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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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Global Initiative issues Policy brief on ‘What’s the protocol on protocols – the risks of a last-minute cybercrime treaty protocol’

July 12, 2024

Introducing a new protocol at this stage could broaden the convention’s scope prematurely, potentially leading to human rights abuses and further complicating the already contentious negotiations. Settling the primary scope of the convention is crucial before considering additional protocols..

The Globe and Mail: TD has recruited regulatory experts for its AML team in response to ongoing investigations into its controls

July 11, 2024

TD has enlisted external regulatory and risk management experts to address deficiencies in its risk and control procedures. Nathalie Martineau, will join TD shortly as VP of AML, governance, and control for Canada, Europe, and Asia-Pacific will try to control the risk procedures in place…

AUSTRAC releases money laundering in Australia national risk assessment 2024

July 9, 2024

The key theme to emerge from this assessment is persistence: persistent exploitation of channels that have historically been used to launder funds (e.g. banks, remitters and casinos); persistent exploitation of high-value assets like luxury watches, vehicles and real estate; and persistent involvement of
professional service providers to help establish complex business structures and associated banking arrangements to help individuals launder funds and conceal wealth.

FATF consults on proposals to update National Risk Assessment guidance, with focus on money laundering requirements

July 8, 2024

The goal is to update the NRA guidance to make it more effective, comprehensive and useful for all stakeholders involved. FATF invites contributions from the private sector, civil society and academia to ensure the guidance is aligned with their experiences…

FATF publishes a report titled ‘Horizontal Review of Gatekeepers’ Technical Compliance related to Corruption, which assesses the current state of play and identifies areas that FATF members must prioritise for further improvement

July 6, 2024

This review found that some cornerstone obligations of the FATF Recommendations fall behind the compliance levels of other obligations. These requirements conducting CDD, implementing internal controls, and providing a supervisor with adequate powers to conduct risk-based supervision are essential requirements to address the vulnerability of gatekeepers to money laundering and corruption threats…

UNODC World Drug Report 2024 reveals that the global drug problem continues to worsen, with increasing drug use and expanding markets

July 6, 2024

The number of people who use drugs has risen to 292 million in 2022, a 20 per cent increase over 10 years. Cannabis remains the most widely used drug worldwide (228 million users), followed by opioids (60 million users), amphetamines (30 million users), cocaine (23 million users), and ecstasy (20 million users)…

INTERPOL reports the freezing 6,745 bank accounts and seizure of USD 257 million in a global police crackdown on online scams

July 5, 2024

Targeting phishing, investment fraud, fake online shopping sites, romance and impersonation scams, Operation First Light 2024 led to the arrest of 3,950 suspects and identified 14,643 other possible suspects in all continents. Police collectively intercepted some USD 135 million in fiat currency and USD 2 million in cryptocurrency…

FCA Joint Executive Director of Enforcement and Market Oversight, Steve Smart delivers speech on “Teamwork: A Smart Way to Tackle Financial Crime” at the Financial Services Investigations and Enforcement Summit

July 5, 2024

Our goal as part of our commitment to reduce and prevent financial crime, is to fight the growth in APP (or Authorised Push Payment) fraud and investment fraud as well as to help tackle money laundering. And we are jointly, alongside partner agencies (including the Payments Systems Regulator), making an impact.

FinCEN issues proposed rule to strengthen and modernise financial institutions’ AML/CFT programmes

July 5, 2024

The proposed rule would amend regulations to explicitly require that AML/CFT programs be effective, risk-based, and reasonably designed, enabling financial institutions to focus their resources and attention in a manner consistent with their risk profiles.

FATF Plenary Outcomes June 2024 highlights that Monaco and Venezuela were added to the FATF “grey” list for strategic deficiencies in their regimes to counter ML/TF, and PF while Jamaica and Turkey were removed from the list

July 5, 2024

Members approved the Priorities of the FATF under the incoming Mexican Presidency – these include a focus on: Advance financial inclusion, Strengthen cohesion of the Global Network, Asset recovery, Beneficial ownership, Virtual assets, Continue efforts to combat terrorist and proliferation financing…

HKMA disciplines DBS Bank (Hong Kong) limited for breaching the AML/CFT Ordinance

July 5, 2024

DBS Bank (Hong Kong) Limited faced disciplinary action due to inadequate systems and controls under the AMLO. The investigation highlighted shortcomings in ongoing monitoring of business relationships, conducting enhanced due diligence in high-risk situations, and maintaining records from April 2012 to April 2019…

UK calls out Russia’s systematic effort to eradicate Ukrainian identity: UK statement to the OSCE

July 5, 2024

Acting Ambassador Brown condemns Russia’s attempts to eradicate Ukrainian identity. As part of a systematic effort of repression, Russia has expanded its forced passportisation, deported thousands of Ukrainian children and murdered civilians for being openly pro-Ukrainian…

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