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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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MONEYVAL’s follow-up report highlights that Georgia’s 2024 AML amendments addressed key deficiencies in risk assessment and virtual asset regulations but still require further progress

December 11, 2024

As a result, the country has been re-rated from “partially compliant” to “largely compliant” on two Financial Action Task Force’s (FATF) recommendations which concern assessing risks and new technologies. Overall, out of the 40 recommendations provided in 2022, Georgia currently has been rated:  “compliant” on seven recommendations, “largely compliant” on twenty-four recommendations, “partially compliant” on eight recommendations, and “non-compliant” on one recommendation, that related to non-profit organisations…

UNODC publishes report on illicit weapons trafficking in the Gulf of Aden and the Red Sea

December 10, 2024

In this report, threats from the Houthi’s are considered and main trafficking routes across the Red Sea and overland Oman are examined.

Basel publishes AML Index for 2024

December 10, 2024

The Basel AML Index provides risk scores for countries and jurisdictions based on data from 17 publicly available sources such as the Financial Action Task Force (FATF), Transparency International and the Global Initiative against Transnational Organized Crime. The risk scores cover five domains considered to contribute to a high money laundering risk: 1) Quality of AML/CFT/CPF framework 2) Corruption and fraud risks 3) Financial transparency and standards 4)Public transparency and accountability 4)Legal and political risks.

UNODC ‘Myanmar Opium Survey 2024’ reports that Myanmar remains a leading source of opium and heroin

December 10, 2024

The report analyses data collected in Myanmar during the third growing season since the military takeover. Showing a moderate decrease of 4 per cent from 47,100 to 45,200 hectares and a similar decrease in yield per hectare, the findings point to an initial stabilization of cultivation at the current high levels, cementing Myanmar’s status as the world’s leading source of opium…

Europol’s EU Terrorism Situation and Trend Report (EU TE-SAT) 2024 offers a comprehensive overview of the evolving terrorism landscape in the EU throughout 2023

December 10, 2024

Terrorist actors are continuously adapting their narratives, outreach and activities in response to the most recent geopolitical and socioeconomic developments. The targeting of young people and their involvement by terrorist groups, including their active role in the production of online propaganda and the planning of attacks, is an increasing concern. Equally concerning is the use of AI and other technology by terrorist groups to strengthen their messages and facilitate their operations. Europol and its partners stand resolute to combat these emerging developments through strong partnerships and innovative solutions…

Wolfsberg provides feedback on FATF’s proposed amendments to Rec. 1, 10, and 15, advocating for tailored ‘alternative measures’ to enhance financial inclusion, while safeguarding AML/CFT efforts

December 10, 2024

Key highlights include; Risk-based regulations are crucial-excessive AML/CFT measures that don’t align with risks are ineffective and inefficient, Unintended consequences, like limiting financial access to underserved communities, can undermine the effectiveness of AML/CFT regimes, An effective AML/CFT program reduces customer friction while supporting financial inclusion objectives…

 

INTERPOL’s ‘Think Twice’ Campaign raises awareness of the rise in cyber and financial crimes, urging vigilance against threats like ransomware, malware, and AI-driven scams

December 10, 2024

The Think Twice campaign, which includes a series of short videos, focuses on five rising online threats: ransomware attacks, malware attacks, phishing, generative AI scams, and romance baiting. These sophisticated scams have seen a significant increase in recent years, with ransomware attacks up by 70 per cent, and malware attacks rising by over 30 per cent in the past year alone, with some 20 per cent of employees unknowingly running malware…

MONEYVAL reports that Monaco has strengthened its measures to combat ML/TF, achieving ‘large compliance’ with 32 and ‘full compliance’ with 7 of the 40 FATF

December 10, 2024

The positive actions taken by the authorities have improved Monaco’s compliance with the  FATF’s Rec. 4 (Confiscation and provisional measures), 6 (Targeted financial sanctions related to terrorism and terrorist financing), 7 (Targeted financial sanctions related to proliferation), 8 (Non-profit organisations), 12 (Politically exposed persons), 23 (Measures related to designated non-financial businesses and professions), 24 (Transparency and beneficial ownership of legal persons)…

Europol’s Bonus Episode, marking the Agency’s 25th anniversary, covers 1999 to the present, highlighting major cases and the Agency’s evolution into a central criminal intelligence hub

December 9, 2024
Jürgen Storbeck, Max-Peter Ratzel, Sir Rob Wainwright and Executive Director Catherine De Bolle, discuss the biggest cases of their time, and how Europol became the nerve centre of criminal intelligence that it is today…

 

MONEYVAL concludes that Croatia has strengthened its measures for tackling money laundering and combating financing of terrorism

December 9, 2024

The report found Croatia to have improved its compliance with the Financial Action Task Force’s Recommendations 1 (Assessing risks and applying a risk-based approach), 2 (National cooperation and coordination), 6 (Targeted financial sanctions related to terrorism and terrorist financing), 7 (Targeted financial sanctions related to proliferation), 15 (New Technologies), 18 (Internal controls and foreign branches and subsidiaries), 33 (Statistics), 35 (Sanctions) and 36 (International instruments)

 

 

EPPO Germany carries out searches at bank in €200m VAT fraud probe, involving a company MD accused of creating a fictitious business identity for processing transactions

December 9, 2024

The suspect received bank transfers totalling over €200 million from 127 different companies in Italy and Slovakia to his accounts in Germany between 2016 and 2022. The money is understood to have originated primarily from a 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…

 

 

Belgian and Dutch authorities, supported by Eurojust and Europol, dismantled an international ‘phone phishing’ gang that targeted elderly victims, scamming millions of euros

December 9, 2024

Most of the fraudulent activities took place in Belgium, but the organised crime group (OCG) behind the scam operated mainly from Rotterdam and other cities in the Netherlands. This week’s arrests have led to the apprehension of the alleged leaders of the OCG, though the investigations into the fraud continue. The fraudsters allegedly scammed victims out of at least several million euros. ..

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