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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 secures conviction against an individual for running a Ponzi scheme that defrauded 238 investors of over £1.3M through the Imperial Investment Fund

August 7, 2025

Pugh lured investors with promises of unrealistically high returns—ranging from 1.4% daily to 350% annually—primarily using Facebook advertisements. Investigation revealed he used funds from new investors to pay returns to earlier investors, a classic Ponzi tactic. The FCA is now pursuing confiscation proceedings to recover the stolen funds, underscoring the growing use of social media by fraudsters…

FCA’s PS25/12 strengthens safeguarding rules for payments and e-money firms, enhancing consumer protection with stronger compliance, record-keeping, and a trust-based fund regime – effective 7 May 26

August 7, 2025

The policy introduces a two-stage approach: Supplementary Regime (Interim Rules): Effective from May 7, 2026, this stage enhances compliance with existing safeguarding requirements, improves record-keeping, and strengthens reporting and monitoring to identify shortfalls in client funds. Post-Repeal Regime (End-State Rules): Subject to legislative changes, this regime will replace the current…

FCA’s transaction governance review urges wholesale banks to implement robust frameworks, safeguard inside information, and strengthen risk management to mitigate potential FC

August 7, 2025

The FCA found that while some banks operate with strong risk frameworks—ensuring clear risk appetite, documentation, and condition tracking—others exhibited gaps in managing reputational risk and lacked adequate record-keeping of early-stage transaction deliberations, heightening opportunities for undetected or risky activity FCA. Additionally, lapses such as decisions taken without quorate committees…

Trump’s Executive Order prohibits ‘politicised or unlawful de-banking’ ensuring that FIs cannot restrict or deny services on the basis of political beliefs, religion, or lawful business activities

August 7, 2025

The order requires regulators to review past and current banking practices, remove guidance that could facilitate politically motivated account restrictions, and mandate that financial institutions notify and reinstate affected customers. By establishing clear procedures for identifying and remedying discriminatory debanking, the administration seeks to reinforce the principle that access to banking services should be based on objective…

FINTRAC’s 2025 Supervisory Framework introduces a proactive, risk-based, and transparent approach to monitoring and enforcing AML and CFT compliance

August 6, 2025

FINTRAC’s newly published Compliance Program Framework sets out a risk-based and transparent approach to supervising reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. It details how FINTRAC assesses sector and entity-specific risks, tailors its compliance activities accordingly, and applies proportionate enforcement measures to promote strong AML/ATF compliance…

EFCC Nigeria charges 5 revenue officials and a bank staff with fraud for allegedly diverting ₦1.2bn from WHO and other aid agencies through a Sterling Bank account 

August 6, 2025

The case involves alleged misappropriation of tax payments intended for the state from international health organizations, with funds reportedly funneled through a bank account controlled by a company linked to one of the defendants. While the arraigned officials and the bank staff have pleaded not guilty, the proceedings underscore established enforcement practices, including stringent bail conditions and thorough investigative tracing of illicit…

US DoJ convicts Tornado Cash co-founder for operating an unlicensed crypto mixer that laundered over $1Bn in illicit funds, including transactions linked to North Korea

August 6, 2025

This high-profile case underscores the growing role that crypto mixers can play in facilitating large-scale money laundering by providing criminals with the ability to obscure the origins of illicit funds. According to prosecutors, Storm knowingly operated Tornado Cash as an unlicensed money transmitting business, profiting from transactions that included proceeds from high-profile cybercrimes such as the Ronin hack attributed to the North Korean…

GI-TOC analysis warns by 2035, the Western Balkans could become a nexus for cybercrime, combining blockchain and AI innovation with organised crime in “criminal states” and resource-scarce markets

August 6, 2025

This evolution is being driven by several converging factors: entrenched state capture and corruption that allows criminal actors to influence governance and economic decisions; rapid adoption of advanced technologies, including cybercrime tools, blockchain, and encrypted communications; and climate-driven resource scarcity, which opens new opportunities for control over water, energy, and rare minerals…

EBF’s Simply Competitive Report urges EU policymakers to make simplification a top priority, warning that excessive regulatory complexity is undermining competitiveness and growth

August 5, 2025

It calls on EU policymakers to make regulatory simplification a top political priority, arguing that simpler, clearer, and proportionate rules across prudential, reporting, digital, ESG, and AML frameworks will enable banks to better finance households, businesses, and the green and digital transitions—ultimately boosting Europe’s competitiveness and resilience…

Lancashire Police reinvests £500K from a landmark Bitcoin forfeiture – using the UK’s first crypto wallet freezing order to fund local crime prevention and victim compensation

August 4, 2025

Lancashire Police have secured £500,000 following the forfeiture of Bitcoin linked to a 2017 fraud case, marking the UK’s first use of a crypto wallet freezing order under the Proceeds of Crime Act. The recovered funds will compensate the victim and support local crime prevention initiatives through the Prevention and Problem-Solving Innovation Fund.

FinCEN alerts FIs of increasing misuse of convertible virtual currency (CVC) kiosks for scam payments and illicit activity, highlighting red flags and BSA reporting obligations

August 4, 2025

The notice highlights how these kiosks, while convenient for legitimate users, are increasingly exploited by scammers and other illicit actors, including those involved in cybercrime and drug trafficking. FinCEN emphasizes the importance of identifying red flags, such as unusual transaction patterns or attempts to circumvent reporting requirements, and reminds institutions of their obligations under the Bank Secrecy Act (BSA)…

EBA’s 2025 Opinion on ML/TF risks flags 61% of breaches stem from weak risk frameworks and outdated due diligence, while poor RegTech deployment and governance gaps heighten vulnerabilities

August 4, 2025

The report highlights that many fintech firms still prioritise growth over robust AML/CFT controls, and although residual risks in traditional sectors like banking have improved, product‑ and service‑level risks are now overtaking customer risks. Calling for stronger governance, consistent application of the EU’s risk‑based approach, and alignment with upcoming AML reforms, the EBA urges national authorities and legislators to close compliance gaps…

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