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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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Canada joins US to designate sham charity that supports a foreign terrorist organisation

October 17, 2024

Samidoun has been listed as a terrorist entity by Germany. Samidoun has close links with and advances the interests of the Popular Front for the Liberation of Palestine (PFLP), which is a listed terrorist entity in Canada, the United States and the European Union.

US DoJ convicts man for $20m fraud scheme involving “spoofed” websites imitating cryptocurrency exchange Coinbase

October 17, 2024

According to filed court documents and today’s sentencing hearing, from as early as June 2021, Tomar and his co-conspirators engaged in a spoofing scheme to steal millions in cryptocurrency from hundreds of victims located worldwide and in the United States, including in the Western District of North Carolina. Spoofing, as it pertains to cybercrime, is when a malicious cyber actor disguises an email address, sender name, or website URL to convince victims they are interacting with a trusted source…

EPPO Italy freezes €9m in a fraud investigation linked to local politicians in Sicily

October 17, 2024

The probe uncovered a scheme misusing over €8.7 million from the European Social Fund meant for vocational training, diverting funds for personal and political purposes in exchange for job promises to politicians and their relatives. The Palermo Court also enacted prohibitive measures against five suspects, preventing them from participating in subsidy procedures for 12 months, with four placed under house arrest…

GCFCC releases Consultation Draft on enhancing AML/CTF Supervisory Effectiveness – 10 Key Enablers and 40 takeaways with Explanatory Notes

October 17, 2024

Effective supervision is not an exact science & cannot be strictly defined, or considered as something that can be taken “off the shelf” and is expected to work and operate effectively, repeatedly and without many years & cycles of operation. It is for most countries a journey, which starts with legacy regulators & regulations, updated to reflect AML/CTF global standards, new rules & regulations…

NYDFS issues new guidance to address security risks arising from AI

October 16, 2024

The guidance builds on the Department’s ongoing work to protect New Yorkers and DFS-licensed entities from cybersecurity risks through its nation-leading cybersecurity regulation (23 NYCRR Part 500) and follows recently adopted DFS guidance to combat discrimination by insurers using artificial intelligence.

DBT publishes research on the value of the company register information for tackling crime

October 16, 2024

The UK Department of Business and Trade  commissioned the study to estimate the value of the company register information for the specific use of tackling crime, before and after the reforms introduced via the Economic Crime and Corporate Transparency Act 2023.

US DoT expands targeted sanctions on Iran’s petroleum and petrochemical sectors in response to the attack on Israel

October 16, 2024

The US is expanding sanctions on Iran’s petroleum and petrochemical sectors following Iran’s October 1 attack on Israel, which marks its second direct assault this year. This move aims to increase financial pressure on Iran by restricting its capacity to generate essential energy revenues that could destabilize the region and threaten US allies…

GCFCC publishes paper on ‘Fighting financial crime & protecting data privacy through responsible data sharing: A path forward’

October 16, 2024

The paper sets out a multi-disciplinary explanation of the intersection between fighting financial crime (“FFC”) and data protection and privacy (“DPP”) along with 4 important recommendations for the adoption of international regulations, standards and measures to fight financial crime while still providing protection for individual’s data privacy. Achieving a balance between FFC and DPP is not a zero sum game, with only winners and losers. Where differences arise as they will, resolution will only come from a better understanding of why and how activities are undertaken, and why and how these can be carried out consistent with the aims of FFC as well as safeguarding rights for DPP…

SEC charges a “magic mushroom” company and two individuals in a multimillion-dollar pump-and-dump scheme

October 16, 2024

The SEC alleges took control of Minerco a dormant penny stock and appointed its head to promote the company as a pioneer in psilocybin mushroom research. From 2020 to 2021 issued false statements, claiming Minerco had partnerships and valuations that didn’t exist, and misleadingly represented it as an active Nevada company. Shumake is also accused of using an offshore entity to “dump” shares, amassing at least $3.4 million in unlawful profits…

NCA has released its 2024 annual assessment of serious and organised crime, issuing a stark warning that drug use is now more dangerous than ever

October 15, 2024

The assessment draws on intelligence from across law enforcement, government, the third sector and private industry, highlights that whilst overall crime has fallen in the UK over the last decade, the scale and harm of serious and organised crime has increased. Latest data pinpoints increases in the threat from child sexual abuse, cybercrime and money laundering, as well as drugs…

The Payment Systems Regulator (PSR) now mandates APP scam reimbursements within 5 days, capped at £85K, with firms given 35 days to resolve claims

October 14, 2024

Payment firms can “pause the clock” to gather more information, but must resolve cases within 35 business days. An optional £100 excess may apply, except for vulnerable consumers, and firms can opt for a lower or no excess. Firms can reimburse more than £85,000, with claims exceeding this directed to the Financial Ombudsman Service (FOS), which has a compensation limit of £430,000, depending on case specifics…

CFTAF finds that Suriname has made significant progress to address AML/CFT shortcomings, with 9 out of 40 recommendations being re-rated

October 14, 2024

Re-ratings in the latest enhanced follow-up report reflect steps taken by Suriname to improve the regime with respect to record keeping, higher-risk countries, the reporting of suspicious transactions, the regulation and supervision of FIs, the powers of supervisors, DNFBPs, responsibilities of law enforcement and investigative authorities, and provisions relating to cash couriers.

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