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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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Luxembourg Times: Banque Internationale à Luxembourg (BIL) at centre of Azerbaijani embezzlement scandal

November 14, 2024

A joint investigation led by the OCCRP reveals that Banque Internationale à Luxembourg (BIL) played a key role in moving embezzled funds from Azerbaijan. The UK’s National Crime Agency highlighted BIL’s involvement in funneling millions from Azerbaijan’s International Bank of Azerbaijan to Europe. These funds were used to purchase luxury properties in the UK and France…

EPPO traces fraudulent Chinese imports to France via Port of Athens

November 14, 2024

According to the investigation, a criminal organisation, mainly based in the Paris area, in the Seine Saint-Denis district, imported goods from 2020 to 2023 through at least six French companies, believed to act as ‘missing traders’, which would vanish without fulfilling their tax obligations. It is understood that the criminal group undervalued the imported goods in order to illicitly reduce the duties due to the French customs authorities…

Europol supports EPPO-led investigation into EUR 520 million VAT fraud involving mafia networks

November 14, 2024

 The operation has resulted in detention orders being executed against 43 suspects linked to a criminal enterprise of an estimated value of EUR 520 million. The investigation, led by the EPPO offices in Milan and Palermo, targeted an organised crime network spanning multiple EU Member States and non-EU countries…

NCA issues its 28th SARs in Action magazine, focusing on the Camden Asset Recovery Interagency Network (CARIN), and international stakeholders collaboration in AML

November 13, 2024

CARIN is involved in the tracing, freezing, seizure and confiscation of international assets. Other organisations covered in this newsletter are Egmont Group and AUSTRAC.

FinCEN issues alert on fraud schemes involving deepfake media targeting financial institutions

November 13, 2024

Alert is intended to help financial institutions identify fraud schemes associated with the use of deepfake media created with generative artificial intelligence (GenAI) tools. The alert explains typologies associated with these schemes, provides red flag indicators to assist with identifying and reporting related suspicious activity, and reminds financial institutions of their reporting requirements under the Bank Secrecy Act.

MONEYVAL calls for improvements in the supervision of the financial sector, private sector compliance and greater transparency of legal persons

November 13, 2024

Although MONEYVAL countries have comprehensive legal frameworks and powers to prosecute money laundering, the report stresses that many struggle to achieve positive results in prosecuting and convicting perpetrators. Regarding the confiscation of criminal assets, the results remain modest and constitute an area for concern. The report also highlights the need to provide appropriate protection to transborder personal data flows in the context of cooperation among jurisdictions.

Europol warns of organised crime networks recruiting minors for criminal acts

November 13, 2024

Europol’s notification warns that criminal networks now commonly exploit minors by using coded messaging, slang, and even ‘gamification’ tactics to frame criminal tasks as challenges or games. These techniques are designed to draw young people into criminal activity, often making it appear financially attractive or socially rewarding.

FATF issues call to South Africa to advance efforts to enhance measures against ML and terrorist financing.

November 13, 2024

Since its 2021 mutual evaluation and the 2023 Follow-Up report, South Africa has made significant progress in strengthening its anti-money laundering and counter-terrorist financing measures. The country has improved its ratings in several FATF recommendations, with three re-rated from partially compliant to largely compliant. South Africa is now compliant on 5 recommendations and largely compliant on 32…

The Wolfsberg Group appoints its new Executive Secretary J. Edward Ned Conway, effective 1st November

November 13, 2024

Conway the new Executive Secretary of the Wolfsberg Group was formerly responsible for Financial Crime Compliance at Banco Santander. His career includes roles at the US Department of Defense, PwC, and Barclays, with expertise in financial crime prevention and global training. Conway also chairs the UN’s Private Sector Dialogue on financial crime related to environmental issues and serves on the ACAMS Advisory Board…

FinCEN requests comments on proposed form for compliance with residential real estate rule

November 12, 2024

The Residential Real Estate Rule, which will be effective on December 1, 2025, requires select real estate professionals to submit reports and keep records about certain high-risk, non-financed transfers of residential real property to specified legal entities and trusts. This data will support the U.S. Department of the Treasury, law enforcement, and national security agencies in addressing illicit finance vulnerabilities in the U.S. residential real estate sector. It will also help curtail bad actors’ ability to use American residential real estate as a tool to anonymously launder and store illicit funds, which distorts housing prices and threatens U.S. economic and national security.

US DOJ convicts foreign national for laundering millions in proceeds from Cryptocurrency investment scams

November 12, 2024

Daren Li, 41, a dual citizen of China and St. Kitts and Nevis, and a resident of China, Cambodia, and the United Arab Emirates, pleaded guilty today to one count of conspiracy to commit money laundering for his role in a scheme to launder millions of dollars in proceeds of cryptocurrency investment scams…

HM Treasury releases consultation response and draft legislation on regulating ESG ratings providers

November 12, 2024

HM Treasury has published its response to the outcome of its consultation on the future regulatory regime for Environmental, Social, and Governance (ESG) ratings providers, detailing the scope of the proposed regulatory framework, along with related draft legislation. Responses and comments on the draft regulation are sought by 14 January 2025.

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