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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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EPPO has indicted three Croatian citizens and one company for subsidy fraud and document forgery after investigating their fraudulent acquisition of SME financial support

July 1, 2024

The investigation has found grounds to suspect that the individuals set up a chain of companies owned and managed by them to prove their eligibility to obtain financial support for SMEs. They are understood to have presented falsified investment plans and invoices for non-existent transactions, as well as unreliable corporate balance sheets that indicated a thriving business…

Reuters: Panama’s court has acquitted individuals accused of ML connected to the Panama Papers and “Operation Car Wash” scandals

July 1, 2024

Judge Marquinez also imposed fines on witnesses who failed to comply with summonses and noted that evidence from Mossack Fonseca’s servers lacked proper chain of custody. In relation to Operation Car Wash, a large-scale corruption investigation originating in Brazil, Marquinez concluded that it couldn’t be proven funds from illicit sources entered Panama to conceal crimes…

Financial Times: U.S. federal law enforcement officials stated that suspects chose Citigroup ATMs for ML due to operational advantages

July 1, 2024

US prosecutors revealed that drug traffickers chose Citigroup for ML due to its perceived weaker fraud controls. In January 2021, two California residents deposited nearly $36,000 in illicit cash at Citi ATMs by splitting the amount into smaller transactions to avoid detection. The Drug Enforcement Administration reported that the duo, allegedly part of a network laundered at least $50m, chose Citi after evaluating several banks…

FATF launches a transformative e-book titled “Breaking Barriers: Empowering Women Leaders in the Fight Against Financial Crime” to inspire the next generation of female leaders

June 29, 2024

Its goal is to connect accomplished mentors with aspiring professionals, fostering a dynamic exchange of knowledge and perspectives to enhance global financial crime prevention efforts. The e-book features insightful stories from experienced leaders in the FATF and its Global Network…

UNODC publishes report on the impact of transnational organised crime on stability and development in the Sahel

June 28, 2024

Considers the impacts of transnational organised crime on: peace and security; human rights; governance and rule of law; and sustainable development. The six illicit market examined within this report are: trafficking in drugs, fuel, gold, firearms, medical products, and smuggling of migrants.

Chartered Institute of Taxation responds to UK HMT consultation on improving the effectiveness of AML regulations

June 27, 2024

Recommends improvements to the proposals that would see money laundering regulations being more explicit about ‘who’ within a firm would be subject to regulatory scrutiny. The CIO also urges that new regulations allow for HMRC to consider professional body exclusion, or AML misconduct, as a relevant factor to refuse supervision.

MAS sets out approach towards the recovery of illicit funds and assets from criminals, and the forfeiture of these assets or their return to victims

June 26, 2024

Between January 2019 and June 2024, Singapore seized S$6 bn linked to criminal and ML activities. S$416 mn has been returned to the victims, and S$1 bn has been forfeited to the State. The large bulk of the remainder is linked to ongoing investigations or court proceedings.

FinCEN finalises financial measure against Iraq-based Al-Huda Bank to combat terrorist financing

June 26, 2024

A final rule issued under section 311 of the USA PATRIOT Act (section 311) that severs Al-Huda Bank from the United States financial system by prohibiting domestic financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of Al-Huda Bank, an Iraqi bank that serves as a conduit for terrorist financing.

FCA delivers speech at the Financial Services Investigations and Enforcement Summit

June 26, 2024

Speech focuses on the need for collaboration and teamwork in the fight against financial crime – delivered by Steve Smart, joint executive director of enforcement and market oversight.

HKMA publishes reports on two frontier technologies, decentralised finance (DeFi) and the metaverse

June 25, 2024

Together these reports provide an in-depth analysis on these technologies and their uses in the financial services industry, as well as an overview of the regulatory landscape internationally and in Hong Kong.

FCA issues an update on its review of the treatment of domestic Politically Exposed Persons (PEPs) by financial services firms

June 24, 2024

The FCA explains that it had been on track to publish the findings from this review (which was launched in September 2023) in line with the end of June deadline set in the Financial Services and Markets Act 2023. However, it does not consider it appropriate to publish the review during the pre-election period…

The 6th FATF Plenary chaired by President T. Raja Kumar will take place in Singapore on 26-28 June and will conclude FATF Week which starts on 23 June

June 22, 2024

Delegates will discuss key issues including modifications to its assessment methodology to reflect revisions to the FATF Standards in order to further enhance asset recovery and international co-operation frameworks and more effectively deprive criminals of the proceeds of crime. They will also discuss prioritisation criteria for reviewing countries with strategic deficiencies in their AML/CFT regimes (i.e., FATF’s “black or grey listing”). Delegates will also discuss the progress made by some jurisdictions identified as presenting a risk to the global financial system, as well as mutual evaluation reports for India and Kuwait.

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