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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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HKMA enforces a new stablecoin licensing regime from 1 Aug 2025, demanding strict AML/KYC, full reserve backing, and cracking down on false licensing claims to boost transparency and fight FC

July 29, 2025

Effective from 1 August 2025, the new guidelines set clear supervisory expectations, particularly emphasizing robust anti-money laundering (AML) and counter-financing of terrorism (CFT) controls to enhance the integrity and security of stablecoin operations. The HKMA has also issued stern warnings against false claims of licensing or application status, underscoring that such misrepresentations are offences under the Stablecoins Ordinance…

FCA acts against CCG and 6 individuals over an alleged £23M unauthorised collective investment scheme in static homes, falsely promised with guaranteed returns and state backing

July 29, 2025

The scheme, promoted by Concept Capital Group and linked consultancies, promised investors fixed returns through investments in static homes purportedly let to social housing tenants. The FCA’s investigation uncovered coordinated breaches involving unauthorised financial promotions and misleading statements, leading to court-ordered asset freezes and undertakings to halt further sales or promotions. This crackdown highlights…

Europol busts a fake document ring disguised as a Greek travel agency, arresting 8 suspects and seizing forged IDs, biometric data, €68K+ in cash, drugs, and printing tools used to fuel illegal migration

July 28, 2025

The criminal group mainly Pakistani, Iranian, and Turkish nationals—produced and trafficked counterfeit passports, ID cards, and other documents across the EU, helping facilitate illegal migration. The case highlights how criminal networks exploit legitimate business fronts to enable document fraud and cross-border crime…

Europol, with Romanian and UK authorities, dismantle an ATM fraud ring that stole €580K through transaction reversal scams, arresting 10 suspects and seizing luxury assets linked to ML and card fraud

July 24, 2025

Coordinated raids led to eight arrests in the UK and two more in Romania, alongside the seizure of real estate, luxury cars, electronics, and cash linked to money laundering. Europol and Eurojust provided data analysis, operational support, and judicial coordination, while investigators also uncovered related crimes including skimming, card forging, and automated card number attacks…

CoLP convicts 6 individuals for a £6M fake investment scam targeting 150+ elderly victims, using cloned insurers and forged documents, with £2 M recovered in a landmark 8‑year fraud probe

July 24, 2025

The sophisticated operation targeted over 150 victims, many vulnerable and elderly, using high-pressure sales tactics and misleading assurances of legitimacy. This successful prosecution, following a complex multi-year investigation involving international cooperation and detailed forensic financial analysis, underscores the effectiveness of coordinated law enforcement efforts in tackling large-scale financial crime…

US Senators introduce the Art Market Integrity Act to close major AML/CFT gaps in the $25B art market, requiring dealers handling sales over $10K- $50K yearly to vet clients and report suspicious activity

July 23, 2025

The Art Market Integrity Act, introduced by Senator Fetterman and colleagues, seeks to extend Bank Secrecy Act requirements to high-value art transactions, including customer due diligence, recordkeeping, and suspicious activity reporting. By closing existing regulatory gaps, the bill aims to reduce vulnerabilities in the U.S. art market exploited by sanctioned individuals, kleptocrats, and terrorist financiers, aligning U.S. standards with international best practices…

FATF invites Jamaica and Nigeria to its Guest Initiative, recognising their AML/CFT progress and enabling them to join the next 3 Plenaries to help strengthen the fight against illicit finance

July 23, 2025

FATF President Elisa de Anda Madrazo describes the initiative as mutually beneficial, promoting knowledge-sharing to fortify the global financial system. Both countries will participate for one year in three FATF Plenary and working group meetings: October 2025, February 2026, and June 2026…

Europol arrests the operator of xss.is, a Russian‑language cybercrime forum with 50K users trading stolen data and hacking tools, who also ran thesecure.biz and made €7M+ from illicit activities

July 23, 2025

The suspect, detained in Kyiv, also ran thesecure.biz, a private messaging service for criminals, and reportedly earned more than €7 million from advertising and facilitating illicit transactions. Investigators seized digital infrastructure and critical data, disrupting a platform that served as a trusted hub for ransomware gangs and fraudsters worldwide…

OFSI releases its first-ever Cryptoassets Threat Assessment raising red flags on under-reporting and highlighting crypto’s growing exposure to sanctions risk

July 23, 2025

OFSI released its first-ever Cryptoassets Threat Assessment raising red flags on under-reporting and highlighting crypto’s growing exposure to sanctions risk. The report highlights the increasing use of cryptoassets to evade sanctions, particularly by high-risk actors and jurisdictions, and warns that the sector is becoming more exposed to sanctions risk. OFSI calls for greater compliance, transparency, and due diligence among crypto firms…

UK SFO and AGO’s updated May 2024 Framework boosts SFO’s independence on complex fraud, while adding tighter AGO oversight, clearer dispute rules, and stricter financial checks to rebuild trust

July 23, 2025

The updated framework agreement between the SFO and the Attorney General’s Office (AGO) introduces stronger ministerial oversight, clearer strategic controls, and enhanced governance standards designed to sharpen the accountability of the UK’s leading financial crime prosecutor. This revision reflects a significant commitment to improving transparency and ensuring robust mechanisms are in place for…

HMT and OfDIA announce new MLR guidance to embed certified digital IDs into financial services, aiming to cut fraud, reduce compliance costs, and unlock £4.3B by 2034 

July 23, 2025

This initiative addresses long-standing uncertainty among financial institutions regarding the regulatory treatment of digital identity technologies, which has historically limited adoption. The forthcoming guidance, developed in coordination with the UK’s new Data (Use and Access) Act, will provide clarity on definitions, risk-based application, and how certified providers under the UK digital identity trust framework can support firms’ MLR obligations…

EC’s 2024 PIF Report reveals a 26% rise in reported fraud cases, highlights progress in digital anti-fraud tools, and calls for stronger data sharing, mandatory national strategies, and governance reforms

July 22, 2025

Member States reported a total of 13,589 irregularities in 2024, with confirmed cases of fraud rising to 1,364 (+26% year-on-year). While overall reporting dipped slightly, fraud detection increased suggesting improved vigilance and better follow-up procedures. The report underscores the growing role of digitalisation and innovative IT tools (such as Arachne, EDES, SUMMA, IMS) in detecting and preventing fraud… ..

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