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GFI publishes new policy brief on “Leveraging Regional Frameworks for Beneficial Ownership Reforms”

Assesses the roles and impact of regional frameworks, notably the East Africa Community (EAC), the Economic Community of West African States (ECOWAS), the Common Market for Eastern and Southern Africa (COMESA), and the Southern African Development Community (SADC).

Eurojust conducts over 100 searches and four arrests in Latvia, Germany, France, Italy and Malta against financial institution involved in money laundering

National authorities in Latvia, Germany, France, Italy and Malta have carried out over 100 searches in a large-scale operation against a Russian-Eurasian criminal network and a Maltese-based financial institution allegedly involved in money-laundering services. The financial institution is accused of laundering at least EUR 4.5 million from illicit activities since the end of 2015…

 

 

NCA discloses information regarding an international operation aimed at disrupting LockBit, recognised as the world’s most harmful cyber crime group

LockBit and its affiliates caused billions of dollars in damage and extracted tens of millions in ransom from their victims. The NCA has taken control of LockBit’s primary administration environment, which enabled affiliates to build and carry out attacks, and the group’s public-facing leak site on the dark web, on which they previously hosted, and threatened to publish, data stolen from victims…

 

UAE banks limit payments with Russia over secondary sanctions threat

Major lenders in the UAE have begun to close bank accounts belonging to Russian nationals as a response to the threat of secondary sanctions from the US. These warnings had already led to banks in China and Turkey to restrict accounts of Russian nationals…

Law Commission consults on its project on private international law in the context of digital assets and electronic trade documents

Commission is seeking help in understanding the most challenging and prevalent issues of private international law that arise from the digital, online, and decentralised contexts in which modern digital assets and electronic trade documents are used. The commission is also launching a short consultation exercise on draft legislation to confirm the existence of a third category of personal property into which crypto-tokens and other assets could fall.

Hong Kong Customs detects largest money laundering case on record involving about $14 billion

Hong Kong Customs mounted an enforcement operation codenamed “Daybreak” and successfully dismantled a large-scale transnational money laundering syndicate which had laundered about $14 billion through transnational trade activities, as well as a money laundering operation centre…

FinCEN proposes AML Rule for Investment Advisers

The proposed regulations will apply to investment advisers that may be at risk for misuse by money launderers, terrorist financers, or other actors who seek access to the U.S. financial system for illicit purposes via investment advisers and threaten U.S. national security…

FCA announces the arrest of four individuals on suspicion of insider dealing, conspiracy to insider deal and ML linked to organised crime

On 1 February 2024, the FCA working with the National Crime Agency (NCA) conducted a major operation to arrest 3 London based individuals on suspicion of insider dealing, conspiracy to insider deal and money laundering linked to organised crime.

FCA identifies four areas which can help to bolster efforts to reduce and prevent financial crime

The four areas focus on data and technology, collaboration, consumer awareness, and metrics (measuring efficiency). The FCA has also highlighted the role for other sectors to play, as sharing data and intelligence is central to tackling financial crime. It is continuing to strengthen relationships with jurisdictions where supervisory…

The White House releases notice on the continuation of the national emergency with respect to the situation in Burma

The situation in and in relation to Burma, and in particular the February 1, 2021 coup, in which the military overthrew the democratically elected civilian government of Burma and unjustly arrested and detained government leaders, politicians, human rights defenders, journalists, and religious leaders, thereby rejecting the will of the people of Burma as expressed in elections held in November 2020…

The White House issues notice on the continuation of the national emergency with respect to the widespread humanitarian crisis in Afghanistan and the potential for a deepening economic collapse

The widespread humanitarian crisis in Afghanistan including the urgent needs of the people of Afghanistan for food security, livelihoods support, water, sanitation, health, hygiene, and shelter and settlement assistance, among other basic human needs and the potential for a deepening economic collapse in Afghanistan continue to pose an unusual and extraordinary threat to the national security…

US DOJ sentences 2 Chinese nationals for trafficking counterfeit Gift Cards to Belleville

The defendants retained the access numbers to 6,100 gift cards with intent to place the altered gift cards on the sales racks at Target. Once a gift card was loaded with funds by an unsuspecting patron, the fraudsters would have the codes needed to steal the funds…