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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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Dun & Bradstreet launches podcast on ‘Exploring the intersection of Technology and Organised Crime’, featuring insightful discussion with renowned investigative journalist Geoff White

October 18, 2024

Geoff, known for his extensive work on the Snowden leaks and his recent book “Rinsed,” shares his expertise on how technology is both a tool and a target for financial criminals. From the challenges of money laundering in the digital age to the role of cryptocurrency and AI in combating financial crime, this episode offers a comprehensive look at the evolving landscape of financial crime and the innovative solutions being developed to tackle it.

US DoJ sentences man to 7 years in Federal Prison for orchestrating a fraudulent investment scheme that defrauded investors of $23m

October 18, 2024

SEAN GRUSD formed three funds that he claimed would invest in private financial technology companies.  Beginning in 2021, Grusd provided potential investors with marketing materials containing numerous falsehoods about the funds’ purported investment history and successes.  Among other things, the promotional materials falsely claimed that one of Grusd’s funds had been an early investor in successful startup companies, such as Instacart, Coinbase, and Shippo.  Grusd also falsely claimed that he had graduated from a prestigious law school …

AML Intelligence: Banks urge social media platforms to intensify efforts against fraud

October 18, 2024

UK Finance revealed £571 million was stolen in card payment fraud during the first half of 2024 with 72% of APP scams originating on social media. Despite a slight decrease in fraud from 2023, social media and telecom platforms are still key enablers. UK Finance and the UK Payment Systems Regulator are pressing these sectors to intensify their anti-fraud measures, as existing efforts are insufficient against advanced scams…

ICIJ exposes link between Brazil’s largest criminal organisation and Panama Papers in police investigation

October 18, 2024

A police report obtained by ICIJ partner Agência Pública claims an offshore company created by Mossack Fonseca in 2012 is part of a cluster of firms that allegedly laundered money from drug trafficking…

 

 

Moody’s publishes blog on ‘Searching for Answers: What Is Business Entity Verification?’

October 17, 2024

Conducting business entity verification is crucial to mitigate risks related to sanctions, fraud, money laundering, and other financial crimes. By ensuring the accuracy and authenticity of business entities, organizations can establish trust, maintain regulatory compliance, and safeguard their operations from potential risks.

Dow Jones and Fintrail’s insights on ‘Best Practices in Name Screening’ and regulatory compliance

October 17, 2024

Name screening is a critical tool for complying with regulatory requirements – from freezing the assets of sanctioned parties, to identifying and managing Politically Exposed Persons (PEPs) and high-risk customers. Though generally not a direct requirement, in practice most regulators expect name screening as part of a robust anti-financial crime program.

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.

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