Featured Terrorism Financing

Crypto stablecoins face increasing regulatory scrutiny

Tether and other so-called cryptocurrency stablecoins have long flown under the radar of international regulators. That’s about to change. The Financial Action Task Force, with members from about 200 countries who recommend ways to stop money laundering and the financing of terrorism, said in a report Tuesday that stablecoins… Read More

Was Islamic State trying to sell €1 billion worth of drugs in Europe?

Last week Italian law enforcement agents carried out what they said was the world’s largest ever drugs bust of amphetamines. A video from the Guardia di Finanza, a financial crime and smuggling investigations unit attached to the Ministry of Economy and Finance, shows officers using circular saws to cut… Read More

Iranian Military-Owned Conglomerate Sets Up Shop in Venezuela

An Iranian conglomerate owned by the country’s military and tied to its missile program has established a retail foothold in Venezuela, according to officials and records detailing the move, deepening Tehran’s involvement with the Maduro government. The Iranian firm is working with the Maduro government’s troubled emergency food program, which… Read More
7th July 2020
Private-sector institutions that facilitate the flow of money across the global financial system are often best placed to detect when the system is being abused by criminals. But the sheer volume of data banks collect can make screening for financial crime difficult. Mariano Federici, the former head of Argentina’s Financial… Read More
7th July 2020
‘Money laundering is modern-day alchemy. You take cash earned from criminal activity, put it through a system designed to obliterate any trail of its origins, and then bring it out the other end as legitimate income,” said Jeffrey Robinson, author of The Laundrymen, a seminal book on the subject. Money… Read More
6th July 2020
Sixty-two countries violated United Nations Security Council sanctions against North Korea over a one-year period, according to a report from a Washington, D.C.-based think tank The Institute for Science and International Security report, released Wednesday, cites over 250 alleged violations from February 2019 to February 2020 based on… Read More
6th July 2020
Philippine President Rodrigo Duterte has approved a law giving authorities broader powers to wiretap and detain suspected terrorists that human rights officials say may result in abuses. Under the new law, police and military can arrest suspected terrorists without warrant and detain them for up to 24 days, so long… Read More
2nd July 2020
Analysts have used other evidence to conclude that the transfers were most likely part of an effort to offer payments to Taliban-linked militants to kill American and coalition troops in Afghanistan. American officials intercepted electronic data showing large financial transfers from a bank account controlled by Russia’s military intelligence agency… Read More
2nd July 2020
The global watchdog against money laundering and terrorist financing is seeking input on how to prevent the spread of weapons of mass destruction as Germany assumes its two-year presidency of the organization. In an announcement following the final plenary meeting under Chinese President Xiangmin Liu, the Financial Action Task… Read More
1st July 2020
The coronavirus pandemic has forced some financial institutions to reduce staff or reassign personnel at a time when applications for government relief programs are flooding in, heightening banks’ compliance risks, the Office of the Comptroller of the Currency said. The OCC, which supervises and regulates banks and savings associations, said… Read More
1st July 2020
Several members of the Senate Banking Committee have reached a bipartisan agreement on anti-money laundering legislation that would introduce new transparency into the ownership of anonymous shell companies. Senate Banking Chairman Mike Crapo (R-Idaho), ranking member Sherrod Brown (D-Ohio), and seven other committee members plan to offer the compromise text… Read More
30th June 2020
Estonian banks need to develop and improve their Anti-Money Laundering (AML) processes, including by having smarter know-your-client systems, the Bank of Estonia says, following a €1 million the Financial Supervisory Authority (FSA) imposed on the Scandinavian-owned SEB Pank on Thursday. This would be made easier by legislative changes and more… Read More
30th June 2020
Every year, millions of dollars in cash enters and exits Canada stuffed inside envelopes, shirt pockets and bags. But only a tiny fraction is moved by criminals. The rest is transported by average Canadians and visitors who are taking $10,000 or more into or out of the country. Since 2017,… Read More