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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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FCA and PSR’s joint feedback statement on Big Tech and digital wallets highlights the growing reliance on digital wallets in the UK, alongside concerns about competition, consumer protection, and innovation

February 18, 2025

This report also highlights some of the opportunities that could be achieved through broader adoption of other digital technologies, eg authentication and verification services emerging from the UK Digital Identity and Attributes Trust Framework and the launch of a GOV.UK digital wallet, or introduction of a digital pound…

 

EU updates tax blacklist: Brunei added to watchlist, Costa Rica & Curaçao exit after reforms

February 18, 2025

This update is a significant milestone in the EU’s efforts to tackle tax fraud, evasion, and avoidance worldwide…

 

Egmont Group Executive Secretary highlights FIUs’ role in combating TF at the No Money for Terror conference, stressing multilateral information exchange and tech-driven solutions

February 18, 2025

Key points highlighted the misuse of virtual assets by terrorists to recruit, transfer funds anonymously, and operate via the dark web, with FIUs playing a key role in detecting illicit flows. Public-private partnerships (PPPs) were emphasized as critical for early intelligence sharing, enabling financial institutions to disrupt threats and trace links after attacks. The Egmont Centre of FIU Excellence and Leadership (ECOFEL) was promoted…

HKMA alerts the public to a press release issued by China Construction Bank (Asia) Corporation Ltd, warning about a fraudulent website and a fake internet banking login screen

February 18, 2025

The HKMA reminds the public that banks will not send SMS or emails with links directing customers to websites for transactions. Banks will also never request sensitive information like login passwords or One-Time Passwords via phone, email, or SMS. Anyone who has shared personal information or conducted transactions through suspicious websites should contact their bank using details from the press release. They should also report the matter…

FCA fines Mako Financial Markets Partnership £1,662,700 for failing to ensure it had effective systems and controls to guard against financial crime, specifically related to cum-ex trading activities

February 18, 2025

Mako executed £92.2bn in circular equity trades on behalf of Solo Group clients, enabling withholding tax reclaims in Denmark and Belgium, earning £1.45m in commission. The FCA’s investigation, its eighth and final into cum-ex trading, resulted in over £30m in fines, with Mako receiving a reduced penalty for settling. Mako also failed to conduct due diligence on payments from a UAE-based third party, heightening money laundering risks…

OLAF uncovers €91M fraud in EU-funded Ukraine aid, exposing rigged procurement, overpricing, and misuse of EU funds

February 18, 2025

The EU’s anti-fraud office, OLAF, has completed its investigation into serious irregularities in a €114M project managed by Poland’s RARS, recommending the recovery of €91M. The probe revealed overpricing, lack of competition, and undue advantages in the procurement of power generators for Ukraine, with some contractors inflating costs by up to 40%. Cooperation with the Polish authorities led to multiple arrests, safeguarding an additional €22M from misuse…

AUSTRAC takes action against 13 remittance and digital currency providers for AML non-compliance, including failures to report suspicious transactions

February 17, 2025

AUSTRAC has stepped up enforcement of AML regulations in these sectors in recent years, with 13 providers targeted recently and more than 50 under scrutiny. The Australian Crypto Taskforce continues monitoring risks in the DCE sector…

 

UK Finance reports bank manager and accomplice jailed for £7.3M fraud, laundering funds through fake business accounts

February 17, 2025

A London bank manager and his accomplice were jailed for nine-and-a-half years for laundering £7.3M through 394 fake business accounts. Between 2017 and 2019, Rukon Miah used his role to open fraudulent accounts with counterfeit documents from Jan Ciecierski, funneling stolen funds to offshore banks. The Dedicated Card and Payment Crime Unit (DCPCU) uncovered fraudulent IDs and bank cards, securing their conviction…

UK Finance publishes guidance on the Failure to Prevent Fraud offence, set to take effect on 1 Sept 2025, to help financial services comply with upcoming regulations

February 17, 2025

Although the guidance is aimed at the financial services sector it may also be of assistance to organisations in other sectors. It comprises 3 sections: Part 1: Guidance aimed at assisting firms to understand the offence; Part 2: Guidance on the types of reasonable prevention procedures that might be proportionate; Part 3: Guidance on the circumstances in which reasonable prevention procedures would not be reasonable…

BaFin warns against the website amgfinancialeu.com and points to suspected identity fraud

February 15, 2025
BaFin warns against the website amgfinancialeu.com. According to its findings, financial and investment services as well as crypto-asset services are offered there without permission. The operator of the website appears only under the name AMGfinancialEU, without mentioning a legal form. He claims to be based in Zurich, Switzerland, at LLB Swiss Investments AG and UK…

GI-TOC paper explores the Russia’s Wagner Group and Africa Corps’ post-Prigozhin evolution, focusing on their evolving role in illicit markets, and the implications for African peace and security

February 14, 2025

Russia’s Africa Corps and Wagner Group remain critical tools in its geopolitical arsenal, combining military intervention, economic exploitation, and political manipulation. Without strategic countermeasures, their continued expansion will destabilise African nations, fuel illicit economies, and challenge global security…

 

Home office launches ransomware crackdown – proposals to cut payments to cybercriminals, boost intelligence & strengthen response

February 14, 2025

It sets out plans to fundamentally reshape the UK’s approach to ransomwareHome Office aims to: (a) reduce ransomware payments to deter attacks, (b) strengthen intelligence for disruption and investigation, and (c) enhance threat understanding for future interventions, including international cooperation…

 

 

 

 

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