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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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FCA to review how banks treat politically exposed persons (PEPs)

July 9, 2023

Chancellor Jeremy Hunt was refused a bank account with Monzo last year, which the chancellor said was an example of the “barriers” faced by people wanting to work in public life. He said he believed he was denied the account before he became chancellor because he was a PEP…

EU Civil Liberties Committee adopts a draft negotiating mandate on violating and circumventing EU sanctions

July 6, 2023

The law would ensure that EU sanctions are enforced uniformly across member states, with common definitions and dissuasive penalties.

OECD launches new report: Tax Transparency in Africa 2023

July 6, 2023

Presents African countries’ latest advances in tackling the major issue of tax evasion and other illicit financial flows (IFFs) through transparency and exchange of information (EOI) for tax purposes.

UK Finance requests answers to question on new UK restrictions on legal advisory services

July 6, 2023

UK Finance have collated a list of questions about the new restrictions on legal advisory services in Regulation 54D (previous post) of the Russia (Sanctions) (EU Exit) (Amendment) (No. 3) Regulations 2023, which has now been sent to the relevant government departments…

EU sanctions: new law to crack down on violations

July 6, 2023

According to the proposal, violating and circumventing the sanctions should be punishable criminal offences carrying prison sentences of a maximum of five years and fines of up to ten million euro. When companies violate or circumvent sanctions, they should be excluded from public tenders.

MAS Annual Report 2022/23

July 5, 2023

Report includes section ‘Responsible and Trusted Financial Centre’, which focuses on AML/CFT, enforcement, good culture and conduct, and FOREX and derivatives.

IMF publishes working paper on taxing cryptocurrencies

July 5, 2023

The greatest challenges are for implementation: crypto’s quasi-anonymity is an inherent obstacle to third-party reporting.

SlowMist publishes 2023 Mid-Year Blockchain Report

July 3, 2023

Focuses on the safety of the blockchain ecosystem, summarising the major security incidents of the first half of 2023 and the recovery of funds, providing a comprehensive understanding of current and future blockchain security risks

MONEYVAL publishes Fifth Enhanced Follow-up on Slovenia

July 2, 2023

Upon re-rating, Slovenia is either compliant or largely compliant in all Recommendations apart from R.5, reflecting progress made with respect to the mitigation of risks from VASPs and cash couriers.

HM Treasury consults on the reform of the AML/CTF supervisory regime

June 30, 2023

HMT has published a consultation on reform of the AML/CTF supervisory system, in line with a commitment in the Economic Crime Plan 2023-6. The consultation will be open for three months, closing on the 30th September 2023…

HM Treasury publishes Economic crime plan 2, covering 2023 to 2026

June 29, 2023

Sets out what the public and private sectors should do to continue to transform the UK’s response to economic crime.

SFO and FCA publish principles of cooperation

June 29, 2023

The SFO and FCA have issued a joint statement aimed at establishing principles for ongoing cooperation which requires the SFO and FCA to meet regularly to discuss strategy, policy and ongoing collaboration. Topics of discussion will include the status of ongoing investigations…