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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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Quartz: Drug cartels use cryptocurrency Tether to launder money, court documents reveal

November 25, 2024

The revelation comes after Donald Trump nominated Howard Lutnick, the custodian of Tether, as Commerce Secretary. Tether (USDT), currently the third-largest cryptocurrency by market capitalization, has been under intense scrutiny for several months due to federal investigations into its alleged role in facilitating cross-border money laundering. Now, a recent report by 404 Media highlights Tether’s growing use as a money laundering tool for Mexican drug traffickers, according to the U.S. Federal authorities.

TI-UK publishes response to the Cayman Island’s consultation on providing legitimate interest access to beneficial ownership

November 24, 2024

Claims that proposals, in their current form, will not enhance the Cayman Islands effort to tackle money laundering, corruption and its predicate offences, nor will it strengthen the integrity of its financial services.

The Italian Anti-Mafia Investigation Directorate (DIA) releases its second-half 2023 report, outlining the evolving tactics of organised crime and assessing the effectiveness of countermeasures

November 24, 2024

The report highlights the use of subtle strategies, such as issuing false invoices and other economic infiltration practices. Operations like “Resurrezione” and “Transumanza” have uncovered innovative extortion schemes and complex fraud mechanisms. Italian mafias are increasingly interacting with foreign criminal groups, reflecting the growing globalization…

TI-UK analysis reveals £5.9bn in suspicious funds used to purchase UK properties via shell companies in UK’s Overseas Territories, with over 90% channelled through the British Virgin Islands

November 24, 2024

Corporate secrecy in the UK’s Overseas Territories plays a central role in enabling corruption, money laundering, and the evasion of tax and sanctions on a global scale. The research highlights the Overseas Territories’ role as global hubs for suspicious and illicit wealth. The secrecy provided by these jurisdictions have made them destinations of choice for corrupt individuals seeking to conceal criminal acts and enjoy the proceeds of their crimes with impunity. Greater transparency is essential to trace these financial flows, not only within the property sector but in the broader fight against corruption and money laundering. Of UK£11.1 billion (US$14.1bn) invested in 1,600 UK properties, since 2016, using funds with dubious origins, half (UK£5.9bn (US$7.5bn)) came via shell companies set up in UK Overseas Territories, with most (UK£5.5bn (US$7.0bn) from entities registered in the British Virgin Islands (BVI)…

New ICO Guidance on sharing personal data in fraud investigation provides important directions for organisations on how to lawfully share personal data under UK GDPR

November 22, 2024

The ICO Guidance aligns with UK Govt Guidance measures that encourages voluntary information sharing for preventing economic crime, as outlined in the ECCT Act 2023. Key takeaways: Data Protection Impact Assessments (DPIA) Required – to assess and mitigate risks associated with sharing personal data for fraud investigations. Clear Data-Sharing Agreements – to ensure there is a lawful basis for sharing personal data under GDPR. Provide Practical Tools, Templates & Case Studies – to assist organisations in staying compliant when sharing data. Supporting Cross-Sector Collaboration – to improve the overall impact of data-sharing efforts…

Isle of Man FSA releases a series of videos to raise awareness of proliferation financing risks

November 22, 2024

The videos are part of a PF outreach programme being coordinated by a number of government agencies, including the Financial Services Authority, Gambling Supervision Commission, Financial Intelligence Unit, Cabinet Office, and Treasury’s Customs and Immigration Division.The recordings will cover a range of key topics to enhance understanding of PF and assist firms in meeting their obligations in relation to the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Code 2019. The proliferation of weapons of mass destruction is identified by the FATF as an emerging threat in terms of financial crime…

 

Bank of England and FCA 2024 survey on AI and Machine learning in UK financial services, reveals a sharp increase in AI adoption, with 75% of firms now use AI, with growing reliance on third-party providers

November 21, 2024

Of the top five perceived current risks, four are related to data: data privacy and protection, data quality, data security, and data bias and representativeness. The risks that are expected to increase the most over the next three years are third-party dependencies, model complexity, and embedded or ‘hidden’ models. The increase in the average perceived benefit over the next three years (21%) is greater than the increase in the average perceived risk (9%). Cybersecurity is rated as the highest perceived systemic risk both currently and in three years. The largest increase in systemic risk over that period is expected to be from critical third-party dependencies…

 

 

 

INTERPOL-led initiative seizes illegal products worth more than USD 200m in South American operation

November 20, 2024

Operation Crete II (August to September 2024) brought together 12 countries to combat a range of intellectual and industrial property infringements. These included the illicit trade of counterfeit fashion items, medical products, as well as digital piracy. The operation, coordinated and supported by INTERPOL, focused on products that pose a threat to the health and safety of consumers…

 

UN achieves a historic milestone (Aug 2024) by approving its first legally binding cybercrime instrument, strengthening global efforts to tackle digital-age crimes

November 20, 2024

This landmark agreement aims to strengthen global efforts against digital-age crimes by enhancing international cooperation, bolstering law enforcement initiatives, and advancing technical assistance and capacity-building for cybercrime prevention. From terrorism financing to trafficking and fraud, this treaty emphasizes the critical role of tech in both enabling and combating financial crime.

Home Office releases ‘New Guidance on Failure to Prevent Fraud,’ offering key insights on corporate criminal offense compliance

November 18, 2024

The Guidance clarifies the steps large organisations must take to avoid criminal liability for fraud committed by their employees or agents. Effective from Sept 2025, this offence holds companies accountable if they profit from fraud, requiring them to demonstrate “reasonable procedures” to prevent such activities. The guidance emphasizes the need for a strong anti-fraud culture…

Eurojust publishes report summarising meetings on money laundering and asset recovery in 2023/24

November 18, 2024

The meetings brought together dedicated prosecutors specialised in asset recovery and tackling money laundering from the European Union and countries with liaison prosecutors at Eurojust. Furthermore, representatives of the European Commission (DG FISMA, DG HOME, DG JUST and DG ECFIN), Europol, EPPO, EJN, CARIN network, INTERPOL, the Council of Europe (MONEYVAL), FATF and representatives from Asset Recovery Offices, Asset Management Offices and Financial Intelligence Units, participated.

FSB outlines steps it has taken to address current and emerging vulnerabilities in latest annual report

November 18, 2024

Key priorities include addressing lessons from the March 2023 banking turmoil; enhancing the resilience of NBFI; addressing financial risks from climate change; improving cross-border payments; responding to technological innovation; and enhancing the resolvability of central counterparties.

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