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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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FinCEN issues an alert on fraud schemes using deepfake media to target financial institutions

November 17, 2024

FinCEN issued an alert to financial institutions on fraud schemes involving deepfake media created with generative AI tools. The alert provides guidance on identifying suspicious activity, including fraudulent identity documents, and emphasizes reporting requirements under the Bank Secrecy Act. FinCEN warned that bad actors are exploiting AI technology to defraud businesses, urging vigilance to protect the financial system and consumers…

FATF publishes its Money Laundering National Risk Assessment (NRA) Guidance, drawing on insights from over 90 countries within the FATF Global Network

November 16, 2024

The key sections include: 1. NRA Preparation and Setup: This section identifies the prerequisites to a successful NRA. It covers such key foundational parts of the NRA such as political commitment, an inclusive NRA mechanism, objective setting, and the acquisition of information and data. 2. Assessing and Understanding Money Laundering Risks: Offers a flexible yet structured methodology for analysing threats, vulnerabilities, and risks, allowing countries to implement a coherent methodology that is adapted to their capacity and unique risk and context. 3. Post-NRA Actions: Recommends follow-up actions, including aligning mitigation measures with identified risks, communicating findings, and refining the NRA process

FATF praises South Africa for the progress it has made in addressing most of the technical compliance deficiencies identified in its MER

November 16, 2024

Country is re-rated to largely compliant on Recommendations 2, 6 and 15. Covering national cooperation and coordination, targeted financial sanctions related to terrorism, and virtual assets.

Legal Services Board consults on guidance for new regulatory objective on economic crime

November 15, 2024

Views sought on proposals to underline the important role of legal services regulators in tackling economic crime. This follows a new legal duty being placed on the LSB and the legal services regulators to ‘promote the prevention and detection of economic crime’.

FinCEN provides beneficial ownership information reporting relief to victims of recent natural disasters

November 15, 2024

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced that certain victims of Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine will receive an additional six months to submit beneficial ownership information reports, including updates and corrections to prior reports.

FATF proposed changes to Recommendation 1, emphasises simplified measures for lower risk scenarios

November 15, 2024

The proposed updates focus on promoting proportional measures for lower-risk individuals and small businesses. While FATF has consistently required enhanced due diligence for higher-risk cases, 𝗴𝘂𝗶𝗱𝗮𝗻𝗰𝗲 𝗳𝗼𝗿 𝗹𝗼𝘄𝗲𝗿-𝗿𝗶𝘀𝗸 𝘀𝗰𝗲𝗻𝗮𝗿𝗶𝗼𝘀 has been less robust. The revisions propose 𝗿𝗲𝗽𝗹𝗮𝗰𝗶𝗻𝗴 𝘁𝗵𝗲 “𝗺𝗮𝘆 𝗱𝗲𝗰𝗶𝗱𝗲” 𝗹𝗮𝗻𝗴𝘂𝗮𝗴𝗲 𝘄𝗶𝘁𝗵 𝗮 𝗰𝗹𝗲𝗮𝗿 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝘁𝗵𝗮𝘁 “𝗰𝗼𝘂𝗻𝘁𝗿𝗶𝗲𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗮𝗹𝗹𝗼𝘄 𝗮𝗻𝗱 𝗲𝗻𝗰𝗼𝘂𝗿𝗮𝗴𝗲 𝘀𝗶𝗺𝗽𝗹𝗶𝗳𝗶𝗲𝗱 𝗺𝗲𝗮𝘀𝘂𝗿𝗲𝘀”, paving the way for more inclusive financial ecosystems that better serve low-income consumers…

EBA issues two sets of Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national sanctions measures

November 15, 2024

The first set of Guideline is applicable to all institutions under the EBA’s supervisory scope, outlines the governance and risk management requirements necessary to ensure institutions do not breach or evade restrictive measures. Meanwhile, the second set specifically targets payment service providers (PSPs) and cryptoasset service providers (CASPs), detailing their responsibilities when handling transfers of funds or crypto-assets to comply with these measures…

 

Euro News: Spain has arrested the chief of anti-fraud police after €20 million who was reportedly found in his home.

November 15, 2024

Spain arrested the head of the national police’s economic crimes unit after €20 million was found hidden in his home during an investigation into the country’s largest cocaine bust. Authorities also discovered €1 million in his office and arrested 15 others including his partner a fellow police officer. The suspects face charges of drug trafficking, bribery, money laundering, and corruption…

FATF updates its Consolidated Assessment ratings

November 15, 2024

This table provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance (last updated on 7 November 2024). These should be read in conjunction with the detailed Mutual Evaluation Reports, which are available on this website.

HM Treasury announces further reforms to UK MiFID framework

November 14, 2024

HM Treasury has committed to make the changes to the UK’s Markets in Financial Instruments Directive (MiFID) framework as part of the government’s work to reform our rulebook for capital markets so that it delivers for investors and firms, and supports growth across the UK.

OFSI issues Financial sanctions guidance for High Value Dealers & Art Market participants

November 14, 2024

It provides financial sanctions guidance for entities and individuals that operate in the sale or trade of high value goods, especially those trading internationally with regions that may be subject to UK…

APG publishes mutual evaluation reports for the Marshall Islands, Papua New Guinea and Timor-Leste

November 14, 2024

These MERs provide a snapshot of the Marshall Island’s system as at the date of the onsite visit in November/December 2023, Papua New Guinea’s system at the date of the onsite in October 2023 and Timor-Leste’s system as at the date of the onsite visit in September 2023.

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