Category: AML

Regulatory Watch News

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  Germany: Two arrests in €19 million VAT fraud involving Voice over IP

  European Public Prosecutor's Office

  November 26, 2024

  (Luxembourg, 26 November 2024) – At the request of the European Public Prosecutor’s Office (EPPO) in Munich (Germany), two suspects were arrested today in an investigation into a €19 million cross-border VAT carousel fraud involving the sales of Voice over IP (VoIP). The suspects, who were arrested in Frankfurt am Main (Germany) and in Rome (Italy), are believed to have acted as strawmen for a German buffer company, which served to hide the fraud from the authorities. 

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  DFSA took decisive action by finalising eight enforcement cases in 2024 against individuals and firms, underscoring its focus on promoting integrity

  DFSA

  November 26, 2024

  The Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in, and from, the Dubai International Financial Centre (DIFC) has, 2024 year to date, taken eight enforcement actions and issued 24 alerts. These actions targeted individuals and entities that undertook unauthorised financial services activities, misled investors, failed to comply with anti-money laundering obligations, and misled the DFSA or obstructed DFSA investigations – compromising the integrity of the DIFC financial services sector.

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  FCA finds crypto ownership continues to rise as it delivers plans to regulate crypto

  Financial Conduct Authority

  November 26, 2024

  Awareness of crypto also rose from 91% to 93%. The average value of crypto held by people increased from £1,595 to £1,842. Respondents told the FCA that information from family and friends was the most common source of information for those who had never bought crypto. Only 1 in 10 people say they did not do any research before buying crypto. Around a third of people said they believed they could raise a complaint with the FCA if something went wrong and were seeking recourse or financial protection. Currently, crypto remains largely unregulated in the UK and high-risk. If something goes wrong, it is unlikely you will be protected so you should be prepared to lose all your money.