US senators introduce bill to combat cross-border financial crimes
Three US senators have introduced a bill proposing legislation that would establish a Cross-Border Financial Crime Centre within the department of homeland security to coordinate investigations and information sharing related to cross-border financial crimes, particularly those that concern the US border. The Combating Cross-border Financial…
Transparency International calls for a harmonised EU approach on beneficial ownership access
One year after an EU court ruling on beneficial ownership registers left civil society and journalists in 13 countries encountering obstacles or completely unable to access information regarding companies’ real owners, Transparency International (TI) has published analysis of how different European states have responded by…
Effectiveness of financial crime systems dropping says Basel AML Index 2023
Anti-money laundering and counter financing of terrorism (AML/CFT) systems are becoming less effective, according to analysis of Financial Action Task Force (FATF) data in the 2023 Public Edition of the Basel AML Index. Global money laundering and terrorist financing risks meanwhile just keep on rising,…
US financial secrecy fuelling environmental crimes in Peru and Colombia
US financial secrecy is fuelling illicit financial flows (IFFs) from environmental crimes, according to a new report by the Financial Accountability and Corporate Transparency (FACT) Coalition. Dirty Money and the Destruction of the Amazon: Uncovering the US Role in Illicit Financial Flows from Environmental Crimes in…
FATF focuses on asset recovery, shortens grey list, welcomes Indonesia and continues Russia’s suspension
Asset recovery should be a key pillar of every country’s approach to tackling money laundering and terrorist financing according to a statement issued at the end of the latest plenary of the Financial Action Task Force (FATF) which ended on Friday. The plenary also saw…
Russia suspended from Egmont Group of FIUs
Russia’s membership of the Egmont Group of Financial Intelligence Units (FIUs) has been suspended by the grouping of 170 police and customs agencies focused on anti-money laundering and counter financing of terrorism (AML/CFT). The Russian FIU has been suspended “to maintain the Egmont Group’s reputation…
Germany approves draft law to fundamentally reorganise its fight against financial crime
The German federal government has approved a draft law that it claims will fundamentally reorganise the country’s fight against financial crime. Anti-money laundering (AML) will be prioritised, a money laundering investigation centre (MIC) will be established, and the country’s hitherto fragmented approach to combatting financial…
FinCEN imposes US$15 million penalty on Shinhan Bank America for BSA violations
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a US$15 million civil money penalty against Shinhan Bank America (SHBA) for wilful violations of the Bank Secrecy Act (BSA) and its implementing regulations. The wholly-owned subsidiary of South Korea’s Shinhan Bank wilfully disregarded…
Banks on guard after STRs reveal massive Singapore-based transnational money laundering organisation
Prompt suspicious transaction reports (STRs) by Singapore’s financial institutions (FIs) helped reveal a massive transnational money laundering organisation. The total value of assets seized or frozen with prohibition of disposal orders in the case so far has swelled to over 2.4 billion Singaporean dollars (S$2.4…
Host city of the European anti-money laundering authority to be decided soon
An announcement revealing which of Europe’s financial hubs will host the new European Anti-Money Laundering Authority (AMLA) and its staff is expected soon. Perhaps ambitiously, the authority should be “operational in its seat location by the beginning of 2024”, according to an EU briefing. It…
