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NEWS: Sweeping AUSTRAC AML powers take effect, banks to be forced to give up documents

Premium January 8, 2025

POWERS: : AUSTRAC CEO Brendan Thomas (l) with Australia's Attorney General Markus Dreyfus (r).

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NEWS: AMLA reveals the key hires it plans in 2025 – data analysts among those prioritized

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NEWS: Ireland announces first companies making anti-fincrime products under its ‘Sandbox’ scheme

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NEWS: 80% of countries cannot effectively confiscate criminal assets – FATF President de Anda

BY PAUL O’DONOGHUE, Senior Correspondent

A wide raging law which gives Australia’s  AUSTRAC’s regulator much stronger investigative powers has come into force.

Australia’s Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 took effect on January 7, 2025, coming as AUSTRAC’s oversight grows from overseeing approximately 17,000 businesses to nearly 100,000.

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Premium

NEWS: AMLA reveals the key hires it plans in 2025 – data analysts among those prioritized

 Premium

NEWS: Ireland announces first companies making anti-fincrime products under its ‘Sandbox’ scheme

 Premium

NEWS: 80% of countries cannot effectively confiscate criminal assets – FATF President de Anda

Regulatory Watch News

  • Japanese Yakuza Leader Pleads Guilty To Nuclear Materials Trafficking, Narcotics, And Weapons Charges

    United States Attorney Office -Southern District of New York

    Edward Y. Kim, the Acting United States Attorney for the Southern District of New York; Matthew G. Olsen, the Assistant Attorney General for National Security; and Anne Milgram, the Administrator of the U.S. Drug Enforcement Administration (“DEA”), announced today that TAKESHI EBISAWA pled guilty in Manhattan federal court to conspiring to traffic nuclear materials, including uranium and weapons-grade plutonium, from Burma to other countries, as well as to international narcotics trafficking and weapons charges.  EBISAWA pled guilty today before U.S. District Judge Colleen McMahon.

  • Billionaire Internet Fraudster Bags Two Years in Abuja

    EFCC

    The Economic and Financial Crimes Commission, EFCC,  has secured the conviction of one Chima Hyginus Nkwocha, a.k.a "Young Billionaire," for cheating by impersonation and money laundering. Nkwocha was arraigned before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, on a two-count charge bordering on cheating by impersonation and money laundering.

  • Greentube Alderney Limited to pay £1m for regulatory failures

    Gambling Commission

    Online gambling business Greentube Alderney Limited, trading as Admiral Casino, is to pay £1 million after a Commission investigation revealed social responsibility and anti-money laundering failures.

    The operator, which runs admiralcasino.co.uk, will pay the money to socially responsible causes as part of a settlement with the Commission.

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