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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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EFTA Court in Luxembourg rules that access to beneficial ownership data requires a legitimate interest, balancing transparency with privacy and warning against rigid rules that hinder AML efforts

May 7, 2025

This ruling reinforces stricter transparency standards under AML regulations, particularly in light of the European Court of Justice’s annulment of certain provisions in the Fifth AML Directive that previously eased access to such information. The judgment clarifies that while national laws govern procedural aspects, they must align with EEA law principles, ensuring access is granted only when necessary, appropriate…

Europol disrupts the global cybercrime market by targeting websites that sold DDoS attacks for just €10, leading to multiple arrests and seizure of malicious domains

May 7, 2025

The now defunct platforms – Cfxapi, Cfxsecurity, neostress, jetstress, quickdown and zapcut – are thought to have facilitated widespread attacks on schools, government services, businesses, and gaming platforms between 2022 and 2025. The platforms offered slick interfaces that required no technical skills. Users simply entered a target IP address, selected the type and duration of attack, and paid the fee — automating attacks that could overwhelm even well-defended websites…

AMLA’s Chair Bruna Szego calls for stronger cross-sector cooperation at Dublin EAFCS, prioritising operational foundations, enhanced FIU and supervisory coordination, and unified action against ML/TF

May 7, 2025

Bruna emphasised the importance of unifying efforts across sectors to combat ML/TF, which undermine EU economic and democratic stability.  AMLA’s dual mandate—supervision and FIU coordination—presents opportunities to break down silos and strengthen the AML/CFT framework. She also stressed the need for raising awareness of changes in AML systems…

Europol warns of surging biometric fraud, with criminals using deepfakes and synthetic voices in presentation attacks to exploit system vulnerabilities, urging stronger security measures

May 7, 2025

Europol warns that fingerprint, face, iris, and voice systems can be duped by methods like fake molds, masks, deepfakes, and replay attacks, urging law enforcement to adopt liveness checks, standards, and robust data protection while collaborating across biometrics, forensics, and cybersecurity to stay ahead of evolving threats…

US Treasury cracks down on transnational crime by sanctioning Burma’s KNA militia by disrupting its cyber scams, human trafficking, and smuggling operations

May 5, 2025

The KNA, a militia group operating in the country’s border region with Thailand, has long been linked to transnational criminal operations, facilitating the exploitation of vulnerable individuals and enabling scams that target global victims. Treasury’s sanctions target not only the KNA itself but also key figures, such as leader Saw Chit Thu and his sons, who are involved in orchestrating and profiting from these illegal activities…

FCA consults on new rules for cryptoasset trading platforms to boost transparency, protect consumers, and align with traditional finance, as part of its bold Crypto Roadmap – open until 13 June 2025

May 2, 2025

The discussion paper covers key areas like intermediaries, DeFi, staking, lending, and use of credit to buy crypto, ahead of incoming legislation. The FCA aims to create a regulatory regime that: provides clarity for firms and encourages innovation in the crypto space, ensures appropriate levels of market integrity and consumer protection, drives sustainable, long-term growth of crypto in the UK…

OLAF leads major EU-wide crackdown, seizing 1.8m luxury counterfeit items worth €180m and dismantling global smuggling networks

May 2, 2025

The cross-border operation seized over 1.8 million counterfeit fashion items smuggled into the EU in containers disguised with legitimate textiles. The high-quality fakes featured fake logos of luxury brands and were meticulously crafted to deceive even brand experts…

Eurojust uncovers a major ML scheme led by a Ukrainian entrepreneur, funneling illicit arms profits through real estate, with €57m frozen in France for return to Ukraine

May 2, 2025

The suspect is the son of a prominent entrepreneur in Ukraine, who owned a defence company. Following the Russian invasion, profits began to decline, and the owners are suspected of having illegally sold their majority stake to representatives of a foreign state. To hide the illegal profits gained from the sale, the owner’s son bought properties, in several countries including France and Monaco…

ESMA launches consultation on ESG rating standards, focusing on transparency, conflict mitigation, and robust disclosure requirements, deadline set for 20 June 2025

May 2, 2025

This move comes in response to growing concerns about the transparency and potential conflicts of interest in how ESG ratings are developed and used by market participants. The proposed standards outline the information ESG rating providers must include in their applications for authorisation, the safeguards they should implement to manage conflicts of interest—particularly when they engage in other commercial activities…

Nigeria EFCC busts multi-million Q-net scam, arresting 3 suspects and exposing a fake university offering fraudulent degrees, highlighting swift law enforcement action against financial fraud

May 2, 2025

The scam, which falsely promised lucrative financial returns to unsuspecting investors, was linked to a fake university operation that offered fraudulent degrees in various fields, including Medicine, Nursing, Cybersecurity, and Geology. The alleged scammers ran the fraudulent university in makeshift pavilions and under trees, charging students exorbitant registration fees between N1.2 million and N1.3 million, amounting to hundreds of millions…

BoE’s AI Consortium explores AI’s role in financial services, focusing on benefits, risks, and safe adoption, while addressing growing concerns around financial crime, ethics, and resilience

May 2, 2025

The phrase “Shape Future” underscores the consortium’s role in influencing the evolution of financial crime detection and risk management, making it clear that the platform aims to bring innovation to these critical areas. It also emphasizes the dual nature of the consortium’s work: exploring both the opportunities and challenges of AI in this context, which includes enhancing detection capabilities while addressing potential risks…

Cyprus’s Central Bank new AML/CTF Directive, effective 2 June 2025, reshapes compliance with a flexible RBA that enhances efficiency while ensuring robust financial crime oversight

May 2, 2025

The directive is part of Cyprus’ ongoing efforts to enhance its supervisory framework, ensuring that financial institutions comply with international standards on preventing money laundering and terrorist financing. The CBC has also made available a Frequently Asked Questions (FAQ) document to clarify key provisions of the directive. The FAQ is designed to guide supervised entities, such as banks and financial institutions, in understanding…

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