Would a greater focus on predicate offenses make the fight against money laundering more effective? Until recently, the focus for many financial institutions (FIs) has been on detecting money laundering and retrieving the proceeds of crime. And given that the […]
On March 30, 2023, the UK Government published its three-year economic crime plan. Building on the foundations of the previous strategy published in 2019, the updated report takes a “more comprehensive” approach to improve the effectiveness of UK money laundering […]
On March 23, the UK Financial Intelligence Unit (UKFIU) issued its second Suspicious Activity Reporting (SAR) Booklet of 2023. Published two or three times a year, the UKFIU’s SAR Reporter Booklets are produced in line with the National Crime Agency’s […]
On March 16, 2023, the Financial Conduct Authority (FCA) issued a “Dear CEO” letter to payments firms authorized or registered under the Payment Services Regulations 2017, and Electronic Money Regulations 2011. Spanning ten pages, the letter was authored by Matthew […]
Following February’s plenary, the Financial Action Task Force (FATF) issued new guidance relating to beneficial ownership (BO) for legal persons. In addition to explaining how to identify, design, and implement appropriate measures to prevent the misuse of legal persons, the […]
On March 6, 2023, Europol announced that a ransomware group behind 37 cyberattacks since 2019 has been dismantled by the German and Ukrainian Police. The gang perpetrated their attacks using DoppelPaymer ransomware, which has the ability to compromise defense mechanisms […]
Following the Financial Action Task Force’s (FATF’s) second plenary under its two-year Singapore Presidency, the global watchdog has published a new report on Money Laundering and Terrorist Financing in the Art and Antiquities Market. The report aims to increase awareness […]
In a joint action supported by Europol, a Franco-Israeli organized crime network has been dismantled following its involvement in a cyber-enabled financial scheme that defrauded multiple companies of more than €34 million. Law enforcement agencies across six European countries were […]
On February 9, the UK Office of Financial Sanctions Implementation (OFSI) issued new public guidance on ransomware and financial sanctions. The report reminds firms that making ransomware payments to designated entities is prohibited and that breaching financial sanctions is “a […]
The UK government has announced that fraud will be reclassified as a national security threat, giving it the same status as terrorism. Additionally, fraud will be added to the Strategic Policing Requirement, meaning the armed forces will be required to […]
On January 26, 2023, the UK government signaled it would introduce amendments related to corporate criminal liability reform in the Economic Crime and Corporate Transparency Bill. During a debate in the House of Commons, numerous new clauses were considered for […]
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.
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