Featured Terrorism Financing

Bitcoin Storm Brewing Over Trump’s Anti-Money Laundering Push

The Biden administration will soon have to settle a Bitcoin fight it didn’t even start, and its decision could have far-reaching implications for the virtual currency industry. The battle concerns last-minute rules proposed by the outgoing Trump administration that would create new requirements for financial services firms to record the… Read More

Italian mafia trial could expose underbelly of massive EU fraud

In a bunker-style courthouse tacked onto a prison, close to a hundred suspected mafiosi and their accomplices are standing trial, accused of defrauding the EU out of millions of euros. The so-called maxi-trial is expected to reconstruct, for the first time, an integrated system through which prosecutors… Read More

France’s Prudential Regulator Fines ING Bank €3 Million for AML Lapses

ING Group’s unit in France will pay €3 million to address anti-money laundering (AML) and counterterrorism financing compliance shortcomings identified by the country’s prudential regulator. The banking group, which acknowledged the fine in a statement Tuesday, said the enforcement action stemmed from a 2018 inspection by the Autorité de Contrôle… Read More
4th March 2021
Singapore’s central bank has told financial firms to be vigilant to any suspicious transactions or fund flows between the city-state and Myanmar, a circular seen by Reuters showed, citing concerns over the potential for financial crimes. In the Feb 25th circular, the Monetary Authority of Singapore (MAS) reminded all chief… Read More
3rd March 2021
The Ministry of Economy (MoE) has issued a list of 26 violations, in line with the cabinet resolution No. (16) of 2021 regarding the unified list of violations and administrative fines for the said violations of measures to combat money laundering and terrorism financing. The violations relate to the activities… Read More
2nd March 2021
PwC’s financial crimes specialist Peter Forwood says AUSTRAC-regulated entities should brace themselves for more billion-dollar fines as eye-watering penalties now form a central part of the enforcement strategy. Mr Forwood said he expected AUSTRAC to continue the strategy that forced two Australian banks to cough up $2 billion in penalties. Read More
2nd March 2021
The European Banking Authority (EBA) on Monday published revised guidelines for money-laundering and terrorist-financing risk factors, including guidance on related risk assessments and customer due diligence (CDD) for beneficial owners. The guidelines, which are addressed to both financial institutions and supervisory authorities, separately incorporate sectoral guidance on crowdfunding platforms, corporate… Read More
2nd March 2021
By Michael Hudson and Ben Hallman, ICIJ, 1 March 2021 ICIJ — To keep from falling further behind in the battle against criminal money and terrorism financing, the United States must remake the federal agency at the center of the fight, according to a new report… Read More
2nd March 2021
The Financial Action Task Force (FATF) is open to amending the “travel rule,” its guidance for cryptocurrency exchanges and companies providing crypto services. The anti-money laundering watchdog said Thursday it is confident the crypto industry will be able to implement complex data… Read More
2nd March 2021
By Aisha Kehoe Down, CENOZO, Gaston Sawadogo, and Tom Stocks, OCCRP, 26 February 2021 OCCRP – Stashed inside pickup trucks and guarded by armed militias and jihadists, every year billions of illicit cigarettes wind their way through the lawless deserts of northern Mali bound for the… Read More
1st March 2021
A national 80-branch real estate agency Property Brokers got the first formal warning in the real estate sector for not complying with anti-money laundering law but the chain’s chairman Tim Mordaunt said the state only was trying to make an example of them. Te Tari Taiwhenua Department of Internal Affairs… Read More
26th February 2021
Four jurisdictions, including the Cayman Islands and Morocco, will undergo increased monitoring as they face pressure from a global watchdog to address deficiencies in their anti-money-laundering efforts. The Financial Action Task Force, a Paris-based organization that sets anti-money-laundering law standards, on Thursday added Burkina Faso, the Cayman Islands, Morocco and… Read More
26th February 2021
Global money laundering watchdog the Financial Action Task Force (FATF) on Thursday said it would keep Pakistan on its terrorism financing “grey list”. FATF had placed Pakistan on its “grey list” of countries with inadequate controls over terrorism financing in 2018, which made foreign firms more cautious about investing in… Read More