Traditional forms of control that banks and institutions have on financial flows and services cannot be used to combat emerging money laundering and terrorist financing risks related to virtual assets according to the Council of Europe’s anti-money laundering and counter… Read More ›

AML/CFT
FinCEN head issues reminder on Russia-related alerts, warns of lack of funds for new AML legislation
The head of the US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a reminder in a congressional committee of two alerts related to recent sanctions imposed on Russia that provide financial institutions with information about red flags and… Read More ›
Canada’s AML regulator issues special bulletin on Russia-linked money laundering related to sanctions evasion
Canada’s anti-money laundering and counter financing of terrorism (AML/CFT) regulator and financial intelligence unit has published a Special Bulletin on Russia-linked money laundering related to sanctions evasion. Ottowa has imposed a significant number of new sanctions on Russia in response… Read More ›
Art traders call for review of AML/CFT regulations after US treasury report suggests prioritising shell companies and real estate
The world’s largest art trade federation is leading the call for a fundamental international review of policy making after a recent report commissioned by the US treasury department indicated that money laundering and terror finance risks associated with shell companies… Read More ›
Tough reporting obligations for art traders, but shell companies the root problem and art not a priority suggests US treasury report
Close outstanding gaps in the US anti-money laundering and counter financing of terrorism (AML/CFT) regime, including those related to beneficial ownership and real estate, before focusing on the art trade the US treasury is told in a study examining money… Read More ›
Crack down on TBML to battle the world’s kleptocrats says US senator
Action to prevent or stem trade-based money laundering (TBML) needs to be better coordinated to battle the world’s kleptocrats according to a comprehensive plan devised by a leading US senator. Sheldon Whitehouse has launched his plan in the wake of… Read More ›
UAE added and Pakistan kept on FATF grey list
The UAE is the only new jurisdiction to have been put on the Financial Action Task Force (FATF) ‘grey list’ of countries at the global financial watchdog’s plenary meetings last week. The emirates are now actively working with the task… Read More ›
Russia’s role in FATF under review amidst growing money laundering, terrorist and proliferation financing risks
Russia’s invasion of Ukraine is a “gross violation” of standards committed to by members of the Financial Action Task Force (FATF) which has said it will “consider what future steps are necessary to uphold these core values.” A statement issued by… Read More ›