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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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MENAFATF upgrades Algeria on five FATF Rec., acknowledging AML/CFT progress but keeping the country under heightened scrutiny due to remaining compliance gaps

June 30, 2025

In its May 2025 enhanced follow-up report, MENAFATF acknowledged Algeria’s progress in strengthening its anti-money laundering and counter-terrorist financing (AML/CFT) measures, resulting in the re-rating of five FATF Recommendations, including those on customer due diligence and wire transfers. However, MENAFATF concluded that Algeria must continue addressing remaining gaps and will remain under enhanced monitoring…

OECD’s 2024 Progress Report on Tax Co‑operation for Development hows that global tax transparency tools are empowering developing countries to uncover offshore evasion and boost revenues

June 30, 2025

The report underscores the importance of inclusive multilateralism, effective exchange of information, and targeted support in strengthening domestic resource mobilisation and combating tax evasion.

MAS finalises AML/CFT rule changes effective 30 June 2025, expanding ML definitions to cover PF, tightening STR timelines, enhancing KYC for trusts/ shell firms, and aligning with FATF standards 

June 30, 2025

The revised framework expands ML definitions to include proliferation financing, tightens STR reporting timelines, and enhances due diligence requirements for trusts, legal arrangements, and shell companies. It also strengthens KYC measures, screening protocols, and SoW/SoF verification standards. The changes aim to align Singapore’s regime with FATF standards, improve cross-border information sharing, and ensure that financial institutions escalate high-risk activities more promptly and effectively…

IMLIT Canada charges 2 individuals and a company in a $40M cross-border ML scheme, uncovering a complex fraud network involving UAE funds, shell companies, and MSB operations 

June 30, 2025

Operating a money service business in Calgary and Vancouver, the accused—Kevin Sarrafi, who was arrested, and Saba Sarrafi, now subject to a Canada-wide warrant—allegedly used shell companies and third-party bank accounts to conceal the origins of illicit funds and bypass reporting obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The case underscores IMLIT’s continued focus on dismantling complex laundering networks tied to organised crime…

FinCEN launches “COMMAND” Exchange series to disrupt illicit financial networks tied to drug and human trafficking, starting in cartel-prone U.S.–Mexico border hubs McAllen and El Paso

June 27, 2025

FinCEN’s COMMAND series aims to enhance information sharing and coordination between law enforcement and financial institutions to more effectively disrupt illicit financial flows linked to narcotics and drug trafficking. This initiative focuses on targeting key border regions to maximise impact and improve the overall effectiveness of counter-narcotics financial enforcement efforts…

FinCEN permits banks to use alternative methods to obtain Tax Identification Number (TIN) from trusted third-parties, streamlining compliance while maintaining robust AML/CFT safeguards

June 27, 2025

FinCEN has authorized financial institutions to use alternative methods for collecting taxpayer identification number (TIN) information from third parties when direct collection is not feasible. This decision aims to enhance the efficiency of TIN collection while ensuring continued adherence to anti-money laundering (AML) regulations…

OLAF and EPPO uncover a €700M cross-border fraud scheme involving undervalued and misclassified imported goods to evade EU customs duties and taxes

June 27, 2025

The network, primarily run by Chinese nationals, operated through shell companies and falsified documents, with goods funneled through the Port of Piraeus in Greece. Raids across Greece, Spain, France, and Bulgaria led to the seizure of €5.8 million, thousands of vehicles, firearms, and luxury assets. An estimated €250 million in customs duties and €450 million in VAT were lost, with proceeds laundered back to China via underground banking and trade-based methods…

MONEYVAL’s 2025 report finds Romania has made technical progress in aligning its AML/CFT laws with international standards but calls for continued efforts to fully address compliance gaps

June 26, 2025

MONEYVAL’s 2025 report highlights Romania’s technical progress in strengthening its AML/CFT framework, particularly in legal reforms and institutional coordination. However, it stresses that further improvements are needed to fully comply with international standards and effectively tackle money laundering and terrorist financing risks.

RUSI’s new report reveals a sharp rise in tech-enabled organised vehicle theft in the UK, urging urgent coordinated action

June 26, 2025

The RUSI report highlights that organised vehicle theft poses significant financial crime risks, including facilitating money laundering through the illicit trade and export of stolen vehicles. It underscores the need for enhanced cross-sector collaboration and strengthened regulatory measures to disrupt criminal networks exploiting vehicle theft for financial gain.

FATF’s latest VASPs report exposes major gaps in virtual asset compliance, rising stablecoins misuse and weak cross-border supervision, calling for urgent global enforcement and coordinated action

June 26, 2025

The FATF’s 2025 targeted update on virtual assets and virtual asset service providers (VASPs) highlights that most jurisdictions have yet to fully implement AML/CFT requirements, including the Travel Rule. The report calls for urgent action to strengthen supervision, close regulatory gaps, and enhance international coordination to mitigate the risks of misuse of virtual assets for illicit finance…

Europol’s latest podcast warns that AI is accelerating organised crime via deepfakes, cyberattacks, and disinformation, urging law enforcement to adopt AI-powered tools

June 26, 2025

Europol’s Podcast Episode 21 explores how AI is accelerating crime — from enhancing cyberattacks with automated phishing and deepfakes, to enabling smarter fraud, sophisticated disinformation, and rapid darknet trade — and stresses the urgent need for law enforcement to adopt AI-powered tools and international cooperation to stay ahead of these evolving threats…

BaFin’s 2026-29 Strategic goals sets out a smarter, data-driven AML agenda tightening crypto oversight, boosting public–private collaboration, and aligning closely with EU’s AMLA for sharper enforcement

June 26, 2025

The plan emphasizes early detection of weak internal controls, greater use of data-driven supervision, and closer coordination with AMLA. BaFin also prioritizes digital identity systems for more effective KYC, stricter enforcement against market abuse, and oversight of ESG claims to combat greenwashing—all aimed at safeguarding financial integrity in a fast-evolving risk landscape…

 

 

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