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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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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.

 

APGML finds that Samoa has made progress in addressing the technical compliance deficiencies identified in its Mutual Evaluation and Follow-up Reports

January 21, 2025

Samoa has made advancements since its 2015 Mutual Evaluation Report (MER), including amendments to legislation and issuing guidance for financial institutions.
Moderate to major shortcomings remain in areas such as ongoing due diligence, enforcement of BO requirements, and supervisory frameworks, particularly concerning international legal persons and VASPs.

BVI Govt publishes draft regulations setting out the conditions under which 3rd parties will be able to access personal information held in its central register of beneficial ownership

January 21, 2025

Proposals  will allow access to specific groups with a legitimate interest, such as financial institutions, media, civil society, and academics, to access beneficial ownership registers. Stakeholder feedback is sought on the definition of legitimate interest and protection mechanisms…

 

SEC Acting Chairman Uyeda launches a Crypto Task force dedicated to developing a comprehensive and clear regulatory framework for crypto assets

January 21, 2025

The Task Force’s focus will be to help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously…

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