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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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New Zealand publishes its AML/CFT Programme Guideline

October 9, 2024

The Act improves New Zealand’s safety by making it harder for criminals to profit from their offending. It also provides a mechanism for potential criminal activity to be reported and then investigated, for tackling organised crime and depriving criminals of assets amassed from illegal activity. Similarly, by making it harder to finance terrorism, the Act disrupts terrorist activities, both in New Zealand and worldwide….

Inter-Ministerial Committee publishes Recommendations to strengthen Singapore’s Anti-Money Laundering Framework: ‘Proactive Prevention, Timely Detection, Effective Enforcement

October 9, 2024

It focused on five key areas: a) How to better prevent money launderers from misusing corporate structures; b) How financial institutions can enhance their controls and collaborate more effectively with one another and the authorities to guard against and flag suspicious transactions; c) How other gatekeepers in the system, like corporate service providers, real estate salespersons and estate agencies, and precious stones and precious metals dealers can better guard against ML risks, including the adequacy of the existing regulatory framework over these players;…

OECD new survey finds that stronger consumer protections are needed to address current and emerging harms in online commerce

October 9, 2024

Nine out of ten consumers have been affected by “dark commercial patterns” – manipulative online design tactics such as countdown timers, hidden fees, and subscription traps that influence consumer behaviour and often lead to unintended purchases or privacy compromises. These deceptive practices are widespread on websites and apps, posing significant risks to consumers worldwide.

The Betting and Gaming Council (BGC) launches its first International Best Practice Guide, a vital new resource for online gaming operators and policymakers around the world

October 9, 2024

The guide, commissioned by the BGC and compiled by leading professional services firm Alvarez and Marsal (A&M), sets out core objectives for policymakers, and the different approaches jurisdictions take to achieve them. Drawing on lessons from around the world, it then highlights the benefits and disadvantages of those varying regulatory choices. Please request a copy, email Pierre.Tournier@BettingandGamingCouncil.com...

 

Eurojust assists authorities in Germany, Croatia, Czechia, and Italy in combating a long-term fraud scheme involving illegal or undeclared labor and tax evasion, ongoing since 2019

October 9, 2024

The perpetrators set up three different building companies, mainly operating in and around the city of Münster in Germany, which did not pay taxes or social levies on the wages of their employees. To mask this fraud, a string of so-called service companies were set up in the Czechia, which supplied fake invoices. One of the suspects also functioned as alleged manager or administrator of some of the enterprises, to give the fraud an official front…

 

 

 

MEPs expose involvement of pro-Russian Moldovan oligarchs and Russia’s state-funded RT network in Moldovan voter fraud schemes, along with cyber operations and information warfare

October 9, 2024

MEPs adopted a resolution issuing a strong warning against continued Russian attempts to derail Moldova’s pro-European trajectory. They also call on the EU and its member states to ensure that all necessary assistance is provided to Moldova to strengthen its institutional mechanisms and ability to respond to hybrid threats…

 

UNODC report reveals rising cyber-enable fraud ML in Southeast Asia, driven by advanced tech like AI and deepfakes, causing up to $37B in losses

October 9, 2024

The report reveals billion-dollar cyberfraud industry expands in Southeast Asia as criminals adopt new technologies. Cryptocurrency is increasingly being used by these syndicates as a method for money laundering, providing a decentralized and relatively anonymous means to move and conceal funds…

FATF President introduces new criteria for determining how countries are placed on the grey list, exempting low-income countries under the $10bn threshold

October 9, 2024

The new shift means that “poorer countries” will not be put under the title of countries that need to be monitored and supervised with an extra examination based on the risks related to money laundering (ML) or terrorist financing (TF). The recently assigned president of the “Financial Action Task Force (FATF),” Elisa de Anda Madrazo, stated about new regulations that this decision would lead to a “significant decrease in a number of grey listed countries.”…

CBUAE’s National Summit on Financial Crime Compliance, held on Oct 9-10, reaffirms its commitment to enhance its financial crime combat efforts in preparation for the upcoming FATF evaluation in 2026

October 8, 2024

To shed light on supervisory activities in licensed financial institutions, H.E. said the Central Bank is in the process of launching the first-of-its-kind Supervisory Technology (SupTech) initiative in the region which will enable early detection and warning of risks based on data assessment processes to determine the extent of exposure to money laundering operations.

Eurojust dismantles a notorious criminal network, arresting suspects for extortion, money laundering, and the fraudulent transfer of valuables to support major mafia organisations

October 8, 2024

The operation led to the arrest of four suspects and the seizure of nine companies in Italy, Hong Kong and Brazil. The suspects arrested  involved in the mafia organisation and used extortion, money laundering and the fraudulent transfer of valuables to facilitate important mafia organisations. The main suspect in the scheme set up multiple companies in Brazil using straw men and shell companies. The companies were used to hide the criminal gains of mafia organisations from Italy…

 

Reuters: TD Bank faces US $3bn in penalties as part of US settlement, over charges it failed to properly monitor ML by drug cartels

October 8, 2024

TD Bank has become the largest US bank to plead guilty to violating federal AML laws and will pay over US $3 billion in penalties. The settlement stems from multiple government investigations into widespread compliance failures. As part of the plea deal, the bank will face an unusual asset cap and other business restrictions…

IOSCO announces Final Report on Investor Education on Crypto-Assets, highlighting risks such as volatility and potential fraud associated with crypto investment

October 7, 2024

The report follows up on an earlier report published in 2020 and provides updated information on crypto-assets that will be useful to regulators when designing investor education initiatives for retail investors. The report also describes some changes in the regulatory landscape of certain IOSCO members, including investor protection measures and includes examples of educational materials.

 

 

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