COP 26: Increased focus on anti-money laundering a ‘powerful solution’ in combatting deforestation, FATF chief says in Glasgow

Regulatory Watch News

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  FinCEN Assesses Record $1.3 Billion Penalty against TD Bank

  FinCEN

  October 10, 2024

  WASHINGTON—The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a record $1.3 billion penalty against TD Bank, N.A. and TD Bank USA, N.A. (collectively, TD Bank, or the Bank) for violations of the Bank Secrecy Act (BSA), the primary U.S. anti-money laundering (AML) law that safeguards the financial system from illicit use. TD Bank is among the largest banks in the United States. FinCEN’s $1.3 billion settlement is the largest penalty against a depository institution in U.S. Treasury and FinCEN history. FinCEN’s action also imposes a four-year independent monitorship to oversee TD Bank’s required remediation.

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  Lean and clean: Europe’s coordinated fight against money laundering

  DNB

  October 10, 2024

  ‘Trust in the financial system and in our rule of law will never be for sale. Crime should not pay. Not in any way. Ever,’ concluded Gita Salden at the international workshop on the European anti-money laundering framework, organised by DNB on 10 October 2024. 'Because dirty money never stops trying to become clean again. And if that happens successfully, that is, of course, not a good thing – for the very simple reason that it undermines trust. Trust in in the integrity of our financial system, trust in our rule of law, trust in the safety of our society.'

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  Italy: EPPO freezes an additional €12.3 million in probe into VAT fraud involving textile smuggling

  European Public Prosecutor's Office

  October 10, 2024

  (Luxembourg, 10 October 2024) – At the request of the European Public Prosecutor’s Office (EPPO) in Bologna (Italy), two new freezing orders totalling €12.3 million were granted against suspects of VAT fraud relating to the illegal importation of fabric from China.  During the execution of the new freezing orders, the Italian Financial Police (Guardia di Finanza) of Prato seized over 3.6 million linear meters of fabric, with an estimated value of €4.9 million. In addition, €133 600 in cash was found at the home of a suspect, and over €128 000 has been frozen in a bank account.