Penalties for financial institutions that fail to follow the US’ new BIS guidance
The US commerce department’s Bureau of Industry and Security (BIS) has issued new guidance to financial institutions (FIs) on best practices to ensure compliance with the Export Administration Regulations (EAR). The new guidance, which the BIS says is prompted by Washington’s concerns over the military…
Money laundering and environmental crime, detailed report from FACT coalition
The Financial Accountability and Corporate Transparency Coalition (FACT) has published a comprehensive and detailed report analysing publicly available case data to better understand how environmental crimes in the Amazon region are committed and how their associated profits are laundered. Money Laundering from Environmental Crime: Typologies…
Don’t see TBML in isolation from other laundering typologies or any kind of organised crime warns UNODC chief
The threat and development of trade-based money laundering (TBML) cannot be seen in isolation from other money laundering typologies or the variety of crimes – including drug, people and wildlife trafficking – that generate the cash that criminals need to channel into the mainstream economy,…
FATF aims to enhance financial inclusion and support low-capacity countries in implementing its AML/CFT standards
Under its newly installed Mexican presidency, the Financial Action Task Force (FATF) aims to increase “voices and participation” of FATF-style Regional Bodies (FSRBs) in the financial watchdog’s work and to strengthen cohesion in the Global Network. At last week’s plenary, the FATF made significant progress…
Lebanon and three African countries added to FATF grey list, Russia escapes black list
At the recent Financial Action Task Force (FATF) plenary that ended on 25 October, Algeria, Angola, Côte d’Ivoire, and Lebanon were all added to the grey list of jurisdictions under increased monitoring due to concerns about their financial practices, including insufficient measures to prevent money…
TD Bank to pay US$3 billion for US criminal charges and US$450 million in civil penalties for BSA and AML compliance failures
TD Bank has become the largest bank ever to plead guilty to violating US anti-money laundering (AML) laws. It has agreed to pay a US$3 billion penalty after pleading guilty to criminal charges in the US due to its involvement in facilitating the transfer of…
Barter and TBML are crucial elements in drug dealing, wildlife trafficking and money laundering
Professional Chinese money laundering networks are using barter and trade-based money laundering (TBML) to divert the proceeds of financial crime generated by Mexican cartels into the legitimate economy according to a senior fellow at the Brookings Institution, Vanda Felbab-Brown. In one episode of The Killing…
Wealthy nations to face more scrutiny as FATF alleviates pressure on least developed countries
Wealthy nations look likely to face increased scrutiny from the Financial Action Task Force (FATF) following release of the global financial watchdog’s radically new October 2024 updated review criteria. Previously, much of the FATF’s focus had been on developing or lower-income countries, but the revised…
Ukraine leads pressure on FATF to blacklist Russia, but the watchdog will find this difficult
Ukraine’s Ministry of Finance and its Financial Monitoring Service is calling once more on the Financial Action Task Force (FATF), this time under the leadership of newly appointed President Elisa de Anda Madrazo, to combat what Kyiv sees as the escalating risks Russia poses to…
Countries on FATF’s grey and black lists turning to stablecoins and other digital solutions to facilitate trade
Countries on the Financial Action Task Force (FATF) grey and black lists are turning to stablecoins and other digital solutions to facilitate cross-border trading as an alternative to addressing the deficiencies in their ant-money laundering and counter financing of terrorism (AML/CFT/) obligations, according to a…
