Terrorism Financing

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EU failure: Brussels’ crackdown on money launderers fails to scare criminals across bloc

EU policymakers proposed a new agency on Tuesday to stop financial firms aiding criminals and terrorists after a scandal at a Danish bank highlighted the inadequacy of the bloc’s defences. Europe came under pressure to step up enforcement of its anti-money laundering rules when several countries began… Read More

EU to ban cryptocurrency anonymity in anti-money laundering plan

The European Commission wants to end anonymity in cryptocurrencies and establish a new anti-money laundering agency to enforce tougher rules in a plan to crack down on the proceeds from crime. The proposals launched by financial services commissioner Maireád McGuinness aim to “improve the detection of suspicious transactions and… Read More

EU proposes watchdog to halt flow of dirty money

EU policymakers proposed a new agency on Tuesday to stop financial firms from aiding criminals and terrorists after a scandal at a Danish bank highlighted the inadequacy of the bloc’s defences. Europe came under pressure to step up enforcement of its anti-money laundering rules when several countries began investigating Danske… Read More
20th July 2021
The U.S. Treasury Department’s anti-money laundering (AML) unit recently issued the much-anticipated AML priorities Congress demanded in the Anti-Money Laundering Act of 2020, a legislative effort to clarify where financial institutions should focus their efforts to more effectively police transactions for illicit activity. Some experts said the AML and counter-terror… Read More
20th July 2021
Six Danish pension providers have been ordered to revise their risk assessments regarding money laundering, after the country’s financial watchdog followed through on a tightening of the regulations at the end of last year. AP Pension was given several official orders to correct procedures, while others, such as Danica Pension… Read More
20th July 2021
The Anti-Money Laundering Council (AMLC) will now begin freezing accounts related to the National Democratic Front of the Philippines (NDFP) after the anti-terror council designated the group as terrorists. “The AMLC issued resolution No. TF.42 Series of 2021 directing the issuance of sanctions freeze order to take effect immediately against… Read More
19th July 2021
An evaluation by global organisation Financial Action Task Force (FATF) to analyse the effectiveness of India’s anti-money laundering and countering terrorist financing regime has been postponed for the second time in view of the ongoing COVID-19 pandemic and is now slated to be initiated next year, officials said. The… Read More
16th July 2021
The Vatican’s financial watchdog authority reported Thursday that it received 89 suspicious activity reports in 2020, 16 of which it forwarded to the Promoter of Justice for possible prosecution. In a 52-page annual report, released July 15, the Supervisory and Financial Information Authority (ASIF) said that the figures underlined… Read More
15th July 2021
Japan’s financial regulator and central bank will launch a sweeping investigation into how well anti-money laundering measures work at regional banks and other local financial institutions, Nikkei has learned. The probe, which comes amid a spate of fraudulent money transfers in the country, could get underway this summer. An international… Read More
15th July 2021
UAE ministers and government officials have urged executives from Designated Non-financial Businesses and Professions to raise awareness about how to combat money laundering and the financing of terrorism. DNFBPs include professions outside the financial services sector that have heightened anti-money laundering/combating the financing of terrorism (AML/CFT) exposure. The discussions focused… Read More
14th July 2021
The Philippines’ real estate sector has a medium high vulnerability to dirty money transactions due to limited anti-money laundering/combating the financing of terrorism (AML/CFT) regulation, according to the Anti-Money Laundering Council (AMLC). In a report, the AMLC said it received 142,562 covered transaction reports (CTRs) worth P684.4 billion, as well… Read More
14th July 2021
Getting off the money-laundering grey list might take longer than Maltese authorities hope as it will be difficult to prove effective enforcement in certain “tricky” areas, a leading international expert has warned. Giuseppe Lombardo, who has evaluated several countries as a senior assessor for MoneyVal, told a conference of local… Read More
13th July 2021
Six bills designed in large part to deter financial crime took effect recently after receiving assent from Governor John Rankin. The Proliferations Financing (Prohibition) Act, 2021, passed in the House of Assembly on May 11, is designed to prevent the “proliferation of weapons of mass destruction.”… Read More