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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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INTERPOL-led initiative seizes illegal products worth more than USD 200m in South American operation

November 20, 2024

Operation Crete II (August to September 2024) brought together 12 countries to combat a range of intellectual and industrial property infringements. These included the illicit trade of counterfeit fashion items, medical products, as well as digital piracy. The operation, coordinated and supported by INTERPOL, focused on products that pose a threat to the health and safety of consumers…

 

UN achieves a historic milestone (Aug 2024) by approving its first legally binding cybercrime instrument, strengthening global efforts to tackle digital-age crimes

November 20, 2024

This landmark agreement aims to strengthen global efforts against digital-age crimes by enhancing international cooperation, bolstering law enforcement initiatives, and advancing technical assistance and capacity-building for cybercrime prevention. From terrorism financing to trafficking and fraud, this treaty emphasizes the critical role of tech in both enabling and combating financial crime.

Home Office releases ‘New Guidance on Failure to Prevent Fraud,’ offering key insights on corporate criminal offense compliance

November 18, 2024

The Guidance clarifies the steps large organisations must take to avoid criminal liability for fraud committed by their employees or agents. Effective from Sept 2025, this offence holds companies accountable if they profit from fraud, requiring them to demonstrate “reasonable procedures” to prevent such activities. The guidance emphasizes the need for a strong anti-fraud culture…

Eurojust publishes report summarising meetings on money laundering and asset recovery in 2023/24

November 18, 2024

The meetings brought together dedicated prosecutors specialised in asset recovery and tackling money laundering from the European Union and countries with liaison prosecutors at Eurojust. Furthermore, representatives of the European Commission (DG FISMA, DG HOME, DG JUST and DG ECFIN), Europol, EPPO, EJN, CARIN network, INTERPOL, the Council of Europe (MONEYVAL), FATF and representatives from Asset Recovery Offices, Asset Management Offices and Financial Intelligence Units, participated.

FSB outlines steps it has taken to address current and emerging vulnerabilities in latest annual report

November 18, 2024

Key priorities include addressing lessons from the March 2023 banking turmoil; enhancing the resilience of NBFI; addressing financial risks from climate change; improving cross-border payments; responding to technological innovation; and enhancing the resolvability of central counterparties.

OECD publishes latest secretary-general tax report to G20 leaders

November 18, 2024

This report sets out recent developments in international tax reform, including on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy. It also covers progress made on the implementation of the BEPS minimum standards and tax transparency, as well as updates on tax policy, tax and inequality and tax administration.

FATF announces Korea’s progress in strengthening measures to tackle ML and terrorist financing publication details language

November 17, 2024

Korea has made progress in addressing compliance deficiencies from its 2020 Mutual Evaluation Report. As a result, the FATF has re-rated Korea on one recommendation, moving Recommendation 8 from partially compliant to largely compliant. Korea is now compliant on 13 recommendations largely compliant on 20, and partially compliant on 7…

FinCEN issues an alert on fraud schemes using deepfake media to target financial institutions

November 17, 2024

FinCEN issued an alert to financial institutions on fraud schemes involving deepfake media created with generative AI tools. The alert provides guidance on identifying suspicious activity, including fraudulent identity documents, and emphasizes reporting requirements under the Bank Secrecy Act. FinCEN warned that bad actors are exploiting AI technology to defraud businesses, urging vigilance to protect the financial system and consumers…

FATF publishes its Money Laundering National Risk Assessment (NRA) Guidance, drawing on insights from over 90 countries within the FATF Global Network

November 16, 2024

The key sections include: 1. NRA Preparation and Setup: This section identifies the prerequisites to a successful NRA. It covers such key foundational parts of the NRA such as political commitment, an inclusive NRA mechanism, objective setting, and the acquisition of information and data. 2. Assessing and Understanding Money Laundering Risks: Offers a flexible yet structured methodology for analysing threats, vulnerabilities, and risks, allowing countries to implement a coherent methodology that is adapted to their capacity and unique risk and context. 3. Post-NRA Actions: Recommends follow-up actions, including aligning mitigation measures with identified risks, communicating findings, and refining the NRA process

FATF praises South Africa for the progress it has made in addressing most of the technical compliance deficiencies identified in its MER

November 16, 2024

Country is re-rated to largely compliant on Recommendations 2, 6 and 15. Covering national cooperation and coordination, targeted financial sanctions related to terrorism, and virtual assets.

Legal Services Board consults on guidance for new regulatory objective on economic crime

November 15, 2024

Views sought on proposals to underline the important role of legal services regulators in tackling economic crime. This follows a new legal duty being placed on the LSB and the legal services regulators to ‘promote the prevention and detection of economic crime’.

FinCEN provides beneficial ownership information reporting relief to victims of recent natural disasters

November 15, 2024

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced that certain victims of Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine will receive an additional six months to submit beneficial ownership information reports, including updates and corrections to prior reports.

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