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ESAAMLG publishes report on illicit dealings in gold, diamond and rubies and related ML/TF

The report includes a list of risk indicators and case studies that can help the concerned institutions in the ESAAMLG Region to identify and investigate illicit activities in the precious stones and metals markets, and also highlights the importance of rapidly identifying…

FCA takes further action against unregistered crypto ATMs

The FCA has used its powers to inspect several sites in East London suspected of hosting illegally operating crypto ATMs, as it continues its crackdown on the illicit sector. The FCA is working with the NECC to plan and coordinate action with law enforcement partners…

Hong Kong SFC consults on proposals to regulate virtual asset trading platforms

The Consultation Paper on the Proposed Regulatory Requirements for Virtual Asset Trading Platform Operators covers (i) licensing and conduct requirements concerning Platform Operators and (ii) AML/CFT requirements applicable to virtual asset service providers (“VASP”)…

FINTRAC on proposed changes to the Canadian AML/CFT regime

The proposed amendments to the regulations would prescribe a formula for FINTRAC to assess the expenses it incurs in the administration of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act against reporting entities, impose AML/ATF obligations on mortgage lending entities…

EU agrees on level of price caps for Russian petroleum products

These are the price per barrel at which petroleum products from Russia are exempt from the prohibition to provide maritime transport of petroleum products to third countries and technical assistance, brokering services or financing or financial assistance…

Money laundering Bill would still give Dutch banks too much surveillance power

The Dutch Data Protection Authority (AP) is still very critical of a proposed law to tackle ML by banks, despite “good improvements” that have been made in recent revisions when compared to an earlier draft. The bill will give banks the scope to monitor payment for suspicious transactions…

Monaco’s AML system inadequate, risks name-and-shame 

The report insists Monaco faces significant ML risks, mostly due to the “internationally oriented financial activities” that are being offered – and the Principality is a “prime target” for illicit cross-border financial flows. In most cases, frauds are committed abroad, while…

How oligarchs use Brussels to launder their reputations

This scandal has focused on claims that Qatar funded an influence operation in the European parliament which resulted in the arrest and imprisonment of MEPs and a former vice-president. Over €1.5 million in cash has since been discovered stashed away in flats…

Will 2023 be the end of international sanctions?

The UN Security Council’s sanctions role has been neutered; new sanctions coalitions must ensure this key tool of international security remains effective. With the international sanctions regime up against the ropes, the West will need to not only rely on its own…

Crypto and the anti-money laundering complex

Criminal penalties for money laundering are used overwhelmingly against people already subject to punishment for a predicate offence. The vast majority of people charged with “money laundering” are low-level drug dealers. The reason this happens is because…

FATF upgrades China on two recommendations

China has been upgraded on targeted financial sanctions related to proliferation and transparency and beneficial ownership of legal persons. China will remain in enhanced follow up and will continue to inform the FATF of progress achieved…

Applying AI to the war on financial crime

Technology is useful in identifying complex money laundering schemes, for mining big data sets for terrorism financing activity, and it is irreplaceable for criminal cases involving cryptocurrencies. ComplyAdvantage automates the scanning of hundreds of thousands…