Sinaloa cartel’s ‘legitimate businesses’ play significant roles in drug trafficking and trade-based financial crime

The US treasury department, through its Office of Foreign Assets Control (OFAC), has provided insightful details on how members of Mexico’s Sinaloa cartel frequently utilise the proceeds of international drug trafficking to establish apparently legitimate businesses. Apart from the initial investment of illicit proceeds, these…

Wolfsberg responds to FSB’s consultations on regulating and supervising cross-border payment services and data frameworks alignment

The Wolfsberg Group has provided a written response to the Financial Stability Board’s (FSB’s) ‘Recommendation 1’ for regulating and supervising bank and non-bank payment service providers offering cross-border payment services. In the same document, Wolfsberg provides feedback to the international body that provides guidance on…

FATF commends India’s AML/CFT improvements, but concerned about lack of prosecutions and approach to NPOs

In its recent evaluation of India’s anti-money laundering and counter financing of terrorism (AML/CFT) efforts, the Financial Action Task Force (FATF) has praised India for making substantial improvements. But while acknowledging that the country faces serious threats from terrorist groups like Islamic State and Al-Qaeda…

Colombia suspended from Egmont Group’s global intelligence network for violating confidentiality protocols

The Egmont Group has suspended Colombia’s financial intelligence unit’s (FIU’s) access to the group’s international information exchange network after Colombian President Gustavo Petro shared confidential information obtained from the FIU.  The sensitive information Petro revealed pertained to the previous Colombian administration’s purchase of Pegasus spyware…