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NEWS: Europe’s new AML rules pass final hurdle, paving way for AMLA jobs to be posted

Premium May 30, 2024

FINAL HURDLE: "The new and stricter rules will strengthen our systems in the fight against money laundering and terrorist financing. A new agency based in Frankfurt will supervise the work of actors involved. This will ensure that fraudsters, organised crime and terrorists will have no space left for legitimising their proceeds through the financial system," said Vincent Van Peteghem, Belgian minister for finance on behalf of the European Council. Our photo shows him with President of the Eurogroup Paschal Donohoe in Brussels.

BREAKING: FATF confirms new ‘greylist’ rules, aimed at helping poorer countries

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NEWS: Police take down Dutch gang which stole millions by blowing up ATMs

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NEWS: Smugglers make $300M taking migrants along deadly Central Mediterranean route, says UN

By AML Intelligence Correspondent EU governments today (Thursday) formally adopted the AML package that was cleared by the European Parliament earlier this year. This was the final step of the adoption procedure, clearing the way for the texts to be published in the EU’s Official Journal and enter into force. The move also gives the…

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BREAKING: FATF confirms new ‘greylist’ rules, aimed at helping poorer countries

 Premium

NEWS: Police take down Dutch gang which stole millions by blowing up ATMs

 Premium

NEWS: Smugglers make $300M taking migrants along deadly Central Mediterranean route, says UN

Regulatory Watch News

  • Treasury Announces Enhanced Fraud Detection Processes, Including Machine Learning AI, Prevented and Recovered Over $4 Billion in Fiscal Year 2024

    US Department of the Treasury

    Treasury’s Office of Payment Integrity Began Using Enhanced Processes, including Machine Learning AI, to Deal with Increased Fraud and Improper Payments Since the Pandemic

    WASHINGTON – Today, the U.S. Department of the Treasury announced that its latest efforts in taking a technology and data-driven approach to fraud and improper payment prevention enabled the prevention and recovery of over $4 billion in fraud and improper payments this fiscal year (FY) (October 2023 – September 2024), up from $652.7 million in FY23. This increase reflects dedicated efforts by Treasury’s Office of Payment Integrity (OPI), within the Bureau of the Fiscal Service (Fiscal Service) to enhance its fraud prevention capabilities and expand offerings to new and existing customers.

  • Financial sanctions update: Russia

    OFSI

    On 17 October 2024 the Foreign, Commonwealth and Development Office updated the UK Sanctions List on GOV.UK. This list provides details of those designated under regulations made under the Sanctions Act. The following entry has been amended to the Russia financial sanctions regime and is still subject to an asset freeze and trust services sanctions:

    • RusGazDobycha JSC (Group ID: 16612)
    OFSI’s consolidated list of asset freeze targets has been updated to reflect these changes.

  • Italy: EPPO freezes €9 million in fraud investigation involving local politicians in Sicily

    European Public Prosecutor's Office

    (Luxembourg, 17 October 2024) – At the request of the European Public Prosecutor’s Office (EPPO) in Palermo (Italy), the Italian Financial Police (Guardia di Finanza) of Trapani executed a freezing order of €9 million today, in the context of an investigation into fraud involving EU funds, money laundering, and self-laundering. The investigation has uncovered a fraudulent scheme involving local politicians and individuals from Sicily linked to a private training centre. The suspects allegedly misused more than €8.7 million from the European Social Fund (ESF) intended for vocational training and social projects.

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