Our annual global compliance survey doesn’t just look at the anti-money laundering (AML) implications of hot topics like the uncertain global economy and Russia’s war in Ukraine, important though those are. It also takes an extended view, exploring the longer-term trends that shape how compliance professionals go about their work.
2023 was supposed to be the year we escaped the shockwaves of the COVID-19 pandemic. Unfortunately, the results of our annual survey of 800 C-suite and senior compliance decision-makers across the US, Canada, UK, France, Germany, Netherlands, Singapore, Hong Kong, and Australia suggest otherwise.
Unsurprisingly, due to the war in Ukraine, Russia topped this year’s list of geopolitical hotspots firms are most concerned about. The development of sanctions against Russia in 2023 is likely to hinge on developments on the battlefield in Ukraine itself.
When asked which area of their compliance function would be at risk in an audit, 48 percent – the highest proportion – told us it would be their knowledge of regulations. This blog explores the evolving anti-money laundering regulatory landscape, examining several global trends and themes in major economies.
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 […]
Without a doubt, the biggest story of 2022 centered around Russia’s invasion of Ukraine. As a result, record global sanctions made headlines, with the UN becoming sidelined as a major sanctions power. Away from the war, we saw a number […]
On December 5, 2022, Europol announced the arrest of 2,469 money mules in its eighth edition of the European Money Mule Action (EMMA8). Supported by Eurojust, INTERPOL, and the European Banking Federation (EBF), the latest operational phase began in September […]
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 November 21, 2022, Delaware drug trafficker, Omar Morales Colon, was sentenced to 45 years in prison for conspiracy to commit money laundering, conspiracy to distribute cocaine, and multiple other drug and money laundering offenses. Described by the court as […]
INTERPOL’s latest police operation to tackle online fraud has seen 975 arrests and the seizure of virtual assets worth almost $130 million. Codenamed Operation HAECHI-III, the 5-month-long joint task force targeted a specific range of cyber-enabled financial crimes, including voice […]
On November 7, 2022, the US Department of Justice (DOJ) announced that the Internal Revenue Service (IRS) had seized over 50,676 unlawfully obtained Bitcoin from defendant James Zhong. According to the press release, the defendant pled guilty to committing wire […]
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