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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’s Crypto Roadmap outlines a two-year plan to create a secure, clear, and innovation-friendly regulatory framework for the crypto market

November 26, 2024

The key statistics highlight: 12% of UK adults now own crypto (up from 10%), 93% awareness of crypto (up from 91%), Average crypto holdings have increased to £1,842 (from £1,595), 1 in 3 mistakenly believe they can file a complaint with the FCA – crypto remains unregulated, 26% of non-crypto users would consider buying crypto if it were regulated…

 

FinCEN joins public-private partnership to develop a comprehensive national strategy for combating fraud and scams

November 25, 2024

The National Task Force on Fraud and Scam Prevention, convened by the Aspen Institute’s Financial Security Program, brings together key stakeholders including the financial services sector, technology companies, consumer advocacy groups, information sharing and analysis centers, and federal government agencies to develop a comprehensive national strategy for combating fraud and scams. Fraud and cybercrime (including fraudulent schemes) are two of FinCEN’s Anti-Money Laundering and Countering the Financing of Terrorism National Priorities.

Wolfsberg Group unveils 33 FAQs on ‘Defining Digital Assets’, to help FIs better understand digital Assets, assess ML/TF Risks, and develop robust policies to address emerging threats

November 25, 2024

Key highlights from the FAQs include: Clarification of terminology related to digital assets, including definitions of cryptocurrencies, tokens, and distributed ledger technology (DLT); Guidance on applying existing anti-money laundering (AML) and counter-terrorist financing (CTF) controls to digital asset activities; Recommendations for due diligence processes when engaging with digital asset customers or counterparties. Financial institutions should review these FAQs to enhance their understanding of digital assets and strengthen their financial crime compliance frameworks accordingly…

 

Regional Conference in Cambodia unites 10 Asian nations to combat Art and Antiquities trafficking through AML/CFT investigations

November 25, 2024

Protecting cultural heritage is not just about preserving the past; it is about securing our shared future. Disrupting financial crimes in this space strengthens both the cultural and economic integrity of our societies”, stated EU Ambassador to Cambodia, H.E. Igor Driesmans A testament to the European Commission’s unwavering commitment to supporting partner countries around the world including Cambodia in combating money laundering and terrorist financing, the conference delves into the intersection of cultural heritage crime and financial criminality.

Swiss Prosecutors charge Banque Lombard Odier for ‘aggravated money laundering’ failures linked to Gulnara Karimova, the daughter of Uzbekistan’s former president

November 25, 2024

The bank and its former employee are suspected of having played a decisive role in enabling the concealment of the proceeds of «The Office», set up by Gulnara Karimova and considered by the OAG as a criminal organization…

 

INTERPOL and the Govt of Canada launches a new partnership to combat the global multi-billion-dollar vehicle crime industry, aiming to curb the illicit trade fuelling organised crime

November 25, 2024

Stolen vehicles are often moved across continents, sometimes ending up thousands of kilometers away from where they were stolen, making a coordinated international approach crucial.  For organized crime groups, the trade of stolen vehicles and parts can be a low-risk way to fund other criminal activities. The illicit market in spare parts can even put lives at risk, as illegitimate parts are likely to fall below recognized safety standards…

The Global Governance Project publishes an interview with Elisa de Anda Madrazo, FATF President discussing the critical role of FATF in combating ML/TF

November 25, 2024

Robust measures in combating illicit finance are vital for countries to achieve their macroeconomic objectives and to safeguard integrity, stability and growth…

 

CPS exposes a £3m money laundering scheme, involving a Company Director and his wife, an HMRC employee

November 25, 2024

Badesha worked for the HMRC compliance team and she registered the 12 firms with Companies House and did work for them, but failed to declare this to HMRC as a potential conflict of interest. None of the companies were registered with the HMRC for VAT purposes. She created two fake HMRC letters which enabled Singh to open up two personal bank accounts with RBS and Santander…

EPPO Germany secures five convictions in a VAT fraud case involving Covid-19 tests, resulting in a €14m VAT loss

November 25, 2024

According to the investigation carried out by the Tax Investigation Office in Munich (Steuerfahndung München), the defendants organised a cross-border VAT carousel fraud – a complex criminal scheme that takes advantage of EU rules on cross-border transactions between its Member States, as these are exempt from value-added tax…

Quartz: Drug cartels use cryptocurrency Tether to launder money, court documents reveal

November 25, 2024

The revelation comes after Donald Trump nominated Howard Lutnick, the custodian of Tether, as Commerce Secretary. Tether (USDT), currently the third-largest cryptocurrency by market capitalization, has been under intense scrutiny for several months due to federal investigations into its alleged role in facilitating cross-border money laundering. Now, a recent report by 404 Media highlights Tether’s growing use as a money laundering tool for Mexican drug traffickers, according to the U.S. Federal authorities.

TI-UK publishes response to the Cayman Island’s consultation on providing legitimate interest access to beneficial ownership

November 24, 2024

Claims that proposals, in their current form, will not enhance the Cayman Islands effort to tackle money laundering, corruption and its predicate offences, nor will it strengthen the integrity of its financial services.

The Italian Anti-Mafia Investigation Directorate (DIA) releases its second-half 2023 report, outlining the evolving tactics of organised crime and assessing the effectiveness of countermeasures

November 24, 2024

The report highlights the use of subtle strategies, such as issuing false invoices and other economic infiltration practices. Operations like “Resurrezione” and “Transumanza” have uncovered innovative extortion schemes and complex fraud mechanisms. Italian mafias are increasingly interacting with foreign criminal groups, reflecting the growing globalization…

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