On September 16, 2022, the White House published a fact sheet outlining a new framework and policy recommendations for the responsible development of digital assets. Pursuant to Executive Order (EO) 14067 from March this year, the first of its kind […]
Over EUR 4 million in cash has been seized from an extensive criminal network providing illicit financial services in a joint operation between the Spanish Civil Guard (Guardia Civil) and the German Criminal Bureau (Landeskriminalamt) of Hamburg. The disrupted organized […]
On September 6, 2022, acting Comptroller of the Currency Michael J. Hsu warned that bank-FinTech partnerships and their foray into the world of payments and lending could lead to increased risk for the banking industry. At the Clearing House and […]
In a new thematic review, the Bangko Sentral ng Pilipinas (BSP) has directed banks and financial institutions (FIs) to improve their targeted financial sanctions (TFS) framework amid evolving terrorism and proliferation financing risks. As part of efforts to remove the […]
The Office of Financial Sanctions Implementation (OFSI) has issued guidance for service providers in the crypto market, stating relevant firms must report suspected sanctions breaches to authorities. The updated guidance brings crypto exchanges and wallet providers in line with the […]
On September 1, 2022, the co-founder and chief investment officer of UK hedge fund Glen Point Capital was charged with committing foreign exchange (FX) market manipulation and fraud. According to the US Department of Justice press release, the defendant has […]
Investigations by the Department of Justice and Senate Finance Committee into a $2 billion tax evasion scheme by Robert Brockman, former CEO of a major software company, have led to the discovery of a serious loophole in the Foreign Account […]
Germany has made strides toward combatting money laundering and terrorist financing, but still has serious shortcomings to address, according to the Financial Action Task Force’s (FATF) 2022 Mutual Evaluation Report (MER). The report highlights specific money laundering and terrorist financing […]
Australia’s government has announced it will prioritize “token mapping” as part of its review of crypto-assets. Treasurer Jim Chalmers and Assistant Minister for Competition, Charities, and Treasury Andrew Leigh argued that “regulation is struggling to keep pace and adapt with […]
The European Central Bank (ECB) has issued a new statement on the licensing of crypto-asset activities, reinforcing the commitment of Europe’s legislators and supervisors to harmonize regulations across the continent. The ECB highlights that crypto-asset markets are “developing apace.” As […]
On August 16th, former U.S. Rep. Terrence John Cox was federally indicted on 28 charges, including wire fraud, campaign contribution fraud, and money laundering. The unsealed indictment describes schemes carried out between 2013 and 2019. Cox purportedly diverted payments, investments, […]
The Financial Conduct Authority (FCA) has published a consultation paper outlining proposed changes to the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) sourcebook to improve how professional body supervisors (PBSs) reduce money laundering in the sectors they oversee. The […]
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