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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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U.S. DoJ sentences 3 individuals for a violent scheme to rig the U.S.-Mexico vehicle transit market via price-fixing, extortion, and ML – underscoring its crackdown on cross-border criminal networks

July 1, 2025

U.S. DoJ announces the sentencing of three defendants involved in a conspiracy to monopolize the international transmigrante transport industry between the United States and Mexico through extortion, violence, and price-fixing. The individuals used threats and assaults to eliminate competition and control pricing, violating antitrust laws and undermining lawful commerce…

GI-TOC updated Illicit Financial Flows (IFFs) Toolkit spotlights how 6 Western Balkans countries address illicit proceeds linked to corruption, tax evasion, and trade mispricing

July 1, 2025

The report offering country-specific insights into how Albania, Kosovo, North Macedonia, Bosnia and Herzegovina, Montenegro, and Serbia tackle illicit flows linked to corruption, tax evasion, trade mispricing, and informal cash systems. Drawing on FATF-style indicators, national risk assessments, and expert interviews, the toolkit highlights enforcement gaps, regulatory weaknesses, and opportunities for civil society to advocate stronger controls…

 

 

FATF Consolidated assessment ratings (July 25) delists Croatia, Mali, and Tanzania, while adding Bolivia and the UK Virgin Islands over AML/CFT gaps

July 1, 2025

FATF Consolidated assessment ratings (July 25) delists Croatia, Mali, and Tanzania, while adding Bolivia and the UK Virgin Islands over AML/CFT gaps…

MENAFATF upgrades Algeria on five FATF Rec., acknowledging AML/CFT progress but keeping the country under heightened scrutiny due to remaining compliance gaps

June 30, 2025

In its May 2025 enhanced follow-up report, MENAFATF acknowledged Algeria’s progress in strengthening its anti-money laundering and counter-terrorist financing (AML/CFT) measures, resulting in the re-rating of five FATF Recommendations, including those on customer due diligence and wire transfers. However, MENAFATF concluded that Algeria must continue addressing remaining gaps and will remain under enhanced monitoring…

OECD’s 2024 Progress Report on Tax Co‑operation for Development hows that global tax transparency tools are empowering developing countries to uncover offshore evasion and boost revenues

June 30, 2025

The report underscores the importance of inclusive multilateralism, effective exchange of information, and targeted support in strengthening domestic resource mobilisation and combating tax evasion.

MAS finalises AML/CFT rule changes effective 30 June 2025, expanding ML definitions to cover PF, tightening STR timelines, enhancing KYC for trusts/ shell firms, and aligning with FATF standards 

June 30, 2025

The revised framework expands ML definitions to include proliferation financing, tightens STR reporting timelines, and enhances due diligence requirements for trusts, legal arrangements, and shell companies. It also strengthens KYC measures, screening protocols, and SoW/SoF verification standards. The changes aim to align Singapore’s regime with FATF standards, improve cross-border information sharing, and ensure that financial institutions escalate high-risk activities more promptly and effectively…

IMLIT Canada charges 2 individuals and a company in a $40M cross-border ML scheme, uncovering a complex fraud network involving UAE funds, shell companies, and MSB operations 

June 30, 2025

Operating a money service business in Calgary and Vancouver, the accused—Kevin Sarrafi, who was arrested, and Saba Sarrafi, now subject to a Canada-wide warrant—allegedly used shell companies and third-party bank accounts to conceal the origins of illicit funds and bypass reporting obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The case underscores IMLIT’s continued focus on dismantling complex laundering networks tied to organised crime…

FinCEN launches “COMMAND” Exchange series to disrupt illicit financial networks tied to drug and human trafficking, starting in cartel-prone U.S.–Mexico border hubs McAllen and El Paso

June 27, 2025

FinCEN’s COMMAND series aims to enhance information sharing and coordination between law enforcement and financial institutions to more effectively disrupt illicit financial flows linked to narcotics and drug trafficking. This initiative focuses on targeting key border regions to maximise impact and improve the overall effectiveness of counter-narcotics financial enforcement efforts…

FinCEN permits banks to use alternative methods to obtain Tax Identification Number (TIN) from trusted third-parties, streamlining compliance while maintaining robust AML/CFT safeguards

June 27, 2025

FinCEN has authorized financial institutions to use alternative methods for collecting taxpayer identification number (TIN) information from third parties when direct collection is not feasible. This decision aims to enhance the efficiency of TIN collection while ensuring continued adherence to anti-money laundering (AML) regulations…

OLAF and EPPO uncover a €700M cross-border fraud scheme involving undervalued and misclassified imported goods to evade EU customs duties and taxes

June 27, 2025

The network, primarily run by Chinese nationals, operated through shell companies and falsified documents, with goods funneled through the Port of Piraeus in Greece. Raids across Greece, Spain, France, and Bulgaria led to the seizure of €5.8 million, thousands of vehicles, firearms, and luxury assets. An estimated €250 million in customs duties and €450 million in VAT were lost, with proceeds laundered back to China via underground banking and trade-based methods…

MONEYVAL’s 2025 report finds Romania has made technical progress in aligning its AML/CFT laws with international standards but calls for continued efforts to fully address compliance gaps

June 26, 2025

MONEYVAL’s 2025 report highlights Romania’s technical progress in strengthening its AML/CFT framework, particularly in legal reforms and institutional coordination. However, it stresses that further improvements are needed to fully comply with international standards and effectively tackle money laundering and terrorist financing risks.

RUSI’s new report reveals a sharp rise in tech-enabled organised vehicle theft in the UK, urging urgent coordinated action

June 26, 2025

The RUSI report highlights that organised vehicle theft poses significant financial crime risks, including facilitating money laundering through the illicit trade and export of stolen vehicles. It underscores the need for enhanced cross-sector collaboration and strengthened regulatory measures to disrupt criminal networks exploiting vehicle theft for financial gain.

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