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GIABA report on ML risks of casinos and gambling sector in West Africa

The key focus of this project is the development of a detailed vulnerabilities study on the risks of the casinos sector in West Africa, including risks of money laundering and other forms of illicit financing in the sector…

Nigerian amends ML Act, banks to report deposits to EFCC

The Senate passed a bill to amend the Money Laundering Act 2011, which makes it mandatory for Deposit Money Banks and other financial institutions to report to the Special Control Unit Against ML under the Economic and Financial Crimes Commission…

UK Economic Crime Bill 2022 receives Royal Assent

The Bill seeks to establish a register of overseas entities and their beneficial owners, amend financial sanctions law and reform the UK’s Unexplained Wealth Orders (UWOs) to empower criminal investigators…

Home Office Guidance on Whistleblowing & Public Interest Disclosure Act 1998

Home Office provides instructions and guidance for all staff in the immigration detention estate or escorting services on whistleblowing procedures. ‘Staff’ are defined as any individual employed or contracted to provide services within the immigration detention…

FinCEN penalty against USAA Federal Savings Bank

USAA FSB admitted that it willfully failed to implement and maintain an AML program that met the minimum requirements of the BSA and failed to accurately and timely report thousands of suspicious transactions to FinCEN involving suspicious financial activity…

UK Statement to the OSCE, 17 March 2022

UK Ambassador Neil Bush speaks about the impact on civilians of Russia’s war against the Ukrainian people. Russia has blocked access to several media websites and introduced a law on the spread of so-called “fake” information about the brutal actions…

FinCEN Alert on Real Estate, Luxury Goods, and Other HighValue Assets

FinCEN issued an alert on the importance of identifying and quickly reporting suspicious transactions involving real estate, luxury goods, and other high-value assets of sanctioned Russian elites and their family members and those through which they act…

Argentina includes crypto firms in AML regulations

Argentina’s ML regulator is working to add service providers in the cryptocurrency ecosystem to its list of entities subject to reporting and recording customer transactions. Crypto firms will have to implement KYC procedures and report suspicious transactions with digital assets…

FBI establishes New Virtual Assets Unit

The FBI announced the creation of the Virtual Assets Unit (VAU), where intelligence, technology, and operational support will flow to other divisions. In the VAU, virtual currency experts and cross-divisional…

FCA on the Chancellor’s call to stop investing in Russia

Regulated firms have already taken steps to avoid new investment in the Russian economy. Many asset managers and pension providers have written down any Russian assets already held by the fund or scheme to zero, and some have announced that they are intending…

US EO targeting Russian trade & investments

US issues Executive Order on Prohibiting Certain Imports, Exports, and New Investment with Respect to Continued Russian Federation Aggression. In conjunction with this EO, the White House also released a Fact Sheet that announced coordinated actions with the EU…

FATF recommendations on ML/TF & WMD proliferation

The FATF Recommendations set out a comprehensive and consistent framework of measures which countries should implement in order to combat ML/TF, as well as the financing of proliferation of weapons of mass destruction. Countries have diverse legal, administrative…