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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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US Beneficial Ownership Information Registry now accepting reports

January 13, 2024

Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:
Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025. Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

FinCEN issues analysis of identity-related suspicious activity

January 12, 2024

This report reveals the existence of significant identity-related exploitations through a large variety of schemes,” said FinCEN Director Andrea Gacki. “Robust customer identity processes are foundational to the security of the U.S. financial system, and critical to the effectiveness of financial institutions’ programs to combat money laundering and counter the financing of terrorism. Financial institutions are encouraged to work across their internal departments to address these schemes…

US DoJ sentences foreign national for conspiring to launder proceeds of internet fraud schemes

January 12, 2024

The court records and trial evidence reveal that Olugbenga Lawal, from Indianapolis, Indiana, collaborated with the leader of a criminal group in Nigeria which carried out online scams, such as romance and business email schemes, defrauding individuals and businesses in the U.S., particularly targeting vulnerable elderly victims…

FinCEN issues a factsheet on beneficial ownership information access and safeguards the final rule

January 11, 2024

The Access Rule reflects FinCEN’s commitment to creating a highly useful database for authorized BOI recipients while protecting this sensitive information from unauthorized disclosure. This Access Rule follows the final BOI Reporting Rule FinCEN issued on September 30, 2022, which requires certain corporations, limited liability companies, and other similar entities created in or registered to do business in the United States to report to FinCEN information about themselves, their beneficial owners, and, in some cases…

 

Wolfsberg Principles publishes revised guidance on Swift Relationship Management Application (RMA) due diligence

January 11, 2024

Changes have been made to keep pace with technical changes occurring as the industry moves to the ISO20022 standard (specifically the fact that, unlike MT messages, the new “MX” messages must all be signed and will therefore all require an RMA). The updated Guidance also provides a clearer, more risk-based approach to RMA due diligence.

ESMA and NCAs to coordinate supervisory activities on MiFID II pre-trade controls

January 11, 2024

The European Securities and Markets Authority (ESMA) and National Competent Authorities (NCAs) have launched a Common Supervisory Action (CSA) to assess pre-trade controls in EU firms using algorithmic trading. This initiative, following the May 2022 flash crash, aims to ensure consistent application of EU rules and market stability…

EBA unveils its 2024 round-up, highlighting plans to release two pivotal reports on crypto-assets in Q1 2025

January 8, 2024

The first report will highlight insights from EU supervisors on tackling ML/TF risks in CASPs. The second report, developed in partnership with the ESMA, will delve into emerging risks in the crypto sector.

Europol supports 6 countries in dismantling underground bankers laundering proceeds from serious crimes, arresting 9 traffickers and seizing €27m in cryptocurrency

January 7, 2024
The coordinated effort led to nine arrests and the seizure of €27 million in cryptocurrencies, €35,000 in cash, gold, luxury goods, and key evidence. Europol’s serious crime and financial investigation teams played a central role in the operation…

FATF/GAFILAT mutual evaluation highlights that Brazil has a deep understanding of ML risks, in particular for ML arising from corruption, organised crime, tax crime, drug trafficking, and environmental crimes

January 5, 2024

Despite progress since the last evaluation in 2010, key challenges remain, including the need for enhanced cooperation and coordination among authorities, particularly the Police, Prosecution Authority, and Tax Office.

MENAFATF publishes outcome of the Mutual Evaluation of Lebanon

January 4, 2024

Lebanon scored acceptable results on technical compliance in thirty four recommendations out of the FATF forty recommendations whereby “Compliant” or “Largely Compliant” ratings were achieved. In the six other recommendations where improvements are needed, Lebanon received “Partially-Compliant” ratings, thus necessitating some legislative amendments.

US DoJ sentences Florida man for money laundering stemming from a business email compromise scheme

January 4, 2024

The fraud is carried out by fraudsters compromising and/or “spoofing” legitimate business email accounts through social engineering or computer intrusion techniques, to cause employees of the victim company or other individuals involved in legitimate business transactions to transfer funds to accounts controlled by the scammers…

China sanctions five US arms manufacturers over Taiwan weapons sales

January 3, 2024

The countermeasures consist of freezing the properties of those companies in China, including their movable and immovable property, and prohibiting organisations and individuals in China from transactions and cooperation with them. The US arms sales to China’s Taiwan region, seriously harm China’s sovereignty and security interests…

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