Top stories this week:
Global Investigation Exposes Russian Money Laundering Network | Basel Institute Releases 2024 AML Index |
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, a global investigation exposed a Russian money laundering network. Also, the Basel Institute released its 2024 AML index and a new report revealed that offshore tax havens funnelled £6 billion to the UK.
In the fast-paced world of sanctions, an individual was sanctioned by the UK over links to the New IRA terror group and the U.S. applied sanctions against Iran’s ‘shadow fleet’.
In the corruption space, Nigeria seized high-end properties in anti-corruption investigation.
We round off this week’s roundup with a chance to register for our latest webinar, “Comply and Outperform: Lessons from F1.”
KYC & AML
Global investigation exposes billion-dollar Russian money laundering network
Operation “Destabilise", spearheaded by the UK’s National Crime Agency (NCA), dismantled two major Russian money-laundering networks. These networks facilitated billions in illicit transactions across 30 countries, supporting organised crime across the world. The operation led to 84 arrests, £20 million in seizures and significant disruption to global criminal enterprises.
Basel Institute releases 2024 AML Index
The Basel AML Index, which assesses global adherence to AML standards, revealed strong overall performance in Western Europe, although financial transparency remains a notable weakness. The global average effectiveness of AML measures remains low at just 28%. San Marino ranked highest, while Myanmar placed last. This year, the report introduced fraud indicators for the first time.
Canadian regulator FINTRAC signs MoU with U.S. banking agencies to enhance AML
Canada's FINTRAC has partnered with U.S. banking regulators, including the Federal Reserve, to strengthen cross-border AML and anti-terrorism financing efforts. This collaboration aims to improve risk identification, prevention and detection.
Offshore tax havens funnelled £6 billion to UK
A new report from Transparency International has revealed that since 2016, UK overseas territories laundered nearly £6 billion through UK property purchases with suspicious funds. Weak transparency and oversight measures allow corrupt actors to exploit the system, raising calls for stronger regulations and enforcement to combat money laundering and protect the integrity of the UK’s economy.
Swiss Bank Lombard Odier charged with money laundering
Lombard Odier, a prominent Swiss private bank, faces charges of “aggravated money laundering” tied to the alleged financial crimes of Gulnara Karimova, daughter of former Uzbek president Islam Karimov. Swiss prosecutors claim the bank failed to adequately monitor transactions and played a role in concealing Karimov’s illicit activities.
Australia extends AML regime to “tranche 2” entities
Australia has expanded its AML/CTF regime to include real estate agents, lawyers, accountants, and precious metals dealers. These reforms, part of the Tranche 2 legislation, aim to close loopholes exploited by criminals to launder illicit funds. The newly regulated sectors must now implement robust reporting and compliance measures and this extension aligns Australia with global AML standards.
Sanctions
Individual sanctioned by UK over links to New IRA terror group
The UK has imposed sanctions on an individual from Armagh suspected of links to the New IRA, a proscribed terrorist organisation. The man faces asset freezes and travel bans under measures aimed at disrupting funding and operations tied to terrorism. The UK Treasury’s action highlights its commitment to combating domestic and international terror networks, targeting individuals who play a role in financing or supporting such groups.
U.S. sanctions Iranian ‘shadow fleet’
The U.S. has imposed sanctions on Iran's "shadow fleet," a network of tankers allegedly used to evade oil export restrictions and fund destabilising activities. The Treasury Department targeted shipping firms, vessels and intermediaries involved in clandestine oil trade.
Corruption
Nigeria seizes high-end properties in anti-corruption investigation
Nigerian authorities have seized 753 duplexes and other apartments in Abuja, marking the country's largest asset seizure linked to government corruption. The properties are allegedly connected to illicit activities by a former high-ranking government official. This action underscores Nigeria's intensified efforts to combat corruption.
KYC360 News
New Webinar: Comply and Outperform - Lessons from F1
Join Stephen Platt, CEO and Founder of KYC360 and original Founder of the International Compliance Association, and Tom Devlin, CCO at KYC360, to hear the key lessons financial institutions can learn from F1 to improve risk management and outperform.
Date: 10th December 2024
Time: 3:00pm - 4:00pm (UK Time/GMT)
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