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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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China sanctions five US arms manufacturers over Taiwan weapons sales

January 3, 2024

The countermeasures consist of freezing the properties of those companies in China, including their movable and immovable property, and prohibiting organisations and individuals in China from transactions and cooperation with them. The US arms sales to China’s Taiwan region, seriously harm China’s sovereignty and security interests…

Nigerian national arrested in Ghana facing federal charges for an alleged $7.5m business email compromise scheme involving two charitable organisations

January 2, 2024

Adejorin was arrested for defrauding two charitable organisations in the US and he faces charges for wire fraud, aggravated identity theft, and unauthorised access to a protected computer, culminating in the embezzlement of $7.5 million.

EU Commission announces new rules to combat fraud on cross-border payments in the EU in force from 1 Jan

January 1, 2024

The new rules will provide tax administration of the EU Member States with payment information allowing them to detect VAT fraud more easily, with a particular focus on e-commerce which is particularly prone to VAT non-compliance and fraud. This in turn creates holes in the tax revenues that pay for vital public services.

OFSI issues new Russia-related correspondent banking restrictions

December 27, 2023

The amendment prohibits UK banks from processing payments that have been previously processed by a designated bank, or are intended for a designated bank. These transactions are prohibited even if the account holders that send and receive the funds are not designated, and the prohibition extends to UK credit or financial institutions…

UK Government consults on the transparency of land ownership involving trusts

December 27, 2023

Seeks views on improving transparency of land ownership involving trusts. It seeks specific views on options to widen access to trust information held on the Register of Overseas Entities (ROE). It also seeks general views on how ownership of land involving trusts can be made more transparent.

HKMA and FSTB propose stablecoin regulatory regime and introduce sandbox arrangement

December 27, 2023

The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) in Hong Kong are consulting on a legislative proposal to regulate fiat-referenced stablecoin issuers, incorporating a licensing regime and a sandbox arrangement to manage risks and align with international standards in the Web3 and virtual asset ecosystem…

FCA, Bank of England and PRA publish the latest annual CBEST thematic report

December 25, 2023

CBEST tests the cyber resilience of firms and financial market infrastructures (FMIs) through live testing that mimics the actions of cyber attackers. The report highlights the importance of building strong cyber hygiene and the need for firms to simulate a range of cyber testing…

Europol supports operation in Lithuania targeting criminals responsible for stealing 28 luxury cars

December 22, 2023

In order to unravel the network’s structure and identify its members, the Operational Task Force (OTF) ‘KEYLESS’ was set up earlier this year. With the aim of further strengthening and optimising international cooperation, the participants in the OTF analysed hundreds of thousands of encrypted chats and took measures to track down gang members in Lithuania. In addition, the OTF identified crime enablers such as counterfeiters and business infrastructure operating as counterfeit workshops.

Cayman Islands ‘delisting’ begins, excluding them from the FATF, EU & UK grey lists

December 21, 2023

The Basel AML Index briefing addresses the Cayman Islands’ removal from the FATF’s grey list in October 2023, outlining the initial listing reasons, compliance actions, and implementation, as part of a series on jurisdictions delisted from FATF’s monitoring lists…

US Federal agencies clarify beneficial ownership information access

December 21, 2023

FinCEN has issued a final rule, the “Access Rule,” on authorised access to beneficial ownership information (BOI) reported under the Corporate Transparency Act. The Access Rule doesn’t make it mandatory for banks to use the BOI from the system, nor does it expect them to do so. This means banks don’t have to alter their existing BSA/AML compliance programs, including the current CDD Rule and other BSA requirements…

Seychelles FSA consults on proposed framework for the regulation of Virtual Assets and Virtual Asset Service Providers

December 20, 2023

The framework has been developed with a view to encouraging innovation and supporting the growth of the VA industry in a responsible and sustainable manner, whilst also importantly addressing and safeguarding against the potential financial crime risks associated with the misuse of VA products and VASP services offered in or from the Seychelles.

FINMA publishes its report on the Credit Suisse crisis

December 19, 2023

Analyses the development of Credit Suisse between 2008 and 2023 with regard to its strategy, business performance, management decisions, risk management and preparation for crises.