Authorities in Italy and Spain have arrested 33 suspects in a coordinated action against a globally active money laundering criminal network according to the EU police agency, Europol. It says those arrested allegedly laundered drug profits generated in Europe, by… Read More ›
A US federal grand jury has indicted a Russian national who allegedly used the American banking system to illegally transmit more than US$150 million, of which US$65 million was used to illicitly purchase overseas gold bullion. Feliks Medvedev has been… Read More ›
Collaboration between public sector agencies and reporting entities such as banks can significantly enhance the effectiveness of measures to counter financing of terrorism according to the International Monetary Fund’s (IMF’s) recently published book on counter terrorism financing frameworks (Trade-based Financial… Read More ›
The US treasury department’s Office of Foreign Assets Control (OFAC) has designated what it describes as a vast international money laundering and sanctions evasion network of 52 individuals and entities in the UAE, Lebanon, South Africa, Angola, Côte d’Ivoire, the… Read More ›
Countering the misuse of trade finance for illicit purposes, abuse of shell companies and proliferation financing (PF) will be the initial three key financial crime risks in commercial banking focused on in Singapore’s new ambitious digital platform for financial institutions… Read More ›
Banks in the European Union (EU) are amongst entities that may be required to verify their customers’ identity, what they own and who controls the company, under proposed new European anti-money laundering and counter financing of terrorism (AML/CFT) package approved… Read More ›
Art market experts have responded to the recently published Financial Action Task Force (FATF) report on money laundering and terrorist financing in the art and antiquities market (Trade-based Financial Crime, 1 March 2023). The report has been generally well received… Read More ›
The Qatar-based Al Jazeera news channel claims it is exposing “one of the biggest money laundering operations in the world” in a new six-part documentary. The first episode of the documentary looks at how Zimbabwe’s abundant store of gold is… Read More ›