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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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Home Office’s ‘Evaluation of Clear, Hold, Build: A local response to serious and organised crime’ shows success in reducing acquisitive crime but identifies challenges in tackling illegal drug supply & ML

January 23, 2025

Clear Hold Build is a place-based operational framework of 3 phases, designed to be deployed flexibly. Clear removes the immediate SOC threats through co-ordinated enforcement work by police and partners to target and disrupt organised crime groups (OCGs) and their spheres of influence through arrests and disruption activity. Hold involves interventions and further disruption activities to consolidate and stabilise the Clear phase, so that remaining OCGs cannot fill the void created. Build involves delivering a whole-system approach through interventions that tackle the drivers of crime and reduce the risk of SOC re-emerging in the future.

FCA reviews firms’ use of the National Fraud Database (NFD) and money mule account detection tools, urging the need for stronger controls

January 23, 2025

A review of firms’ use of the National Fraud Database (NFD) and detection tools revealed inconsistent reporting and monitoring practices, with some firms failing to report the majority of identified mule cases. The FCA is urging firms to improve data-sharing, enhance real-time checks, and refine detection thresholds to address evolving money laundering risks…

 

 

FINTRAC releases a new Operational Alert, Laundering the Proceeds of Illicit Synthetic Opioids, to help businesses detect and report financial transactions linked to fentanyl trafficking

January 23, 2025

. Developed in collaboration with U.S. and Mexican financial intelligence units, the alert highlights money laundering tactics used by organized crime, including darknet markets, virtual currencies, and trade-based laundering. The initiative supports Project Guardian, a public-private partnership targeting opioid-related money laundering. Since 2018, FINTRAC has issued nearly 1,000 intelligence disclosures, aiding law enforcement in disrupting criminal networks.

Europol pinpoints that criminals hire others to violently resolve drug trade disputes through explosive attacks and kidnappings

January 23, 2025

German and Dutch law enforcement have launched a successful cross-border operation arresting 23 suspects involved in violent retaliatory acts linked to the illegal drug trade. The operation, which followed a dispute in Cologne, Germany, saw Dutch criminals hired to carry out attacks, including bombings and kidnappings on German soil. The investigation also uncovered disturbing trends, such as the use of minors in criminal activities and a growing…

 

FINTRAC issues a new alert on ‘Laundering the Proceeds of Illicit Synthetic Opioids,’ to combat the growing threat of deadly illegal drugs and urges FIs to detect suspicious transactions

January 23, 2025

The alert highlights organized crime’s role in opioid trafficking, focusing on precursor chemicals, darknet markets and virtual currencies. It also bolsters Project Guardian, a public-private initiative targeting ML linked to opioids. FINTRAC’s recent contributions have supported key investigations including a major drug trafficking bust in Alberta showcasing the power of financial intelligence in combating the opioid crisis…

 

 

 

Reuters: Singaporean man was charged on for assisting foreigners in forging documents and falsifying accounts linked to a US$3 billion ML operation

January 23, 2025

The operation which unearthed staggering amounts of illicit funds, luxury assets, and real estate sent shockwaves through the Asian financial hub. The foreigners involved received prison sentences ranging from 13 to 17 months before being deported and permanently banned from re-entering Singapore. The case has prompted the government to introduce policy reforms designed to simplify the prosecution of ML cases and bolster financial integrity…

MENAFATF evaluation highlights significant AML/CFT challenges in Djibouti, including limited risk awareness, weak enforcement, poor FI use, low transparency, and inadequate international cooperation

January 22, 2025

Despite a 2024 national strategy to align with FATF recommendations, implementation of AML/CFT measures in Djibouti remains weak, with insufficient national coordination and a focus on predicate offences over ML/TF-specific cases. Overall, the country requires stronger enforcement, intelligence use, and compliance mechanisms to address its AML/CFT deficiencies effectively…

 

FATF Vice-President Jeremy Weil addresses the Chartered Professional Accountants of Canada, highlighting the critical role chartered accountants play in safeguarding the integrity of financial systems

January 22, 2025

Accountants play an increasingly critical role in protecting the integrity of the financial system. From identifying potential red flags in complex legal structures to ensuring compliance with regulations, their expertise is vital in the fight against financial crime. It’s encouraging to see the profession step up as a key line of defense…

US DoJ announced that the Dubai-based Wall Street Exchange will pay over $9.2 m to settle a bank fraud investigation

January 22, 2025

The company admitted responsibility for past actions of its former executives including failing to disclose ML violations and misrepresenting facts to Bank between 2015 and 2018. Despite regulatory actions against its subsidiary, Forex, WSE maintained banking relationships by misreporting the company’s compliance status. The case highlights the importance of robust AML measures, with WSE agreeing to enhance its compliance program…

Vietnamnet Global: Da Nang police have dismantled a US$1.3 billion ML operation, arresting suspects including a bank employee and seizing counterfeit documents and evidence

January 22, 2025

Da Nang police have uncovered a massive ML scheme, with T.Q.T., a 36-year-old from Hai Chau District forging IDs to establish 187 shell companies and open over 600 bank accounts. These accounts used to launder nearly 30 trillion VND ($1.3 billion) facilitated criminal activities such as fraud and online gambling. Several accomplices including a bank employee were arrested for their roles in the operation. Authorities are now working to recover…

Global Witness warns of a concerning shift for environmental and human rights protections from executive orders issued by the new Trump administration

January 21, 2025

The statement criticises President Trump’s recent executive orders for threatening global progress, accusing his administration of prioritizing profits and dangerous ideologies over people, communities, and the environment, while vowing to continue exposing those fueling the climate crisis…

 

Companies House updates its transition plan for reforming its role under the Economic Crime and Corporate Transparency Act 2023, adding two key implementation dates

January 21, 2025

There’ll be new responsibilities for:  all new and existing company directors, people with significant control of a company (PSCs), anyone who files information on behalf of a company. This is a large and complex set of changes which will be introduced in phases over the coming years. The ongoing operation of the changes will be paid for by an increase in Companies House fees, on a cost recovery basis. We review our fees every year to make sure they’re set at the right level. We increased some of our fees on 1 May 2024.

 

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