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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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House of Lords issues letter to the FCA on Consultation Paper CP24/2: Our Enforcement Guide and publicising enforcement investigations – a new approach

April 23, 2024

The letter raises concerns that the FCA’s proposals risk having a disproportionate effect on firms named in investigations, where those firms are subsequently cleared of any wrongdoing, particularly given the length of many investigations. This also risks the overall integrity of the market, including through possible unwarranted impacts on share prices…

Home Office adds Terrorgram to list of proscribed terrorist organisations

April 22, 2024

The UK is to become the first country in the world to proscribe the Terrorgram collective, an online network of neo-fascist terrorists who produce and disseminate violent propaganda to encourage those who consume its content to engage in terrorist activity.

FinCEN renews its GTO requiring US title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate

April 22, 2024

The terms of the GTOs are effective beginning April 19, 2024, and ending on October 15, 2024. FinCEN renewed the GTOs that cover certain counties and major U.S. metropolitan areas in California, Colorado, Connecticut, Florida, Hawaii, Illinois, Maryland, Massachusetts, Nevada, New York, Texas, Washington, Virgina, and the District of Columbia.

 

FinCEN issues analysis on elder financial exploitation: Threat pattern and trend information from June 2022 – 2023

April 20, 2024

Elder Financial Exploitation typically consists of two subcategories: elder scams and elder theft. FinCEN’s analysis reveals that most elder scam-related BSA filings referenced “account takeover” by a perpetrator unknown to the victim; that adult children were the most frequent elder theft-related perpetrators; and that illicit actors mostly relied on unsophisticated means to steal funds that minimise direct contact with financial institution employees.

New report from PWC reveals that some financial firms consider AML regulations to be unhelpful

April 20, 2024

The ‘AML Survey 2024: Spotlight on Effectiveness’ revealed that only 53% of EMEA financial firms believe that current AML regulations are helpful to prevent money laundering and terrorist financing. Over a third of respondents cited an increase in regulatory pressures as their most challenging issue and just over half stated they will spend more than 10% of their AML budget on technology in the next 2 years.

Europol and law enforcement authorities from 19 countries have disrupted LabHost, one of the world’s largest “phishing-as-a-service” platforms facilitating cyber fraud on a massive scale

April 20, 2024

LabHost had provided phishing tools and services to around 10,000 cybercriminal users worldwide for a monthly subscription fee. Europol stated that at least 40,000 phishing domains were linked to LabHost, which targeted users of hundreds of financial institutions, shipping firms, telecom providers, and more…

FinScan examines the role of effective payment screening in the fight against financial crime

April 19, 2024

Payment screening represents a cornerstone of modern financial compliance, playing a pivotal role in safeguarding the integrity of financial systems worldwide. However, numerous potential pitfalls exist in managing an effective programme…

AUSTRAC issues businesses with infringement notices for failing to comply with their reporting obligations

April 18, 2024

The infringement notices related to failures to report the 2022 annual compliance report. While the majority of the 17,000 businesses AUSTRAC regulates submitted their compliance reports, AUSTRAC CEO Brendan Thomas says ensuring that businesses are compliant and using enforcement measures to guarantee this, is all part of safeguarding Australian communities from serious crime.

Beyond FS releases white paper on ‘Fine Prevention: Why financial crime and regulatory programmes fail and how to fix them’

April 18, 2024

For financial institutions, the challenge posed by criminal activity such as money laundering, and the regulatory response to it, is constantly evolving. As a result, institutions frequently find themselves having to establish resource-intensive financial crime and regulatory change programmes, including large remediation projects.

Reserve Bank consults on issuing digital cash in New Zealand

April 17, 2024

The focus of this consultation is the use of digital cash by individuals.

UAE, Gibraltar set to remain on EU’s ‘high risk’ watchlist until September at earliest

April 16, 2024

𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗰𝗼𝗻𝗰𝗲𝗿𝗻𝘀 𝗿𝗮𝗶𝘀𝗲𝗱 𝗯𝘆 𝘁𝗵𝗲 𝗣𝗮𝗿𝗹𝗶𝗮𝗺𝗲𝗻𝘁 𝗿𝗲𝗴𝗮𝗿𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗨𝗔𝗘: Recent reports from credible civil society organisations (CSOs) that have highlighted outstanding deficiencies in the UAE’s AML/CFT framework, Persistent status as one of the primary providers of financial secrecy in the world…

 

UK Govt announces global call to action to tackle illicit finance through increased transparency of company ownership, ahead of World Bank Spring Meetings

April 16, 2024

Transparency about who owns, controls, or benefits from companies is a cornerstone of preventing and combatting corruption, organised crime, and tax evasion.   The UK is leading the call to action with contributions of £2 million to trust funds managed by the World Bank and the International Monetary Fund (IMF) to tackle corruption, money laundering, and illicit finance…

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