On November 28, 2022, Europol reported that a “super cartel” of drugs traffickers controlling around one third of Europe’s cocaine trade had been busted in a series of coordinated raids. Codenamed Operation Desert Light, 49 suspects were arrested, including six […]
On October 27, 2022, the European Commission issued its Supranational Risk Assessment Report (SNRA) to the European Parliament and Counsel regarding the “risk of money laundering (ML) and terrorist financing (TF) affecting the internal market and relating to cross-border activities.” […]
In a coordinated operation led by Europol’s European Cybercrime Centre (EC3) and the Merchant Risk Council, 59 scammers have been arrested for using stolen credit card numbers to purchase luxury items. The operation, called e-Commerce Action 2022 (eComm 2022), took […]
On October 28, the Wolfsberg Group issued updated guidelines and best practices for financial institutions (FIs) involved in correspondent banking. The guidance replaces the Group’s 2014 edition and widens its scope to address entities other than banks, such as non-bank […]
Credit Suisse agreed to pay a 238 million settlement to end a French probe surrounding an alleged tax evasion scheme between 2005 and 2012. Under General Counsel Markus Diethelm, the settlement is the latest in a series of proactive moves […]
On October 17, 2022, the UK Treasury’s Office of Financial Sanctions Implementation (OFSI) and the US Treasury Department’s Office of Foreign Assets Control (OFAC) issued a joint statement announcing a new strategy to collaborate further on economic sanctions implementation and […]
On October 10, 2022, the European Parliament Committee on Economic and Monetary Affairs (ECON) endorsed the approved text for the Markets in Crypto-assets regulation (MiCA). While the bill’s main provisions were agreed upon in June, the approved text sets out […]
On September 30, 2022, President Vladimir Putin announced the attempted illegal annexation of the Ukrainian regions of Donetsk, Luhansk, Kherson, and Zaporizhzhia. In the wake of the announcement, the Council of the EU has announced the adoption of an eighth […]
On September 22, the UK government published the Economic Crime and Corporate Transparency Bill 2022. Following the Economic Crime (Transparency and Enforcement) Act passed earlier this year, the bill is designed to tackle the growing problem of dirty money flowing […]
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 […]
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 […]
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 […]
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