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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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FATF consults on proposals to change FATF standards to better promote financial inclusion

October 28, 2024

These proposed revisions aim to better promote financial inclusion through increased focus on proportionality and simplified measures in the risk-based approach, and to give countries, supervisors, and financial institutions greater confidence and assurance when implementing of simplified measures.

Europol supports French-led operation to dismantle large migrant smuggling and ML network, seizing over EUR11m in assets following financial investigation

October 28, 2024
The investigation focused on several interlinked criminal groups that were smuggling migrants from the Indian sub-continent (India, Sri Lanka and Nepal) to Europe, the UK and North America. The smugglers facilitated migrants’ travel to the EU via Dubai or different African countries using unlawfully obtained tourist, work or medical visas. Migrants would be charged between EUR 15 000 and EUR 26 000 per person for the full smuggling service…

Europol seizes over EUR 14m in counterfeit currency in operation targeting postal shipments 

October 28, 2024

The vast majority of the seized items were altered-design banknotes, often referred to as ‘movie money’. These reproductions have a similar shape and colour to real banknotes, but include a small disclaimer indicating they are fakes. However, these disclaimers are often overlooked, allowing criminals to pass them off as genuine currency….

FCA cracks down on unregulated “finfluencers” promoting illegal financial products on social media, increasing scrutiny and taking legal action against those violating regulations

October 26, 2024

The FCA issued 38 alerts on social media accounts run by finfluencers suspected of promoting financial products illegally as scams increasingly impact young people. With 62% of 18-29-year-olds following influencers and many trusting their advice finfluencers’ promotions can significantly shape financial decisions…

Home Office announces a new charter with the insurance sector to clampdown on fraud at the Joint Fraud Taskforce meeting

October 26, 2024

The new voluntary charter is designed to identify loopholes in the insurance market, enhance collaboration and criminal justice outcomes, better understand the scale of the problem and improve victim support. The charter covers the vast majority of the insurance sector ranging from general insurance firms to underwriters and has the backing of the British Insurance Brokers’ Association, London & International Insurance Brokers’ Association, Lloyd’s of London, Lloyd’s Market Association and the International Underwriting Association, alongside ABI.

Europol and EUIPO jointly issues a strategic analysis report on ‘Uncovering the ecosystem of intellectual property crime – A focus on enablers and impact’

October 26, 2024

Details the criminal processes behind IP crime, examining factors enabling it and its connection to other organised crime. It also highlights the harmful effects on EU businesses and consumers.

FinCEN and Partner FIU Officials meet in Canada for International Public-Private Partnership events on illicit finance

October 25, 2024

The Symposium included presentations on the emerging trends, typologies, and case studies on Iran-backed terrorist financing, Russian sanctions evasion, online child sexual exploitation, synthetic opioid trafficking, human trafficking, and the illegal wildlife trade….

HMRC updates its Economic Crime Supervision Handbook

October 25, 2024

The aim of the EC-S handbook is to give you clear and comprehensive guidance on how to undertake your role within EC-S. It will help you understand the legislation, how our policies work and how they should be applied. It will also explain how to apply the sanctions framework and the powers available for you to use under the MLR2017…

The Egmont Group launches a newly developed Tackling Trade-Based ML (TBML) & Service-Based ML (SBML) Training Video to combat complex forms of fincrime

October 24, 2024

TBML involves manipulating trade transactions—such as over- or under-invoicing and using shell companies—to conceal illicit funds. Its detection is challenging for financial institutions due to limited knowledge of trade practices and cross-border operations. • TBTF uses trade transactions to secretly fund terrorism, often avoiding detection. Warning signs include unusual trade patterns and connections to high-risk jurisdictions. SBML exploits legal and professional services to obscure illicit funds through complex structures. Detection is complicated by the intangible nature of services and potential misuse of client confidentiality…

 

 

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…

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