Top stories this week:
MEPs Approve Bruna Szego as Chair of New AML Watchdog | FCA Charges Former WealthTek Partner John Dance with £64m Fraud
Welcome to this week's edition of the KYC Roundup, your gateway to the most impactful developments in the world of Anti-Money Laundering and financial crime. In the AML arena, MEPs approved Bruna Szego as the chair AML watchdog. Also, the FCA charged former WealthTek partner John Dance with £64m fraud and Canada announced plans to enforce tougher AML penalties.
In the fast-paced world of sanctions, the UK sanctioned five Georgian officials over violent crackdowns on protests and the EU adopted its 15th package of sanctions against Russia.
In the corruption space, UK minister Tulip Siddiq faced scrutiny over her alleged role in a Bangladesh corruption case.
We round off this week’s roundup with an opportunity to view the “Global AML Roundup: 2024 in Review”, which highlights the top financial crime stories of the year.
KYC & AML
FCA charges former WealthTek Partner John Dance with £64m fraud
John Dance, former principal partner at WealthTek LLP and prominent racehorse owner, has been charged by the UK's Financial Conduct Authority (FCA) with nine offences, including fraud and money laundering. Between 2014 and 2023, Dance allegedly misappropriated over £64 million from client accounts to fund personal ventures.
Canada to enforce tougher AML penalties with 40x increase under new rules
The Canadian government plans to strengthen AML measures by increasing penalties for non-compliance by up to 40 times. Proposed changes include fines up to $20 million per violation or 3% of annual global revenue, whichever is higher. The proposals also include a 10x increase in fines for criminal offences and additional guidance for jail terms.
MEPs approve Bruna Szego as chair of new AML watchdog
Members of the European Parliament have officially approved Bruna Szego as the first chair of the European Union's AML Authority (AMLA). Szego, who was the former head of the Bank of Italy's AML unit, secured support after a parliamentary hearing. The newly established AMLA, headquartered in Frankfurt, will lead the EU's fight against money laundering and terrorist financing.
Europol dismantles drug network and seizes €27m in crypto
Europol, in collaboration with law enforcement from six countries, dismantled an international drug trafficking network. The operation led to the arrests of nine individuals and the seizure of €27 million in assets, including €25 million in cryptocurrencies, €35,000 in cash and luxury items. The criminal group used cryptocurrency transactions to launder proceeds from drug sales.
New MONEYVAL report reveals Poland's progress in strengthening its AML framework
A new MONEYVAL report shows that Poland has strengthened its AML measures. Since December 2023, the country has published a new national risk assessment, enhanced resources for key agencies and improved data collection on AML/CFT statistics.
Sanctions
UK sanctions five Georgian officials over violent crackdown on protests
The UK has imposed sanctions on five senior Georgian officials, including Interior Minister Vakhtang Gomelauri, for their roles in violently suppressing pro-European protests. The measures, coordinated with the United States, include travel bans and asset freezes.
EU adopts 15th package of sanctions against Russia
The European Union has adopted its 15th sanctions package against Russia, targeting 52 vessels in the "shadow fleet" used to circumvent oil price caps and transport military equipment. The sanctions also extend to Chinese companies supplying drone components and microelectronics to Russia, marking the first such measures against China. Also, 84 individuals and entities have been sanctioned for supporting Russia's military efforts in Ukraine.
Corruption
UK minister Tulip Siddiq faces scrutiny over alleged role in Bangladesh corruption case
Tulip Siddiq, the UK's Economic Secretary to the Treasury, is under investigation by Bangladesh's Anti-Corruption Commission (ACC) for allegedly facilitating a 2013 deal with Russia to construct the Rooppur nuclear power plant. The ACC claims that Siddiq, alongside her aunt, former Prime Minister Sheikh Hasina, embezzled up to £3.9 billion from the project. Siddiq denies any involvement.
KYC360 News
Global AML Roundup: 2024 in Review
From record-breaking AML fines and regulatory crackdowns to intensifying sanctions and corruption trials, 2024 has been an eventful year in financial crime. In our Global AML Roundup, we highlight the biggest enforcement actions, top global financial crime stories and provide insights to help compliance teams navigate evolving risks.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
KYC360 Weekly Roundup - 20th December 2024
KYC360 Weekly Roundup - 13th December 2024