Featured Terrorism Financing

UK expects to get ‘favourable’ FATF review of anti-money laundering systems

Britain anticipates that the Financial Action Task Force (FATF) will rate its anti-money laundering (AML) and counter terror financing (CFT) processes positively, a Treasury minister has indicated. The global AML body recently announced that it has discussed the United Kingdom’s mutual evaluation report, which examines a country’s financial crime… Read More

Latvian bank fined €2 million for ‘serious’ anti-money laundering, terror funding breaches

The Financial and Capital Market Commission (FCMC) of Latvia has fined JSC ‘LPB’ Bank 2.2 million euros for breaching anti-money laundering and counter terrorist financing (AML/CFT) rules, after it uncovered a number of significant deficiencies. The FCMC said it carried out an on-site inspection and off-site target inspections of the… Read More

Nomura to pay $480m for misleading investors, due diligence issues

Nomura and several of its affiliates have agreed to pay a total of $480 million to settle charges of misleading investors over the sale of residential mortgage-backed securities (“RMBS”) between 2006 and 2007, an issue which resulted in investors suffering ‘significant’ losses and also highlighted the bank’s poor due diligence… Read More
1st November 2018
Britain anticipates that the Financial Action Task Force (FATF) will rate its anti-money laundering (AML) and counter terror financing (CFT) processes positively, a Treasury minister has indicated. The global AML body recently announced that it has discussed the United Kingdom’s mutual evaluation report, which examines a country’s financial crime… Read More
31st October 2018
The United Arab Emirates has passed a law to combat money laundering and terrorism financing, it said on Tuesday, as it aims to bring its rules into line with international standards on combating illicit money flows. The law, which is in line with the requirements and recommendations of the Financial… Read More
25th October 2018
The Financial and Capital Market Commission (FCMC) of Latvia has fined JSC ‘LPB’ Bank 2.2 million euros for breaching anti-money laundering and counter terrorist financing (AML/CFT) rules, after it uncovered a number of significant deficiencies. The FCMC said it carried out an on-site inspection and off-site target inspections of the… Read More
24th October 2018
Nomura and several of its affiliates have agreed to pay a total of $480 million to settle charges of misleading investors over the sale of residential mortgage-backed securities (“RMBS”) between 2006 and 2007, an issue which resulted in investors suffering ‘significant’ losses and also highlighted the bank’s poor due diligence… Read More
15th October 2018
The Council of the European Union has adopted new rules establishing jail sentences and sanctions for money launderers and terror financiers. The new directive complements, on the criminal law aspects, the directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist… Read More
12th October 2018
China’s central bank on Wednesday issued anti-money laundering and counter-terrorism financing regulations for online financial institutions, as part of Beijing’s efforts to rein in financial risks. The institutions must set up internal control mechanisms for combating money laundering and terrorism financing, follow “know your customer” (KYC) rules, and report large… Read More
8th October 2018
British-based electronic-money firms or institutions (EMIs) are adhering to government requirements for conducting customer due diligence (CDD) checks for the detection and prevention of money laundering, the United Kingdom’s Financial Conduct Authority has found. In its new thematic review of the e-money sector, it said it found that ‘all such… Read More
5th October 2018
The Trump administration is giving greater priority to Iran and radical groups it backs in a new U.S. counterterrorism strategy document released on Thursday that further increases the pressure from Washington on Tehran. The strategy, unveiled by National Security Adviser John Bolton, is the first issued since 2011 when the… Read More
20th September 2018
The United States is seeking to negotiate a treaty with Iran to include Tehran’s ballistic missile program and its regional behavior, the U.S. special envoy for Iran said on Wednesday ahead of U.N. meetings in New York next week. Iran has rejected U.S. attempts to hold high-level talks since President… Read More
12th September 2018
Dutch banking group ING has announced that its chief financial officer will step down after it was fined €775 million (about $900m) for poor anti-money laundering controls, including client on-boarding and customer due diligence issues. CFO Koos Timmermans (pictured) was also a member of the Management Board Banking… Read More
Must Read

EU states still divided over money laundering reform – sources

European Union states are still divided over an overhaul of rules for the supervision of banks against money laundering, two EU sources said on Wednesday. EU confidential documents show countries had agreed a preliminary common stance on the reform proposed by the European Commission in September which would give more… Read More

Former UBS trader jailed for Britain’s biggest fraud deported

Kweku Adoboli, a former UBS trader jailed for Britain’s biggest fraud over unauthorised trades that cost the Swiss bank $2.3 billion (1.7 billion pounds), has been deported to Ghana, his spokesman said. Adoboli was put on a commercial flight from Heathrow on Wednesday after being detained in Scotland earlier in… Read More