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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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HM Treasury issues guidance on the offence of ‘failure to prevent fraud’ introduced by ECCTA

November 6, 2024

Under the offence, which was created by the Economic Crime and Corporate Transparency Act 2023, an organisation may be criminally liable where an employee, agent, subsidiary, or other “associated person”, commits a fraud intending to benefit the organisation and the organisation did not have reasonable fraud prevention procedures in place.

SRA releases its latest AML Annual Report 2023-24, showing increased regulatory action against firms

November 5, 2024

Report shows that in 2023/24 the Solicitors Regulatory Authority (SRA) took regulatory action against firms in relation to anti-money laundering breaches in 78 cases – an increase on the previous year (47). In more than half of the cases, the most common breaches related to firms having inadequate risk assessments or AML controls. 44 fines were issued, totalling £556,832.

Egmont Group requests proposals from potential vendors to plan, develop, and train the EGS IT team to a Data Matching system

November 5, 2024

The Data Matching system will allow Financial Intelligence Unites (FIUs) identify hits between subjects of interest of one FIU and those of another, without revealing the list of queried subjects to the other FIU.

UK PM announces further funding for the National Crime Agency (NCA) and new migration returns figures

November 4, 2024

The Prime Minister has announced two new elements of this government’s approach to boost border security and restore order to the asylum system – a £58 million boost for the National Crime Agency (NCA) and new figures showing 9,400 people with no right to be here have been returned since the government took power.

Legal Futures admits that one in five law firms are fully compliant with AML regulations

November 4, 2024

Only 22% of law firms inspected by the Solicitors Regulation Authority (SRA) last year were fully compliant with AML rules. The SRA’s annual AML report revealed a significant increase in enforcement actions against firms and individuals. Non-compliance was primarily due to inadequate focus by senior executives, insufficient training and supervision, and ineffective systems that allowed unchecked transactions…

FATF summarises outcomes of the first FATF Plenary, led by Mexico’s President, Elisa de Anda Madrazo, held from Oct 23-25

October 29, 2024

Members agreed to release for public consultation proposed revisions to the standards related to FATF’s ongoing focus on financial inclusion. FATF also adopted new guidance on national risk assessments to support countries to understand the illicit finance risks they face…

 

FATF re-rates South Korea on Recommendation 8 concerning the abuse of NPOs for terrorist finance

October 29, 2024

Korea is compliant on 13 Recommendations and largely compliant on 20. The country has 7 Recommendations rated partially compliant.

FCA fines Starling Bank £28.96m for serious shortcomings in its AML systems, notably regarding financial sanctions screening and the identification of beneficial owners and high-risk individuals

October 28, 2024

Deficiencies detected include Starling only screened its customers against the sanctions records for individuals who were known to reside or have links to the UK. A misconfiguration in the screening system that had existed since 20 July 2017 resulted in customers or prospective customers only being screened against individuals on the Consolidated List…

FATF consults on proposals to change FATF standards to better promote financial inclusion

October 28, 2024

These proposed revisions aim to better promote financial inclusion through increased focus on proportionality and simplified measures in the risk-based approach, and to give countries, supervisors, and financial institutions greater confidence and assurance when implementing of simplified measures.

Europol supports French-led operation to dismantle large migrant smuggling and ML network, seizing over EUR11m in assets following financial investigation

October 28, 2024
The investigation focused on several interlinked criminal groups that were smuggling migrants from the Indian sub-continent (India, Sri Lanka and Nepal) to Europe, the UK and North America. The smugglers facilitated migrants’ travel to the EU via Dubai or different African countries using unlawfully obtained tourist, work or medical visas. Migrants would be charged between EUR 15 000 and EUR 26 000 per person for the full smuggling service…

Europol seizes over EUR 14m in counterfeit currency in operation targeting postal shipments 

October 28, 2024

The vast majority of the seized items were altered-design banknotes, often referred to as ‘movie money’. These reproductions have a similar shape and colour to real banknotes, but include a small disclaimer indicating they are fakes. However, these disclaimers are often overlooked, allowing criminals to pass them off as genuine currency….

FCA cracks down on unregulated “finfluencers” promoting illegal financial products on social media, increasing scrutiny and taking legal action against those violating regulations

October 26, 2024

The FCA issued 38 alerts on social media accounts run by finfluencers suspected of promoting financial products illegally as scams increasingly impact young people. With 62% of 18-29-year-olds following influencers and many trusting their advice finfluencers’ promotions can significantly shape financial decisions…

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