Pakistan arrests Mumbai attacks ‘plotter’ for terrorism financing
5th January 2021
Pakistan arrests Mumbai attacks ‘plotter’ for terrorism financing
Pakistan has arrested Zaki-ur-Rehman Lakhvi, a leader of armed group Lashkar-e-Taiba (LeT) – blamed by the United States and India for the 2008 Mumbai attacks, a counterterrorism official said. The arrest is in relation to “terrorism financing”, the official said on Saturday, and not a specific attack. “Proscribed organisation LeT… Read More
Singapore: New measures against terror financing, money laundering
5th January 2021
Singapore: New measures against terror financing, money laundering
Measures to better counter money laundering and terrorism financing were approved yesterday, under changes to the law that regulates virtual payment service providers. These changes will also strengthen laws governing digital payment tokens (DPTs) to ensure that companies issuing such tokens protect the assets of their users, said Transport Minister… Read More
Defense-Bill Override Paves Way for Overhaul of U.S. Anti-Money-Laundering Rules
4th January 2021
Defense-Bill Override Paves Way for Overhaul of U.S. Anti-Money-Laundering Rules
New rules intended to combat money laundering and the financing of terrorism—including measures to make company ownership more transparent—will go into effect now that the National Defense Authorization Act has been approved, advancing a yearslong effort by anticorruption advocates. Provisions in the annual defense-policy legislation would require many U.S. Read More
Malta: Satabank ‘blindly’ took on client portfolio without knowing risks
4th January 2021
Malta: Satabank ‘blindly’ took on client portfolio without knowing risks
Satabank “blindly” took on a portfolio of clients from another financial institution in 2015 without assessing the money-laundering risks involved, according to a report by the Financial Intelligence Analysis Unit (FIAU). Banks are obliged to carry out strict anti-money laundering checks on new clients before taking them onboard, to ensure… Read More
Bermuda: BMA imposes $400,000 in AML penalties on two life insurance companies
4th January 2021
Bermuda: BMA imposes $400,000 in AML penalties on two life insurance companies
Penalties totalling $400,000 has been imposed on Crown Global Life Insurance Ltd, and Crown Global Life Insurance (Bermuda) Ltd, by the Bermuda Monetary Authority. The civil penalties are pursuant to the provisions of section 20 of the Proceeds of Crime (Anti-Money Laundering & Terrorist Financing Supervision & Enforcement) Act 2008. Read More
Brexit Deal Forces Prosecutors to Swap a Ferrari for a Citroen
31st December 2020
Brexit Deal Forces Prosecutors to Swap a Ferrari for a Citroen
Police and prosecutors will be forced to retreat to decades-old tools for cooperation despite a last-minute Brexit trade deal, raising the risk of fumbles. The pact between Britain and the European Union allows cooperation between the U.K. and member states, particularly as part of investigations into terrorism and serious crime,… Read More
Hezbollah-affiliated financial org hacked, information leaked
31st December 2020
Hezbollah-affiliated financial org hacked, information leaked
A hacker group called Spiderz claimed that it has succeeded in hacking into Hezbollah’s Al-Qard Al-Hassan financial organization and leaked details on depositors and borrowers from the lender, Lebanese media reported on Tuesday. The group released lists of clients and the organization’s annual budget on its website, as well as… Read More
China to expand scope of legislation targeting money laundering, terrorism financing- PBOC
31st December 2020
China to expand scope of legislation targeting money laundering, terrorism financing- PBOC
China’s central bank said on Wednesday it will put non-bank payment institutions, internet micro-lenders and consumer finance companies under the scope of anti-money laundering and anti-terrorism financing supervision. The move is in part a response to shortcomings pointed out in 2019 by the Financial Action Task Force, an intergovernmental body… Read More
Money Laundering Watchdog Turns Focus to Digital Tools, Extremism
29th December 2020
Money Laundering Watchdog Turns Focus to Digital Tools, Extremism
The coronavirus halted a wide range of economic activities, but it hasn’t stopped criminals from using the global financial system to commit fraud and engage in other types of illicit behavior. Yet the pandemic has forced some countries to divert resources away from fighting money laundering and made it harder… Read More
Turkish parliament approves controversial law targeting NGOs, donations
28th December 2020
Turkish parliament approves controversial law targeting NGOs, donations
Turkey’s parliament on Sunday approved a controversial law approving the oversight of associations and foundations, which critics say will stifle NGOs and damage civil society. It gives the state the power to replace the boards of NGOs with trustees, as well as suspending their operations and having civil servants carry… Read More
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