operating illegally under Section 32 of the German Banking Act. These ATMs facilitated euro-crypto exchanges, posing significant risks to the financial system, particularly in fraud and ML. BaFin’s actions reinforce its mandate to regulate Germany’s financial market and ensure compliance with the law…

UNODC Member States finalise a new cybercrime convention that will enhance international cooperation, law enforcement efforts, technical assistance, and capacity-building relating to cybercrime

August 20, 2024

The aim of this draft convention is to strenghen international cooperation for combating certain crimes committed by means of information and communications technology systems and for the sharing of evidence in electronic form of serious crimes…