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Digitalisation and wildlife are on the agenda for FATF as AML plenary continues this week

Premium February 23, 2021
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NEWS: German watchdog BaFin to ‘only partially’ adopt new EBA sanctions rules

AML Bitcoin CEO convicted of $2M fraud and money laundering scheme

NEWS: Germany takes down eXch over $1.9B laundering

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NEWS: AUSTRAC expands its data-sharing Fintel Alliance in fraud crackdown

The Financial Action Task Force is setting sights on the role of technology in AML at its latest virtual world plenary – currently underway.

The international financial crime watchdog estimates that by next year, 60% of global GDP will be digitised, eliminating the need for face-to-face contact and ID verification in many transactions.

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Premium

NEWS: German watchdog BaFin to ‘only partially’ adopt new EBA sanctions rules

AML Bitcoin CEO convicted of $2M fraud and money laundering scheme

NEWS: Germany takes down eXch over $1.9B laundering

 Premium

NEWS: AUSTRAC expands its data-sharing Fintel Alliance in fraud crackdown

Regulatory Watch News

  • Cyber-attacks: Council extends sanctions and legal framework

    European Council

    The Council today decided to prolong the restrictive measures (sanctions) against cyber-attacks threatening the EU and its member states for a further year, until 18 May 2026. The legal framework (sanctions regime) for these measures is extended for three years until 18 May 2028. This framework allows the EU to impose targeted restrictive measures on persons or entities involved in cyber-attacks which cause a significant impact, and constitute an external threat to the EU or its member states. Restrictive measures can also be imposed in response to cyber-attacks against third states or international organisations, where such measures are considered necessary to achieve the objectives of the Common Foreign and Security Policy (CFSP).

  • Investigation Admiral: First convictions in Portugal for 23 defendants guilty of massive international VAT fraud

    European Public Prosecutor's Office

    (Luxembourg, 12 May 2025) – On Friday, the Central Criminal Court of Lisbon (Portugal) convicted 10 individuals and 13 companies for their role in setting up and operating a fraudulent scheme, dedicated to the sale of electronic goods in the EU market, while evading the payment of VAT. This investigation, code-named Admiral, was first announced in November 2022 and is considered the biggest VAT fraud ever investigated in the EU with an overall damage now estimated at €2.9 billion. The convictions in Portugal mark only the first judicial outcome in this wider and ongoing cross-border investigation.

  • SFC reprimands and fines Sino-Rich Securities & Futures Limited $2 million and suspends its responsible officer for failures in relation to margin lending practices

    Securities and Futures Commission

    The Securities and Futures Commission (SFC) has reprimanded and fined Sino-Rich Securities & Futures Limited (Sino-Rich) $2 million for failures concerning its margin lending policy and practices (Note 1). The SFC has also suspended the licence of Mr Budihardjo Wilhelm Soeharsono (Budihardjo), a responsible officer and a manager-in-charge of Sino-Rich, for five months and two weeks from 8 May 2025 to 22 October 2025

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