Featured

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
13th October 2020
The Asia-Pacific Group (APG) on Money Laundering has retained Pakistan on its “Enhanced Follow-Up” list for a meagre progress on technical recommendations of the Financial Action Task Force (FATF) to fight money laundering and terror financing. The first Follow-Up Report (FUR) on Mutual Evaluation of Pakistan released by APG… Read More
7th October 2020
Lithuania’s authorities have published a series of strict new know-your-customer guidelines for gaming operators following accusations that the sector is an easy target for money laundering activities. The Gambling Supervision Service, which works under Lithuania’s Ministry of Finance, said the guidelines outline which factors should be taken into account by… Read More
6th October 2020
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
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
1st October 2020
The threat of financial crime in Jersey by overseas criminals is “significant”, a government report has found. The National Risk Assessment of Money Laundering is the first study of its kind and has been made public by the Government of Jersey. It found there was “no clear expression” on… Read More
30th September 2020
Organised crime groups (OCGs) have evolved and adapted techniques designed to facilitate criminal activities, evade detection and enable criminal enterprise to endure. The National Crime Agency’s (NCA) national strategic assessment of serious and organised crime (SOC) 2020 reports that SOC continues to have more impact on UK citizens than… Read More
23rd September 2020
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
7th September 2020
Some wealth managers and advisers could be removed from a significant tier of anti-money laundering oversight under Financial Conduct Authority (FCA) proposals designed to more accurately reflect the risk of criminal exploitation. The obligation to report risk factors under the Annual Financial Crime Report (REP-CRIM) rules was originally introduced in… Read More
6th August 2020
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
30th July 2020
For those that have long railed against the UK’s role as a global hub for money laundering and illicit finance, when it finally emerged last week, the Intelligence and Security Committee’s Russia Report did not disappoint. It contained a full house of elements that have led many to brand… Read More