Featured Terrorism Financing

Terror financing: UK man claims Syria cash was for brother’s ‘medical advice’

A British man has been jailed for allegedly sending funds to his brother who travelled to Syria in order to help establish an Islamic state. Sheffield-based Abdurahman Kaabar admitted sending money to his brother but denied knowing or suspecting it might be used to fund terrorism. Instead, he claimed… Read More

Iran approves anti-money laundering bill to ease foreign trade

A powerful Iranian council approved an anti-money laundering bill on Saturday, state media reported, a major step towards reforms that would bring Iran into line with global norms and could facilitate foreign trade in the face of U.S sanctions. Iran has been trying to implement standards set by the Financial… Read More

UK financial crime: Almost half a million suspicious activity reports filed

The number of suspicious activity reports (SARS) received by the UK Financial Intelligence Unit edged up to almost half a million in the year, placing increased demand on the unit in terms of volume and complexity, the UK’s financial crime boss said in the latest National Crime Agency SARS report. Read More
17th December 2018
E-money firm WaveCrest has been fined $250,000 by Gibraltar’s Financial Services Commission (GFSC) over anti-money laundering (AML) and counter terror finance (CFT) failings. As part of a settlement deal reached over the breaches, WaveCrest will not take on any new business until further notice by the GFSC. “In… Read More
14th December 2018
The Royal Court in Jersey has ruled that a trust for a convicted fraudster should be allowed to open a bank account on the Isle, despite being denied banking services in other jurisdictions. The case put before the Jersey court is linked to another infamous scam, unrelated to the trust… Read More
11th December 2018
Israel has become a full member of the Financial Action Task Force (FATF), making it the 38th member of the global anti-money laundering body. The jurisdiction has ‘worked to meet the requirements’ for full membership, which includes undergoing a successful mutual evaluation. “Since the start of its observership in February… Read More
6th December 2018
The United States Department of Justice has charged four individuals with tax fraud and money laundering in connection with an alleged illegal scheme perpetrated by Mossack Fonseca, the law firm central to the Panama Papers data leak. The individuals, known to be professionals, comprised a US-based accountant, an investment… Read More
6th December 2018
Iran’s parliament approved a tweaked draft law against funding terrorism on Wednesday which officials hope will bring Tehran closer to global standards and help remove it from investment blacklists as it faces renewed U.S. sanctions. The official news agency IRNA said lawmakers had included amendments requested by a powerful clerical… Read More
5th December 2018
The United Kingdom’s Gambling Commission has taken action against three online casinos following an investigation into how firms handle money laundering and problem gambling. In its findings, the Commission highlighted a number of compliance failings across the firms. “Nearly £14m in penalty packages will be paid by three companies… Read More
5th December 2018
The Council of the European Union has adopted conclusions on an action plan aimed at improving the fight against money laundering and terrorism financing, amid a rise in the number of European banks mired in financial crime scandals. The plan comprises non-legislative actions designed to address a number of issues,… Read More
29th November 2018
Denmark’s top lender has been formally hit with charges of violating numerous financial crime controls, including failings on source of funds, beneficial ownership and politically exposed persons (PEPs). On Wednesday, the Danish State Prosecutor for Serious Economic and International Crime (SØIK) published its charges against Danske Bank, outlining its failure… Read More
27th November 2018
A 27-year-old woman is facing up to 20 years in jail over defrauding a number of financial institutions, and then laundering and transferring the proceeds to support blacklisted terror group the Islamic State of Iraq and al-Sham (ISIS). Authorities allege that American resident Zoobia Shahnaz engaged in a bank fraud… Read More
23rd November 2018
Australian nationals convicted of terror offences would be stripped of their citizenship if the government believes they are entitled to apply for residency from another country, Prime Minister Scott Morrison proposed on Thursday. Australia, a staunch U.S. ally that sent troops to Afghanistan and Iraq, has seen a spate of… Read More