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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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CSSF’s Outsourcing Circular aligns with DORA, repeals rules to boost risk management, governance, and cyber risk oversight, while ensuring strong AML compliance in outsourced functions

April 9, 2025

The CSSF simplifies the regulatory landscape and ensures financial institutions adopt a more robust, EU-consistent approach to third-party risk, ICT outsourcing, and cloud services. This reflects the growing complexity of outsourced services and the need for enhanced resilience…

FinCEN’s 2024 analysis uncovers $1.4bn in suspicious fentanyl-drug related transactions, exposing cartel-driven ML and trafficking networks linked to Mexico and China

April 9, 2025

The report sheds light on the sophisticated tactics used to launder illicit fentanyl proceeds, including the involvement of front companies, money mules, and intermediaries. Many of the transactions are carried out through unconventional methods, such as peer-to-peer transfers or cash transactions. The analysis also reveals the significant role of cross-border financial networks that span the U.S., Mexico, and China, indicating the global nature of the…

NCA secures a landmark victory with its first UK sanctions breach convictions, as former Russian official and his relative are found guilty of evading sanctions and ML

April 9, 2025

The convictions are a direct result of efforts to enforce the UK’s robust sanctions regime, which was introduced to exert economic pressure on Russia following its invasion of Ukraine. In this case, Dmitrii Ovsiannikov, the former Governor of Sevastopol, a city illegally annexed by Russia, was found guilty of circumventing UK sanctions. His family members, particularly his brother, also played a role in facilitating the breach, further solidifying the NCA’s…

MAS consults on AML/CFT rule changes to explicitly include proliferation financing in risk assessments, align with FATF standards, and clarify STR filing expectations

April 8, 2025

MAS consults on amendments to AML/CFT Notices to explicitly include proliferation financing (PF) in money laundering risk assessments and align trustee-related rules with revised FATF standards. It also proposes updates to AML/CFT Guidelines to clarify supervisory expectations and improve the timeliness of suspicious transaction reporting…

Companies House launches voluntary identity verification to enhance data reliability, protect the register from misuse, and bolster the UK’s defences against fraud and economic crime

April 8, 2025

By verifying the identities of individuals setting up, running, or controlling companies, the government aims to increase transparency, reduce money laundering, and prevent fraud. This measure is part of the Economic Crime and Corporate Transparency Act 2023, which grants Companies House enhanced powers to ensure the integrity of the UK’s business register. The service helps prevent criminals from using false identities to set up shell…

Europol and Italian authorities dimantle a sophisticated counterfeit euro network, seizing €180K in fake currency, while uncovering cryptocurrency payments and online distribution methods

April 8, 2025

The operation, which spanned multiple European countries, revealed an intricate network that used cryptocurrency for payments and relied on online platforms for the distribution of counterfeit banknotes. Investigators uncovered a well-organized criminal group in southern Italy, operating with high technical expertise and using encrypted messaging platforms to facilitate transactions…

CoLP reports £649m lost to investment fraud in 2024, with 66% tied to cryptocurrency scams, as fraudsters increasingly exploit social media and impersonate trusted figures

April 8, 2025

Criminals exploited social media platforms and fake celebrity endorsements to run increasingly sophisticated cryptocurrency scams across the UK in 2024, with the CoLP reporting that younger victims were disproportionately affected as total losses from investment fraud surpassed £649m…

 

FATF PSCF 2025 calls for stronger public-private collaboration to strengthen AML/CTF efforts, focusing on updated ‘travel rule’ standards and digital innovation for financial inclusion

April 7, 2025

Key discussions focused on updating the Travel Rule and finding the right balance between payment transparency and data protection. Participants emphasised the need for better information sharing and greater alignment between AML/CFT and privacy frameworks. Digital tools were also recognised as important enablers of financial inclusion….

Beyond FS’s blog stresses the need for a clear strategy and thorough due diligence in KYC tech implementations to avoid costly failures and ensure alignment with business goals

April 5, 2025

This blog by Beyond FS discusses the challenges that financial crime teams face when implementing new KYC (Know Your Customer) and financial crime technology. It emphasizes the importance of setting a clear internal strategy before adopting new technology, aligning the technology with the company’s business objectives, and conducting thorough due diligence to avoid common pitfalls and costly failures…

Swiss OAG’s 2024 Annual Report reveals that ML remains a top enforcement priority, alongside tackling international corruption and major cross-border economic crimes

April 3, 2025

The Swiss OAG’s 2024 report highlights a rise in aggravated ML cases, often tied to organised crime. It emphasizes strengthened collaboration with cantonal and international authorities, particularly in Italy, through Joint Investigation Teams (JITs). The report also advocates for more flexible legal tools, including the use of cooperating witnesses, to enhance prosecutions of complex transnational crimes…

UK announces new sanctions on corrupt actors undermining democratic institutions, reinforcing its ongoing campaign against global corruption and illicit finance

April 2, 2025

UK sanctions pro-Kremlin operation responsible for destabilising Moldova. Cronies used by corrupt leaders to undermine democracy and rule of law in Georgia and Guatemala also included in new crackdown. Action marks latest step in Foreign Secretary’s campaign to tackle threats to UK from corruption and illicit finance…

OLAF uncovers a massive EU fraud scheme, leading to the conviction of 9 MEPs for embezzlement related to fictitious employment, with over €420K recovered for the EU budget

April 2, 2025

The investigations revealed serious irregularities and focused on the fictitious employment of individuals falsely listed as parliamentary assistants despite never having worked for the European Parliament. In one instance, for example, the evidence gathered revealed that an assistant had been paid by the European Parliament without ever providing support to the MEP in parliamentary offices as required. Instead, this individual lived near Paris and worked for the political party exclusively…

 

 

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