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Burner phones and banking apps: Meet the Chinese ‘brokers’ laundering Mexican drug money

Early next year, a Chinese businessman named Gan Xianbing will be sentenced in a Chicago courtroom for laundering just over $530,000 in Mexican cartel drug money. Gan, 50, was convicted in February of money laundering and operating an unlicensed money-transfer business that whisked cartel cash from U.S. drug sales offshore. Read More

Energy Trader Vitol Paying $163 Million to Settle Corruption, Manipulation Charges

Swiss-based energy firm Vitol agreed to pay $163 million to settle criminal and civil charges that its employees paid bribes to gain an advantage when bidding for oil in Brazil, Mexico and Ecuador. Vitol’s deal with the Justice Department, announced Thursday in Brooklyn federal court, is the first in what… Read More

Two Steps Forward, One Step Back: The Limits of New Standards on Assessing WMD Financing Risk

The Financial Action Task Force (FATF) – the global standard-setter on combating financial crime – first added requirements to counter the financing of the proliferation of WMDs to the standards it asks countries to comply with in 2012. The focus was set strictly on the implementation by countries of targeted… Read More

27th November 2020

BOJ confident of Jamaica being removed from Anti-Money Laundering (AML) and Counter-Financing of Terrorism watchlist

The Bank of Jamaica (BOJ) is confident of having Jamaica removed from the international watchlist of countries with weak Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) regime based on the work being carried out by the bank. BOJ Deputy Governor Maureen Simms pointed out that the central bank has… Read More

6th October 2020

Lost trust: leaked files expose Jersey’s inaction on fraud scandal

Jersey’s population is no bigger than that of Dover. And yet companies and people on the Channel Island invest more money into the UK than those in China or Germany – £112bn a year. It has £1 trillion sitting in its trusts, companies, funds and foundations, according to a report… Read More

2nd October 2020

Malta: Failure to secure corruption convictions flagged in EU rule of law report

The European Commission has expressed concern about Malta’s failure to secure convictions in high-level corruption cases and flagged “deep corruption patterns” within the country as worthy of note. In a rule of law report, the Commission noted that the worrying patterns had led to “strong public demand” for rule of… Read More

23rd September 2020

With money laundering red flags going up, football clubs may have to step up

Football clubs will have to step up internal controls amid growing attention to criminal activity in sports by anti-money laundering agencies. The Malta Football Association is working on a framework to introduce more accountability and corporate oversight in top-tier clubs, a source close to the governing football body told MaltaToday. Read More

6th August 2020

Lithuania plans to establish anti-money laundering competence center

Lithuania plans to establish an anti-money laundering competence center as the Nordic and Baltic region has been hit by several money laundering scandals in recent years. The new center’s operation would be funded from contributions of the central Bank of Lithuania and commercial banks. The Finance Ministry would represent the… Read More

14th July 2020

Philippines: BSP reviews anti-money laundering compliance of banks

The Bangko Sentral ng Pilipinas (BSP) is conducting an assessment of the exposure of domestic banks and other stakeholders of the financial sector to money laundering and its related offenses, terrorism and terrorist financing. BSP Deputy Governor Chuchi Fonacier said the regulator is conducting the third anti-money laundering and combating… Read More

1st July 2020

Leading from Behind: The Focus on the Financial Investigation of Wildlife Crime Must be Sustained

Over the past 12 months, under its Chinese presidency, the Financial Action Task Force (FATF) has made a welcome effort to engage with and promote the importance of financial investigation as a tool to combat the illegal wildlife trade (IWT). As per his objectives, Xiangmin Liu has used his… Read More

13th February 2020

MONEYVAL experts say Gibraltar must do more to combat money laundering and terrorism financing

Gibraltar must do more to combat money laundering and terrorism financing, according to a detailed report by a team of international experts who identified fundamental “shortcomings” in compliance with international standards, even while acknowledging that key supervisors here have “a robust understanding” of the risks and requirements. The 250-page… Read More

21st January 2020

Luxembourg’s fund sector faces risk of abuse

Drug trafficking, fraud, forgery, tax crimes, corruption and bribery are “very high threats” to the Luxembourg funds industry, according to a study by the country’s financial regulator. The risk for abuse is high in the Grand Duchy, according to the CSSF’s first national risk assessment of money laundering and terrorist… Read More

26th June 2019

Money Laundering in UK Professional Services Sectors Not Understood: RUSI

UK officials and professional services providers are failing to share sufficient information on the risks posed by money launderers seeking to the exploit firms in the country, according to research published Tuesday by the Royal United Services Institute (RUSI). The London-based think tank based its analysis on the findings of… Read More

Must Read

Burner phones and banking apps: Meet the Chinese ‘brokers’ laundering Mexican drug money

Energy Trader Vitol Paying $163 Million to Settle Corruption, Manipulation Charges

Two Steps Forward, One Step Back: The Limits of New Standards on Assessing WMD Financing Risk

EU budget deadlock will hamper crime fight, EPPO warns

Pope Francis’s Plan to Fix the Vatican’s Finances Meets Internal Resistance