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Money Laundering & Terrorist Financing

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A page dedicated to global, regional, UK and US anti-money laundering developments and initiatives.

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EP approves removal of UAE & Gibraltar from high-risk AML list, aligning closer with FATF standards – following AMLA’s pledge to reassess Russia’s AML risk by year-end

July 9, 2025

The EP has approved the removal of the UAE from the EU’s list of High-Risk Third Countries – despite initial resistance, after AMLA promised a year-end review on whether to blacklist Russia. This helped ease opposition from MEPs, especially in Spain. The updated list now aligns with FATF’s grey list but may change based on AMLA’s assessment of Russia’s financial sector amid ongoing sanctions…

U.S DoJ sentences Myrtle Beach Safari owner Bhagavan “Doc” Antle to 12 months in prison and fining $55K for wildlife trafficking and laundering over $500K tied to a human smuggling scheme

July 8, 2025

Antle also must forfeit three illegally obtained chimpanzees and serve three years of supervised release. This case exposes the use of fraudulent nonprofit donations to mask illegal wildlife trade and highlights the DOJ’s focus on combating the intersection of environmental crimes and financial fraud. Co-conspirators have also been prosecuted, reinforcing efforts to hold individuals accountable…

FATF’s Fifth Round Procedures introduce a risk-based, time-sensitive evaluation cycle prioritising high-risk jurisdictions and enforcing stricter follow-up within six years

July 8, 2025

The procedures outline a risk-based approach to mutual evaluations, prioritising jurisdictions with higher money laundering and terrorist financing risks, larger financial sectors, or outdated assessments. The procedures mandate a six-year evaluation cycle with reinforced follow-up, requiring jurisdictions to address key deficiencies within three years or face potential public identification through the ICRG process.

FATF updates its 2023 Consolidated processes and procedures for mutual evaluations and follow-ups

July 8, 2025

Key changes include stricter timelines, clearer expectations for addressing deficiencies, standardized assessor selection, and reinforced confidentiality and conflict-of-interest safeguards. These reforms seek to strengthen the global AML/CTF regime by improving the effectiveness and reliability of assessments, ultimately supporting stronger international cooperation against financial crime…

FATF’s 2025 Terrorist Financing risks report reveals evolving TF threats, with 69% of jurisdictions still fail to understand TF trends and investigate or prosecute effectively, exposing critical gaps

July 8, 2025

The report also warns of gaps in countries’ abilities to fully understand TF trends and thus respond effectively. It calls for urgent action to bolster technical compliance and effectiveness in both the public and private sectors to prevent terrorists from exploiting vulnerabilities. The FATF stresses the importance of enhancing international cooperation and information sharing among FIUs…

Egmont Group marks its 30th anniversary in Luxembourg, uniting 170+ FIUs to boost global efforts against FC and emerging threats from virtual assets, fintech, and cross-border illicit flows

July 8, 2025

The event highlighted emerging risks linked to virtual assets, fintech, and cross-border illicit flows, while underlining the vital role of FIUs in sharing intelligence to support complex investigations. Discussions also focused on adapting to new regulatory challenges, strengthening public-private partnerships, and leveraging data analytics…

AMLA and ECB join forces to boost AML/CFT efforts and empower AMLA direct oversight of ‘selected-obliged entities’ including crypto firms, payment providers, and certain ECB-supervised banks

July 7, 2025

The agreement aims to enhance supervisory effectiveness, boost resource efficiency, and prevent duplication of oversight efforts. Bruna Szego, Chair of AMLA, noted that such alignment is vital to building a robust and consistent AML framework across Europe. Claudia Buch, ECB Supervisory Board Chair, highlighted the necessity for efficient joint action to boost banking sector resilience…

AMLA signs landmark MoU with European Supervisory Authorities (EBA, ESMA, and EIOPA) to strengthen cooperation, data sharing, and supervisory alignment across prudential and AML mandates

July 3, 2025

The MoU outlines procedures for efficient information exchange, joint oversight, and risk-based supervision, while promoting convergence in governance standards and enforcement actions. It also includes mutual observation of board meetings to enhance coordination. Fulfilling a legal obligation under Article 91 of the AMLA Regulation, this agreement marks a key step in harmonising AML/CFT efforts across the EU and significantly enhances the bloc’s ability to combat financial crime through integrated supervision and collective capacity building…

UK Govt and MAS Singapore pledge joint crackdown on FC, focusing on digital finance risks, AI misuse, cross-border fraud, ESG integrity, tokenisation oversight, and global disclosure alignment

July 3, 2025

Key discussions centred on emerging threats from digital finance, including tokenisation, cross-border fraud, and the misuse of AI, while both sides pledged deeper collaboration on Project Guardian and Global Layer One to enhance oversight of tokenised markets. The dialogue also addressed the integration of AI in AML systems, stronger ESG governance to prevent greenwashing, and alignment on disclosure standards to bolster transparency. Both countries committed to continued engagement to enhance regulatory alignment, data-sharing, and AML/CFT frameworks in the face of evolving financial crime risks…

AUSTRAC orders an external audit of Western Union over serious AML/CTF compliance concerns, citing weak due diligence, reporting failures, issues with fund transfers, and ineffective internal controls

July 3, 2025

Despite self-reporting and efforts to improve, AUSTRAC remains unconvinced that Western Union’s AML/CTF program is effective. CEO Brendan Thomas highlighted the high ML risks in the remittance sector and stressed the importance of strong internal controls. The appointed auditor will assess Western Union’s systems and help determine if further regulatory action is necessary. AUSTRAC warned the entire remittance sector that all businesses, regardless of size, must uphold robust AML/CTF standards to protect the financial system from criminal exploitation…

GC fines Taichi Tech Ltd £170K for regulatory breaches including the use of unfair terms and conditions, and orders a third-party audit to assess the effectiveness of its AML and safer gambling controls

July 3, 2025

Taichi Tech Limited breached the fair and open licensing condition by including a discretionary term allowing the operator to close customer accounts or forfeit winnings without clear justification. Such terms lack transparency and may lead to unfair outcomes for consumers. Some customers were able to gamble large sums within a short period of time, despite the operator holding limited customer information…

U.S. DoJ sentences 3 individuals for a violent scheme to rig the U.S.-Mexico vehicle transit market via price-fixing, extortion, and ML – underscoring its crackdown on cross-border criminal networks

July 1, 2025

U.S. DoJ announces the sentencing of three defendants involved in a conspiracy to monopolize the international transmigrante transport industry between the United States and Mexico through extortion, violence, and price-fixing. The individuals used threats and assaults to eliminate competition and control pricing, violating antitrust laws and undermining lawful commerce…

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