State of Financial Crime 2023 Report

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On January 23, 2023, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) published Monaco’s fifth mutual evaluation report (MER). Following an on-site visit that concluded in March 2022, the report analyzes the level of compliance with the Financial Action Task Force’s 40 Recommendations and the level of effectiveness of Monaco’s anti-money laundering and combatting the financing of terrorism (AML/CFT) system.

The Thai Bankers’ Association (TBA) is discussing how to accelerate the establishment of a new investigative authority that will monitor deceptive and fraudulent transactions linked to criminals.

On January 6, the Crown Prosecution Service (CPS) reported that six defendants, including a senior manager and two drivers of a road haulage business, have been imprisoned for operating a large-scale money laundering scheme involving over £30 million in cash. […]

On December 29, controversial online influencer Andrew Tate was detained by Romanian police as part of a human trafficking investigation that began in early 2021. According to Romania’s  Directorate for Investigating Organised Crime and Terrorism (DIICOT), Tate’s brother and two […]

On December 30, 2022, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a settlement with Danish multinational Danfoss for apparent Iran, Syria, and Sudan sanctions violations. According to the enforcement release, Danfoss agreed to […]

On December 7, 2022, the Legislative Council of Hong Kong passed an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) that introduces a licensing regime for virtual asset service providers (VASPs). According to the Secretary for Financial Services […]

As we head into the New Year, our regulatory affairs team explores some of the trends they expect compliance teams to grapple with in the year ahead. Deepfakes will fuel synthetic identity fraud As a global recession looms, fraud and […]