Featured Terrorism Financing

U.S. Banking Regulators Issue CDD Guidance for Charities, Non-Profits

U.S. federal authorities on Thursday issued fresh Bank Secrecy Act guidance for banks providing services to charities and non-profit organizations (NPOs) as part of an effort to ensure that the groups retain access to financial pipelines. The joint fact-sheet—issued by the Federal Reserve, Office of the Comptroller of the Currency,… Read More

Lashkar-e-Taiba founder guilty on two more charges of terrorism financing

A Pakistani court on Thursday sentenced Islamist leader Hafiz Saeed, founder of Lashkar-e-Taiba (LeT), the militant group blamed by the United States and India for the 2008 Mumbai siege, to 10 years in prison on two charges of terrorism financing, his lawyer said. The sentences for the two charges –… Read More

Sydney men arrested after allegedly sending stolen $2.3 million offshore

Two southern Sydney men have been charged with dozens of offences under money laundering laws for allegedly transferring at least $2.3 million offshore after nine victims across Australia were defrauded of the money. NSW Police arrested the men, Mark Estephan and Jamie Ronald Close, on Tuesday following a fraud investigation… Read More
17th November 2020
The central Bank of Lithuania has issued a fine of 370,000 euros to Lithuanian-capital payment company Paysera LT for its anti-money laundering violations. The company plans to appeal. The central bank says it was identified during an inspection in April-May that Paysera LT failed to properly assess money-laundering and terrorist… Read More
13th November 2020
Financial intelligence regulator AUSTRAC is preparing to unleash a wave of guidance including as many as five detailed risk assessments for banks and non-bank lenders and a new division that will engage directly with regulated entities and spell out what is expected of them. The enigmatic regulator is preparing as… Read More
13th November 2020
Daryl Tottenham, the man with oversight of anti-money-laundering programs in B.C. casinos, still can’t fathom why his predecessor went to the media. Tottenham told the Commission of Inquiry into Money Laundering in B.C. this week that his former supervisor Ross Alderson was suffering a mental breakdown and the whistleblower’s allegations… Read More
12th November 2020
The Qatari state is orchestrating a criminal conspiracy to pervert British justice through bribery, witness intimidation and the planting of illegal tracking devices, a court was told yesterday. It was claimed in the High Court that such steps were ordered in an attempt to shield the emir of Qatar from… Read More
11th November 2020
MAS (Monetary Authority of Singapore) has issued a consultation paper on the types of information required for non-face-to-face verification of an individual’s identity. The proposed requirements come against the backdrop of rising impersonation scam cases, and seek to address the risks arising from theft and misuse of an individual’s personal… Read More
10th November 2020
A massive rise in the number of transactions reported to financial crimes agency AUSTRAC has been partly driven by institutions submitting unnecessary reports of varying quality because they are petrified of being handed billion-dollar fines. Since the financial intelligence regulator steamrolled Commonwealth Bank in mid-2017 for more than 50,000… Read More
9th November 2020
Former Swedbank Baltic CEO Priit Perens told daily Eesti Päevaleht (EPL) in an interview that he and his colleagues never consciously laundered money, and that the heads of Estonian banks did not foresee changes in regulations and society. “… Expectations of banks have changed so much. As Erkki Raasuke (current… Read More
9th November 2020
President Michel Aoun said on Saturday that Lebanon would seek evidence and documents from the United States that led Washington to impose sanctions on his son-in-law Gebran Bassil, a prominent Christian politician. The United States on Friday blacklisted Bassil, leader of Lebanon’s biggest Christian political bloc, accusing him of corruption… Read More
4th November 2020
The Hong Kong government is aiming to ban retail investors from trading in cryptocurrencies and force exchange operators to obtain licences, in a move that promises to end an era of largely unregulated trading of digital assets, according to officials. The government planned to release a consultation paper on… Read More
4th November 2020
The Ministry of Financial Services of the Cayman Islands Government announced that it has commenced a regulatory framework for virtual asset service providers, or VASPs. In an Oct. 31 press release, the ministry claimed that the move had strengthened the country’s “ability to regulate and attract persons and entities… Read More