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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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Europol’s Financial Intelligence Public-Private Partnership (EFIPPP) pre-launches a new ‘Practical Guide for Operational Cooperation between Investigative Authorities and FIs’

November 27, 2024

This Guide is designed to support criminal investigative authorities in fostering effective public-private partnerships with the EU. Amid the momentum generated by EU AMLR75 Information Sharing Article, there is a growing push to make AML/CTF PPP and information sharing the standard practice across Europe.

Insight Crime uncovers links between Brazil’s largest organised crime network and Portuguese football, highlighting how sports can facilitate illicit activities, including ML

November 27, 2024

The PCC, known for drug trafficking and other criminal activities, exploited small and medium-sized football clubs in Portugal to launder money. This scheme came to light following an investigation launched by the Portuguese Football Federation (FPF) on November 17, 2024, prompted by revelations from the newspaper Público. The investigation primarily focuses on third-division clubs, where financial oversight is limited, making money flows easier to manipulate.

 

Danish FSA has newly drawn up guidance on requirements in the financial legislation for the suitability and integrity of directors and board members (fit & proper)

November 26, 2024

The purpose of the update is to create transparency around both the Danish FSA’s practice for suitability assessments and the application process itself. In the guidance, the Danish FSA describes the general principles for assessing competence and experience requirements, which are based on a holistic approach when assessing candidates’ suitability. Several of the new initiatives on…

Joint INTERPOL-AFRIPOL operation arrests 1,006 suspects and dismantles over 134,000 cyber threats, preventing nearly USD 193M in financial losses

November 26, 2024

Operation Serengeti targeted criminals behind ransomware, business email compromise (BEC), digital extortion and online scams – all identified as prominent threats in the 2024 Africa Cyber Threat Assessment Report. Private sector partners, including Internet Service Providers, also played a vital role by sharing intelligence, supporting analysis and disrupting criminal activities. They provided on-site support and offered round-the-clock remote assistance to patch vulnerabilities and secure critical infrastructure for the participating member countries…

FINTRAC’s 2023-24 Annual Report, ‘Safe Canadians, Secure Economy,’ highlights the agency’s efforts to combat ML/TF through digital strategies, including automation, analytics, and AI

November 26, 2024

Over the past year, FINTRAC issued administrative monetary penalties totaling $26 million, the largest in its history, and referred the highest number of non-compliance cases to law enforcement for potential criminal investigations…

 

Asia Pacific Group on ML (APG) 2024 Typologies Report identifies key risks related to ML/TF and PF in the region

November 26, 2024

It offers insights into current trends, methods, and typologies, helping organizations address these risks more effectively. The 2024 APG Typologies Report also includes information on asset recovery and challenges involved in effective recovery of proceeds of crime (both domestic and foreign), and a section on related work undertaken by APG’s observer organisations and research centres…

EPPO Romania carries out investigation into possible fraud involving road works, financed with €37m in EU funds

November 26, 2024

There are suspicions that the subcontractors colluded with the contractor in order to present false documents certifying that the works had been successfully completed. According to the investigation, the works did not respect the quality requirements. There are also suspicions that representatives of the beneficiary (CNAIR) did not carry out adequate checks…

Egmont Group publishes a report detailing the critical role of FIUs in the National Risk Assessment process

November 26, 2024

It highlights the challenges FIUs face, including resource constraints and data analysis complexities, and underscores the importance of collaboration and information sharing. Successful strategies involve strengthening partnerships, improving technology, and maintaining flexible frameworks. The report aims to equip FIUs with the tools and knowledge to effectively assess risks and enhance their AML/CFT efforts…

FCA’s Crypto Roadmap outlines a two-year plan to create a secure, clear, and innovation-friendly regulatory framework for the crypto market

November 26, 2024

The key statistics highlight: 12% of UK adults now own crypto (up from 10%), 93% awareness of crypto (up from 91%), Average crypto holdings have increased to £1,842 (from £1,595), 1 in 3 mistakenly believe they can file a complaint with the FCA – crypto remains unregulated, 26% of non-crypto users would consider buying crypto if it were regulated…

 

FinCEN joins public-private partnership to develop a comprehensive national strategy for combating fraud and scams

November 25, 2024

The National Task Force on Fraud and Scam Prevention, convened by the Aspen Institute’s Financial Security Program, brings together key stakeholders including the financial services sector, technology companies, consumer advocacy groups, information sharing and analysis centers, and federal government agencies to develop a comprehensive national strategy for combating fraud and scams. Fraud and cybercrime (including fraudulent schemes) are two of FinCEN’s Anti-Money Laundering and Countering the Financing of Terrorism National Priorities.

Wolfsberg Group unveils 33 FAQs on ‘Defining Digital Assets’, to help FIs better understand digital Assets, assess ML/TF Risks, and develop robust policies to address emerging threats

November 25, 2024

Key highlights from the FAQs include: Clarification of terminology related to digital assets, including definitions of cryptocurrencies, tokens, and distributed ledger technology (DLT); Guidance on applying existing anti-money laundering (AML) and counter-terrorist financing (CTF) controls to digital asset activities; Recommendations for due diligence processes when engaging with digital asset customers or counterparties. Financial institutions should review these FAQs to enhance their understanding of digital assets and strengthen their financial crime compliance frameworks accordingly…

 

Regional Conference in Cambodia unites 10 Asian nations to combat Art and Antiquities trafficking through AML/CFT investigations

November 25, 2024

Protecting cultural heritage is not just about preserving the past; it is about securing our shared future. Disrupting financial crimes in this space strengthens both the cultural and economic integrity of our societies”, stated EU Ambassador to Cambodia, H.E. Igor Driesmans A testament to the European Commission’s unwavering commitment to supporting partner countries around the world including Cambodia in combating money laundering and terrorist financing, the conference delves into the intersection of cultural heritage crime and financial criminality.

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