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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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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.

Europol supports Albania and Italy in the fight against drug trafficking from South America

November 12, 2024

Albanian and Italian authorities, with Europol’s support, dismantled a drug trafficking network led by two Albanian brothers, arresting 29 suspects across multiple countries. The group trafficked drugs from South America to the EU, using containers of exotic fruits to hide illicit shipments. Seizing €70 million worth of drugs and assets, authorities also uncovered a sophisticated ML operation…

FCA secures convictions against two individuals for £1.5m investment fraud

November 12, 2024

Between February 2017 and June 2019, the two defrauded 65 investors of £1.5 million through fake crypto investments. Bedi and Mavanga both pleaded guilty to multiple offences, including conspiracy to defraud and ML while Mavanga was convicted of perverting justice by deleting evidence. A third defendant faces a retrial in 2025, and a fourth, Rowena Bedi, was acquitted of money laundering charges…

US DoJ slams TD Bank executives to escape accountability and bypass the “bank death penalty” through legal maneuvers

November 12, 2024

Senator Elizabeth Warren condemned the DOJ for letting TD Bank avoid severe penalties in a money laundering case while sparing top executives from accountability. She cited the bank’s role in ML over US $670 million and questioned the DOJ’s commitment to holding individuals responsible. Warren warned that without executive accountability, fines will merely be treated as a business expense rather than a deterrent…

COE: Europe needs effective implementation of standards to counter ML and terrorist financing

November 11, 2024

MONEYVAL’s latest report highlights progress in areas such as understanding ML risks and international cooperation, but major improvements are needed in financial sector supervision, private sector compliance, and asset confiscation. Despite strong legal frameworks, many countries struggle to prosecute and convict money laundering offenders…

Eurojust led operation seizes 2000 fake works of art with potential losses of EUR 200 million

November 11, 2024
The fake art recovered by the authorities included forged works by famous artists such as Banksy, Andy Warhol, Pablo Picasso, Joan Miró, Francis Bacon, Wassily Kandinsky, Gustav Klimt, Claude Monet, Vincent van Gogh and Salvador Dalí. Investigations into the fake works revealed a network of forgers in Spain, France and Belgium. Once the fake works of art were produced, the network would work with several complicit auction houses in Italy to sell the pieces.

AML RightSource hosts a webinar on ‘How Adverse Media Monitoring Can Enhance Your KYC and EDD Effectiveness’

November 10, 2024

Effective KYC and EDD processes are crucial to managing risk in financial services and corporate organizations. These activities can be very labor intensive, so automated internal information gathering is very valuable. So, it is essential to understand what your customers or vendors are doing outside their relationship with you. Adverse Media Monitoring is a critical tool in this effort. Our expert panel will discuss the state of AMM tools, how to deploy them, and the benefits of adding them to your risk management workflows.

Council of Europe holds seminar on current trends in the investigation of crypto-assets for ML/TF purposes

November 10, 2024

The seminar was convened with the aim of providing a platform for information-sharing and coordination between French competent authorities engaged in the regulation and supervision of crypto-asset service providers (CASPs), as well as in the investigation of money laundering and terrorist financing cases involving crypto-assets.

Kroll’s insights on ‘How Technology is transforming AML?’

November 10, 2024

Kroll’s experience in the biggest and most complex money laundering investigations and remediations revealed that a few technology experts, who know how to analyze data and how internal systems operate—can help firms achieve significant results by spotting patterns and trends and identifying loopholes

Singapore’s National Anti-Money Laundering Strategy sets out the strategic approach to address ML risks

November 10, 2024

Singapore’s National Anti-Money Laundering (AML) Strategy sets out the strategic approach to address money laundering (ML) risks and will guide our risk-targeted actions to combat ML amidst rapidly changing risks, trends and criminal typologies. Combatting ML is of national importance to Singapore. Maintaining an effective AML framework protects Singapore’s system from illegal activities and illicit asset fund flows and reinforces Singapore’s reputation as a trusted international financial centre and business hub…

Companies House Strategic Intelligence Assessment provides a clear overview of identified threats, including the misuse of corporate structures for ML, fraud, and corruption

November 10, 2024

It emphasises the risks associated with shell companies, opaque ownership, and international criminal networks exploiting UK business registrations. The NCA estimates that ML affecting the UK may exceed £100 billion annually. The key concerns include mass corporations: Criminals may exploit mass incorporations to establish shell companies, increasing fraud & ML, with a 19.3% rise…

The Cambridge Centre for Alternative Finance (CCAF) unveils its 2nd Global Cryptoasset Regulatory Landscape Study, highlighting the emerging practices and early lessons learned

November 9, 2024

Some quick insights include: Cross-Border Challenges: The global nature of crypto assets makes regulation complex. While countries are working together more closely, they’re also setting up national restrictions to control the risks of offshore activities. Focus on Stablecoins and DeFi: Stablecoins are drawing intense scrutiny, especially in developed economies, where there’s concern over stability and redemption rights. DeFi remains mostly unregulated, with regulators more interested in controlling access points like user interfaces rather than the protocols themselves…

 

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