Category: MEA

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Businesses registered at UAE free zones receive penalty notices as country implements money laundering crack-down

British woman jailed for nearly three years following discovery of nearly £2 Million cash stuffed in suitcases at Heathrow Airport

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Collaboration between UK and UAE on money laundering after two week programme concludes

UAE implements beneficial ownership database, Central Bank launches whistleblower portal in bid to strengthen international image

UAE warns companies to comply with beneficial ownership rules or face DH100,000 (€23,000) penalty

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EUROPE & AFRICA: EU’s delegate to Ghana confirms that the bloc is about to remove country from financial blacklist ‘soon’

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UAE launches two programmes to crack down on dirty money

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US judge rules BNP Paribas must face allegations related to Sudan conflict; bank’s request to dismiss lawsuit largely rejected

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UAE central bank meets country’s chief compliance officers to discuss FATF standards and step up fight against money laundering

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Singapore financial watchdog warns that payment services make country vulnerable to terrorism

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US Treasury to up the ante on monitoring China as defence law calls for new study and report on AML risks

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French bank lands multi-million dollar fine in United States for ‘reckless disregard’ of Syria sanctions

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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.