Category: Opinion

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SARAH BETH: What FinCEN’s $15M penalty against Shinhan Bank means; and why aren’t vendors culpable?

INSIGHT: What’s going on at ACAMS? Company silent on speculation of changes at the top as rivals circle

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SCHUMAN: Lenin and Switzerland, UAE foreign minister chairs AML pow wow, Monaco contagion fears in EU and un-Wise £250 sanction-busting withdrawl

OPINION: Why Switzerland is a haven for the world’s biggest money launderers

EDITORIAL: Is Egmont Group of FIUs holding its plenary in Abu Dhabi the wisest decision right now?

OPINION: Why Russia’s financing of terror and corruption mean it should go on FATF’s ‘blacklist’ this month – by the Head of Ukraine’s FIU

OPINION: Why Madrid makes the best case for location of EU’s new AML Authority

INSIGHT: Read the inspiring address by global FIU chief Ela Franków-Jaśkiewicz to the AML Intelligence ‘Women in FinCrime’ Summit

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UPDATE: Speculation FATF could add up to two MEA countries to ‘grey list’ this week

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SUBURRA: Mafia drama series and real life mob investigations come face to face in incredible scenes on the streets of Ostia

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REVEALED: Sanctions loophole is exposed in UK, leaving country facing accusation its Russia assets regime is weaker than EU or US

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OPINION: Problem of Donald Trump marketing his own NFT collection and the inherent risks of financial crime in the medium

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FinCEN Finds Cambodia-Based Huione Group to be of Primary Money Laundering Concern, Proposes a Rule to Combat Cyber Scams and Heists
FinCEN
May 2, 2025
WASHINGTON — Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a finding and notice of proposed rulemaking (NPRM) pursuant to Section 311 of the USA PATRIOT Act that identifies Cambodia-based Huione Group as a financial institution of primary money laundering concern and proposes to sever its access to the U.S. financial system. Huione Group serves as a critical node for laundering proceeds of cyber heists carried out by the Democratic People’s Republic of Korea (DPRK), and for transnational criminal organizations (TCOs) in Southeast Asia perpetrating convertible virtual currency (CVC) investment scams, commonly known as “pig butchering” scams, as well as other types of CVC-related scams. Given the money laundering risk posed by Huione Group, FinCEN is proposing to prohibit U.S. financial institutions from opening or maintaining correspondent or payable-through accounts for or on behalf of Huione Group.
FCA seeks feedback on regulation of cryptoasset trading platforms in next phase of road to regulation
Financial Conduct Authority
May 2, 2025

The FCA is seeking views on the future regulation of specific cryptoasset activities, ahead of legislation to bring them within regulation.

Clear crypto regulation will boost confidence in the sector, supporting growth. In this latest discussion paper (DP), the FCA is seeking views on intermediaries, staking, lending and borrowing, and decentralised finance. With more people using credit to purchase crypto, the DP also considers whether restrictions should be applied in that area.
Website Alert – Fraudulent website related to Bank Julius Baer & Co. Ltd.
HKMA
May 2, 2025
The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank Julius Baer & Co. Ltd. relating to a fraudulent website, which has been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.