Anti-Financial Crime & Financial Crime Compliance
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CFT, EU/Europe, Financial Crime, Fraud, Insight

INSIGHT: How and where fraud networks operate in Europe revealed in new report

Premium April 6, 2024

REPORT: "A wide variety of nationalities are involved in online fraud scams, including Belgian, French, German, Italian and Portuguese as well as Albanian, British, Israeli and Ukrainian from outside the EU," a report released Friday showed. Our file photo illustrates example of elder fraud which is a growing area of concern.

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LATEST: Search for AMLA chair to begin September when powerful new job is advertised

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NEWS: Seven arrested in money laundering probe involving King Gaming on Isle of Man

AML COMMUNITY: Danske’s Milda Olencevičiūtė inspires with her Monday morning social post

By AML Intelligence Correspondent FRAUD is the second most common activity of the most threatening criminal networks in Europe, according to Europol. One-fifth of all crime organisations in Europe engage in fraud as their main criminal activity, sometimes strategically engaging in other crime areas. According to Europol’s ‘Decoding the EU’s most threatening criminal networks’ report…

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Premium

LATEST: Search for AMLA chair to begin September when powerful new job is advertised

 Premium

NEWS: Seven arrested in money laundering probe involving King Gaming on Isle of Man

AML COMMUNITY: Danske’s Milda Olencevičiūtė inspires with her Monday morning social post

Regulatory Watch News

  • April 29, 2024 – FINTRAC advisory: Financial transactions related to countries identified by the Financial Action Task Force

    Fintrac

    High-risk jurisdictions subject to a call for action

    The statement on high-risk jurisdictions subject to a call for action identifies jurisdictions for which the FATF has called on its members to either apply countermeasures (Democratic People's Republic of Korea (DPRK), Iran) or enhanced due diligence measures proportionate to the risks arising from the jurisdiction (Myanmar).

  • FinCEN to Host Webinar on Beneficial Ownership Information Reporting Requirements

    FinCEN

    The Corporate Transparency Act requires many companies doing business in the United States to report information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) about who ultimately owns or controls them. Join a FinCEN representative for a virtual information session on beneficial ownership information reporting requirements and how to comply with the law. WHAT: Webinar on beneficial ownership information reporting requirements WHEN: Tuesday, April 30, 2 p.m. ET WHERE: www.youtube.com/@fincentreasury

  • Financial sanctions update: ISIL (Da’esh) and Al-Qaida

    OFSI

    On 29 April 2024 the Foreign, Commonwealth and Development Office updated the UK Sanctions List on GOV.UK. This list provides details of those designated under regulations made under the Sanctions Act. Enacting the UN’s decision to amend this entry on 25 April 2024, the following entry has been amended under the ISIL (Da’esh) and Al-Qaida financial sanctions regime and remains subject to an asset freeze:

    • Sanaullah Ghafari (Group ID: 14169)

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