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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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AMLA signs landmark MoU with European Supervisory Authorities (EBA, ESMA, and EIOPA) to strengthen cooperation, data sharing, and supervisory alignment across prudential and AML mandates

July 3, 2025

The MoU outlines procedures for efficient information exchange, joint oversight, and risk-based supervision, while promoting convergence in governance standards and enforcement actions. It also includes mutual observation of board meetings to enhance coordination. Fulfilling a legal obligation under Article 91 of the AMLA Regulation, this agreement marks a key step in harmonising AML/CFT efforts across the EU and significantly enhances the bloc’s ability to combat financial crime through integrated supervision and collective capacity building…

UK Govt and MAS Singapore pledge joint crackdown on FC, focusing on digital finance risks, AI misuse, cross-border fraud, ESG integrity, tokenisation oversight, and global disclosure alignment

July 3, 2025

Key discussions centred on emerging threats from digital finance, including tokenisation, cross-border fraud, and the misuse of AI, while both sides pledged deeper collaboration on Project Guardian and Global Layer One to enhance oversight of tokenised markets. The dialogue also addressed the integration of AI in AML systems, stronger ESG governance to prevent greenwashing, and alignment on disclosure standards to bolster transparency. Both countries committed to continued engagement to enhance regulatory alignment, data-sharing, and AML/CFT frameworks in the face of evolving financial crime risks…

AUSTRAC orders an external audit of Western Union over serious AML/CTF compliance concerns, citing weak due diligence, reporting failures, issues with fund transfers, and ineffective internal controls

July 3, 2025

Despite self-reporting and efforts to improve, AUSTRAC remains unconvinced that Western Union’s AML/CTF program is effective. CEO Brendan Thomas highlighted the high ML risks in the remittance sector and stressed the importance of strong internal controls. The appointed auditor will assess Western Union’s systems and help determine if further regulatory action is necessary. AUSTRAC warned the entire remittance sector that all businesses, regardless of size, must uphold robust AML/CTF standards to protect the financial system from criminal exploitation…

GC fines Taichi Tech Ltd £170K for regulatory breaches including the use of unfair terms and conditions, and orders a third-party audit to assess the effectiveness of its AML and safer gambling controls

July 3, 2025

Taichi Tech Limited breached the fair and open licensing condition by including a discretionary term allowing the operator to close customer accounts or forfeit winnings without clear justification. Such terms lack transparency and may lead to unfair outcomes for consumers. Some customers were able to gamble large sums within a short period of time, despite the operator holding limited customer information…

U.S. DoJ sentences 3 individuals for a violent scheme to rig the U.S.-Mexico vehicle transit market via price-fixing, extortion, and ML – underscoring its crackdown on cross-border criminal networks

July 1, 2025

U.S. DoJ announces the sentencing of three defendants involved in a conspiracy to monopolize the international transmigrante transport industry between the United States and Mexico through extortion, violence, and price-fixing. The individuals used threats and assaults to eliminate competition and control pricing, violating antitrust laws and undermining lawful commerce…

GI-TOC updated Illicit Financial Flows (IFFs) Toolkit spotlights how 6 Western Balkans countries address illicit proceeds linked to corruption, tax evasion, and trade mispricing

July 1, 2025

The report offering country-specific insights into how Albania, Kosovo, North Macedonia, Bosnia and Herzegovina, Montenegro, and Serbia tackle illicit flows linked to corruption, tax evasion, trade mispricing, and informal cash systems. Drawing on FATF-style indicators, national risk assessments, and expert interviews, the toolkit highlights enforcement gaps, regulatory weaknesses, and opportunities for civil society to advocate stronger controls…

 

 

FATF Consolidated assessment ratings (July 25) delists Croatia, Mali, and Tanzania, while adding Bolivia and the UK Virgin Islands over AML/CFT gaps

July 1, 2025

FATF Consolidated assessment ratings (July 25) delists Croatia, Mali, and Tanzania, while adding Bolivia and the UK Virgin Islands over AML/CFT gaps…

MENAFATF upgrades Algeria on five FATF Rec., acknowledging AML/CFT progress but keeping the country under heightened scrutiny due to remaining compliance gaps

June 30, 2025

In its May 2025 enhanced follow-up report, MENAFATF acknowledged Algeria’s progress in strengthening its anti-money laundering and counter-terrorist financing (AML/CFT) measures, resulting in the re-rating of five FATF Recommendations, including those on customer due diligence and wire transfers. However, MENAFATF concluded that Algeria must continue addressing remaining gaps and will remain under enhanced monitoring…

OECD’s 2024 Progress Report on Tax Co‑operation for Development hows that global tax transparency tools are empowering developing countries to uncover offshore evasion and boost revenues

June 30, 2025

The report underscores the importance of inclusive multilateralism, effective exchange of information, and targeted support in strengthening domestic resource mobilisation and combating tax evasion.

MAS finalises AML/CFT rule changes effective 30 June 2025, expanding ML definitions to cover PF, tightening STR timelines, enhancing KYC for trusts/ shell firms, and aligning with FATF standards 

June 30, 2025

The revised framework expands ML definitions to include proliferation financing, tightens STR reporting timelines, and enhances due diligence requirements for trusts, legal arrangements, and shell companies. It also strengthens KYC measures, screening protocols, and SoW/SoF verification standards. The changes aim to align Singapore’s regime with FATF standards, improve cross-border information sharing, and ensure that financial institutions escalate high-risk activities more promptly and effectively…

IMLIT Canada charges 2 individuals and a company in a $40M cross-border ML scheme, uncovering a complex fraud network involving UAE funds, shell companies, and MSB operations 

June 30, 2025

Operating a money service business in Calgary and Vancouver, the accused—Kevin Sarrafi, who was arrested, and Saba Sarrafi, now subject to a Canada-wide warrant—allegedly used shell companies and third-party bank accounts to conceal the origins of illicit funds and bypass reporting obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The case underscores IMLIT’s continued focus on dismantling complex laundering networks tied to organised crime…

FinCEN launches “COMMAND” Exchange series to disrupt illicit financial networks tied to drug and human trafficking, starting in cartel-prone U.S.–Mexico border hubs McAllen and El Paso

June 27, 2025

FinCEN’s COMMAND series aims to enhance information sharing and coordination between law enforcement and financial institutions to more effectively disrupt illicit financial flows linked to narcotics and drug trafficking. This initiative focuses on targeting key border regions to maximise impact and improve the overall effectiveness of counter-narcotics financial enforcement efforts…

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