Featured Terrorism Financing

Sanctioned Hezbollah agent has close ties to Iran’s money laundering network in Iraq

A shadowy Hezbollah intelligence operative in Iraq has close ties to what the US refers to as a key money-laundering network by the Islamic Revolutionary Guard Corps’ Quds Force, an investigation by The National has found. In November 2018, the US sanctioned Mohammad Abd Al Hadi Farhat, saying the Lebanese… Read More

Ask for a selfie: UK financial watchdog eases rules in pandemic

Financial firms can ask customers for a selfie to check their identity, Britain’s markets watchdog said in a bid to ease burdens on staff having to work from home during the coronavirus lockdown. The Financial Conduct Authority (FCA) said it has received hundreds of requests from trade associations for adaptions… Read More

FATF Labels US as ‘Largely Compliant’, Points Out ‘Deficiencies’

The Financial Action Task Force (FATF) has labeled the United States’ steps against money laundering and terror financing with digital currencies as “largely compliant.” In a report published on Tuesday, the intergovernmental evaluated the country’s measures for anti-money laundering (AML) and counter-terror financing (CTF) in areas across the digital… Read More
2nd April 2020
The FATF (Financial Action Task Force) has issued a statement highlighting the need for financial institutions to stay alert to potential financial crime risks as criminals and terrorists seek to exploit coronavirus-related fears. “Criminals are taking advantage of the Covid-19 pandemic to carry out financial fraud and exploitation scams,”… Read More
2nd April 2020
Last year, the Financial Action Task Force (FATF), the international standard setter for anti-money laundering and counterterrorist financing (AML/CFT), celebrated its 30th anniversary. Accompanying the celebrations, the group made a statement in which it committed to promoting financial inclusion through the proportionate and effective implementation of its standards. This… Read More
2nd April 2020
The QFC Regulatory Authority (QFCRA) yesterday announced that it had taken action against Horizon Crescent Wealth LLC (HCW) and imposed a fine of QR30,000,000 on it for serious legal and regulatory breaches. The action taken by the QFCRA followed an investigation of HCW identifying significant failings by the firm in… Read More
1st April 2020
One subject never fails to light up the eyes of senior bankers and regulators when they’re questioned about their efforts to end the money laundering-related scandals that have spread across northern Europe over the last two years: technology.  There can be no more damning indictment of the integrity of… Read More
1st April 2020
Luxembourg’s finance watchdog suspended the former CEO of private bank Edmond de Rothschild (Europe), Marc Ambroisien, for a decade, no longer allowing him to work in finance in the country over that period. The Comite de Surveillance du Secteur Financier (CSSF) accused Ambroisien of having failed to ensure strong internal governance… Read More
31st March 2020
Rishi Sunak’s budget already seems a world away and many of his measures will now take some time to come to fruition, or possibly be abandoned altogether. Doubtless many in the legal profession will wish the latter fate on the anti-money laundering (AML) levy – the idea of charging a… Read More
30th March 2020
PayPal Australia has warned the company could take a financial hit after the completion of an external audit into the company’s compliance with financial crime laws. “The company cannot estimate the potential impact, if any, on our business or financial statements at this time,” the company said in the reporting… Read More
30th March 2020
Money-laundering regulator AUSTRAC and Westpac say they are still a way apart in their settlement negotiations despite the court expecting a trial into the bank’s alleged breaches to be heard by summer. The Federal Court on Monday heard AUSTRAC and Westpac are moving towards a settlement that includes some admissions… Read More
27th March 2020
While crooks and terrorists are as susceptible to COVID-19 as other mortals, underworld cash always seems immune, so Canada’s money-laundering monitor has begun triaging financial transaction reports during the pandemic. Staffing shortages and business disruption forced by the coronavirus prompted the Financial Transactions and Reports Analysis Centre of Canada, known… Read More
25th March 2020
The misuse of legal structures for illicit activities has been the subject of intense global scrutiny since the release of the Panama Papers in April 2016 and the Paradise Papers in November 2017. Since then, the requirements around the identification of the UBOs (ultimate beneficial owners) of legal entities have… Read More