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OPINION: Joint warning from top three global fincrime agencies needs to be wake up call for governments asleep to AML risks

Premium May 13, 2024

JAILED: 'Super cartel' member Ridouan Taghi was jailed for life in the Netherlands after being extradited from UAE. Masked and armed police surrounded the courthouse, known as the Bunker, in an Amsterdam suburb as the judges, who were not named and whose faces were hidden from view, read out the sentences. Drones and a police helicopter circled overhead. It was yet another example of the creeping influence and danger posed by transnational organised crime across the globe.

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INSIGHT: Big US banks considering crypto pilot schemes

NEWS: Britain sees 12% spike in fraud cases as banks battle $1.6B epidemic

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NEWS: Luxembourg National Risk Assessment 2025 warns of ML threats in law and accounting

By PAUL O’DONOGHUE, Senior Correspondent

THE unprecedented warning from some of the world’s most influential organisations that international AML measures have to be tightened is no routine advisory – it should be taken as a blaring siren signalling the need for urgent reform.

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Premium

INSIGHT: Big US banks considering crypto pilot schemes

NEWS: Britain sees 12% spike in fraud cases as banks battle $1.6B epidemic

 Premium

NEWS: Luxembourg National Risk Assessment 2025 warns of ML threats in law and accounting

Regulatory Watch News

  • FCA seeks further views on stablecoins and crypto custody

    Financial Conduct Authority

    The latest milestone on the road to crypto regulation, the proposals are the result of extensive engagement through roundtables and feedback on previous discussion papers. Stablecoins are cryptoassets that aim to maintain a stable value by referencing 1 or more fiat currencies. Stablecoins have the potential to drive efficiency in payments and settlement using blockchain technology, with particular benefits for cross-border transactions. The FCA’s proposed rules aim to ensure regulated stablecoins maintain their value. They also mean that customers should be provided with clear information on how the backing assets are being managed.

  • Investigation cluster Midas: Additional conviction for VAT fraud in Germany

    European Public Prosecutor's Office

    (Luxembourg, 28 May 2025) – The European Public Prosecutor’s Office (EPPO) in Munich (Germany) has secured another conviction in the EPPO investigation cluster Midas, a large-scale VAT fraud case spanning 17 countries and involving an estimated damage of €195 million. Last week (20 May), the Landshut Regional Court (Landgericht Landshut) sentenced one individual for VAT fraud. The convicted was involved in fraudulent trading of protective face masks, exploiting VAT rules to evade tax payments. His action resulted in an estimated VAT loss of around €600 000. The court sentenced him to one year and 10 months of imprisonment on probation, ordering the confiscation of € 600 000.

  • 7 entries amended under the Russia Sanctions Regime

    UK Government

    Today, Wednesday 28 May, the UK Government made 7 administrative amendments to the following individual and entities under the Russia Sanctions Regime. Individual:

    Name Unique ID OFSI Group ID
    Igor Borisovich BYSTROV RUS2626 16878
    Entities:
    Name Unique ID OFSI Group ID
    SHANGHAI NEW CHESS INT'L LOGISTICS CO., LTD. RUS2617 16869
    SHANGHAI NEW CHESS CO., LTD. RUS2618 16870
    MT-SYSTEMS LLC RUS2620 16872
    ATOMA LLC RUS2622 16874
    PIONEER TRADE LLC RUS2640 16886
    Limited Liability Company responsibility "Market Special Depository" RUS2686 16932

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