NEWS: AI-driven AFC firm WorkFusion appoints David Caruso as VP of Financial Crime Compliance

Regulatory Watch News

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  Deadline Extension: Frozen Asset Review 2024 & Frequently Asked Question

  OFSI

  November 7, 2024

  OFSI is conducting its Frozen Asset Review. If you hold or control funds or economic resources belonging to, owned, held, or controlled by a designated person, you are required to submit a report to HM Treasury's OFSI. The new deadline is Monday 25 November 2024.

  For the details of this extension, please refer to the newly added FAQ 123 in the General section of our Frequently Asked Questions by clicking here.

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  Explainer: How corruption facilitates organized crime

  UNODC

  November 7, 2024

  Corruption and organized crime are often intertwined, with corruption playing a pivotal role in how organized crime groups operate and expand their criminal activities while evading punishment. Corruption enables criminal groups to smuggle illicit drugs, weapons, wildlife or even people within countries and across borders while evading detection and bypassing law enforcement.

  Corruption not only facilitates transnational organized crime but also allows criminal groups to infiltrate and weaken public administration in many countries. This undermines governance structures, destabilizes institutions and poses a serious threat to public order and security.

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  Second person charged in Sydney over $92 million meth importation

  Australia Federal Police

  November 7, 2024

  The AFP has charged a second person for their alleged role in a transnational drug trafficking plot to import 100kg of methamphetamine into Australia, worth an estimated $92 million. The Riverwood man, 31, appeared before Downing Centre Local Court yesterday (6 November, 2024) where he was formally refused bail. An AFP investigation, codenamed Operation Eumundi, began in October 2024 after Australian Border Force (ABF) officers detected about 100kg of methamphetamine concealed within computer towers.