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Malta heading towards ‘all-clear’ from Moneyval

Malta’s anti-money laundering regime has been given the thumbs up by Moneyval ahead of a final vote set for next month. The decision means Malta could avoid measures which would have had major repercussions on the country’s financial services sector. A Council of Europe anti-money laundering expert committee, known as… Read More

More than €10m stolen from Irish businesses in 2020 through invoice redirection fraud

More than €10m was stolen from Irish businesses in 2020 using sophisticated invoice redirect frauds, where scammers send an email purporting to be from a supplier requesting payment of an invoice or transfer of funds. An unwitting company then makes the payment in the belief it is to a genuine… Read More

Trinidad & Tobago: FIU uncovers $27B in suspicious transactions

A total of 1,831 Suspicious Transaction and Suspicious Activity reports worth $27 billion were received over 2019 to 2020 by the Financial Intelligence Unit of Trinidad and Tobago – the most it has received in its 10-year history. The increase has been attributed to increased fraudulent activity – including resulting… Read More

8th March 2021

Anti-virus mogul John McAfee charged with fraud over crypto promotion

John McAfee, the antivirus software pioneer whose former company still bears his name, has been indicted on fraud and money laundering conspiracy charges stemming from two cryptocurrency schemes, the US Department of Justice said on Friday. Authorities accused McAfee and his bodyguard, Jimmy Gale Watson Jr, of exploiting McAfee’s large… Read More

8th March 2021

Crime rise warning over new £100 contactless payment limit

An increase in the contactless payment limit to £100 may cause an surge in thefts and fraud, figures working in banking and finance have warned. The amount that people can spend on “tap and go” cards is currently limited to £45 but is set to more than double to a… Read More

8th March 2021

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

3rd March 2021

FinCEN Must Staff Up to Fulfill Reform Mandate, Director Says

The U.S. Treasury Department’s financial crimes unit is focused on acquiring the resources it needs to implement sweeping new anti-money-laundering reforms—in a way that doesn’t unnecessarily burden the financial industry, its director said. Putting into practice the anti-money-laundering legislation, which was passed in January as part of an annual… Read More

3rd March 2021

Britain’s financial watchdog must act faster in fraud cases, says boss

Britain’s financial watchdog must act faster on scams, its chair said on Monday as he announced that senior officials face pay cuts and no bonuses following criticism of the regulator’s role in the collapse of London Capital & Finance (LCF) investment fund. Financial Conduct Authority (FCA) Chair Charles Randell said… Read More

2nd March 2021

Wirecard’s Indian Deal Started With ‘Fraud,’ U.K. Judges Say

A series of controversial deals that took place before Wirecard AG purchased an Indian business appeared to be an “evolving international fraud,” a panel of London judges said. The transactions in 2015 are being scrutinized in courts in London and Chennai, with the former minority holders of Hermes I-Tickets Private… Read More

2nd March 2021

EBA Revises Guidelines on Money Laundering, Terror Financing Risk Factors

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

Major reforms needed at ‘struggling’ US agency that leads dirty money fight, report says

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

FATF Says It Is Open to Amending Crypto Travel Rule Guidance

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

‘Vancouver Model’ money laundering connects B.C., Las Vegas and Macau casinos, inquiry hears

B.C.’s inquiry into money laundering has heard stunning evidence about connections between B.C. government casinos, casinos in Macau and Las Vegas, and international drug traffickers and loan sharks moving money between Vancouver, Latin America and Asia via Chinese underground banks. The Cullen Commission heard new details on Monday about… Read More

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