Featured Terrorism Financing

Banks in South Korea Must Treat Crypto Exchanges as High-Risk Clients

Banks will be required to ensure that their virtual currency exchange clients are classified as high-risk and subject to strengthened financial transaction monitoring and user ID verification, according to the Financial Services Commission (FSC), Sunday. The lenders will have to deny services to customers that refuse to comply with ID… Read More

Philippines: AMLC freezes bank accounts of red-tagged farmers’ group

The Anti-Money Laundering Council (AMLC) has frozen the bank accounts of another organization allegedly linked to communist rebels, a move denounced by the human rights watchdog Karapatan as a violation of a United Nations declaration recognizing the right of groups and individuals to solicit and use funds to promote “fundamental… Read More

U.K.’s Financial Conduct Authority Bans Lithuanian FinTech Linked to Wirecard Fraud

U.K. officials have banned UAB Finolita Unio from operating in the country following a decision last week by the Bank of Lithuania to revoke the firm’s license over its alleged “severe infringement” of anti-money laundering (AML) and counterterrorism financing (CTF) laws. The U.K.’s Financial Conduct Authority (FCA) published the decision… Read More
14th June 2021
Hong Kong bankers and lawyers will be able to search the city’s companies registry under proposed exemptions to plans to tighten public access to the database, Secretary for Financial Services Christopher Hui said on Saturday. Business and governance experts have criticised a government plan to restrict access to the personal… Read More
14th June 2021
India’s financial crime-fighting agency said on Friday that WazirX, one of the country’s largest cryptocurrency exchanges and its directors, were under investigation for suspected violation of foreign exchange regulations. The investigation comes at time when the Indian government is mulling whether to introduce a law that could ban cryptocurrencies. The… Read More
13th June 2021
Britain’s High Court refused a request from Qatar’s Doha Bank to exclude evidence of alleged witness intimidation from a terrorism financing case. Four Syrian refugees lodged a case for damages at London’s High Court against Doha Bank, as well as Moutaz and Ramez Al Khayyat. The refugees alleged the brothers… Read More
13th June 2021
The Central Bank of the UAE and the Central Bank of Egypt signed an agreement to strengthen the supervision of licensed financial institutions, such as banks, finance companies and foreign exchange businesses. The agreement sets up mechanisms to oversee the licensing and ownership structure of LFIs, the examination of their… Read More
13th June 2021
The top global standard setter for banking regulation proposed a strict new rule that would require banks to essentially set aside a dollar in capital for every dollar of bitcoin they own. The Basel Committee for Banking Supervision, a group of global central bankers and regulators, announced the plan Thursday… Read More
11th June 2021
Earlier this week the Council of Europe’s MONEYVAL published a progress report showing significantly improved ratings for Malta in its fight against money laundering and terrorist financing from a technical perspective. Thursday’s report clearly acknowledged the progress made since Malta’s earlier evaluation, at times doing so quite openly when confirming… Read More
10th June 2021
The Holy See needs to further strengthen measures to combat money laundering and financing of terrorism, the Council of Europe’s anti-laundering body Moneyval said in a report published Wednesday. While Vatican authorities have a solid understanding of the threats from money laundering and financing of terrorism, and of the… Read More
10th June 2021
The Anti-Money Laundering Council (AMLC) has issued the anti-money laundering and counterterrorism guidelines for Philippine offshore gaming operators (POGOs), real estate brokers, and dealers of jewelry and precious metals and stones. Mel Georgie Racela, executive director of the AMLC Secretariat, said the financial intelligence unit issued Resolution 109 last May… Read More
9th June 2021
Lithuania’s central bank has revoked the license of UAB Finolita Unio over alleged anti-money laundering (AML) compliance failures linked to the Wirecard scandal, the Financial Times reported on Tuesday. The Bank of Lithuania determined that Finolita had treated its AML and counterterrorist financing obligations “irresponsibly” by… Read More
9th June 2021
Hamas has been reaping generous bitcoin donations and sending them through Binance as violence escalated in Gaza this year, on-chain data shows. According to three blockchain analytics firms and CoinDesk’s own analysis, Izz ad-Din al-Qassam Brigades, the militant wing of Hamas, received up to $100,000 in bitcoin since the beginning… Read More