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 ›

USA
TD Bank’s takeover of First Horizon reportedly scuppered by AML concerns
TD Bank’s US$13.4 billion takeover of US regional bank First Horizon collapsed over regulators’ concerns about the Canadian lender’s anti-money laundering (AML) practices, according to the Wall Street Journal (WSJ). On May 4 2023, TD Bank informed First Horizon that… Read More ›
US lawmakers demand amendments to FinCEN’s proposed rules on beneficial ownership
Lawmakers in Washington are demanding amendments to the US treasury department’s notice of proposed rulemaking on beneficial ownership information reporting requirements. They say that the proposal by the US treasury department and its Financial Crimes Enforcement Network (FinCEN) deliberately provides… Read More ›
Stolen chicken-wings may be linked to organised IVTS and TBML schemes
The alleged theft of US$1.5 million of chicken wings by a former director of food services of a school district in Chicago may be linked to a major money laundering ring that was apparently disabled four years ago. Vera Liddell… Read More ›
New US sanctions target Russian banks, metals and mining sector, and third-country actors linked to sanctions evasion
In one of its most significant sanctions actions to date, the US treasury’s Office of Foreign Assets Control (OFAC) has designated over a dozen more Russian banks and financial institutions and announced a new determination targeting Russia’s metals and mining… Read More ›
US and South Africa establish task force to combat financing of wildlife trafficking
The US treasury department and South Africa’s national treasury have made a commitment to form a US-South Africa task force on combatting the financing of wildlife trafficking. The task force will work to combat illicit finance linked to illegal wildlife… Read More ›
Companies in several jurisdictions sanctioned by US for facilitating business with Iran
Companies in several jurisdictions have been sanctioned by the US for facilitating the sale of hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum products to buyers in East Asia. This latest tranche of sanctions underlines the determination… Read More ›
Trade finance banks risk higher penalties under revised US antiboycott rules
Trade finance banks operating in the US risk higher penalties under a policy issued by Washington aimed at strengthening and enhancing enforcement of the antiboycott rules administered by the US department of commerce. The rules prohibit US support for unsanctioned foreign… Read More ›