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NEWS: Former senior FATF figure claims ‘little evidence’ its recommendations effectively prevent money laundering

Premium July 18, 2024

DEBATE: David Lewis told AML Intelligence he agreed with Ilze Znotina’s comments in response to his views. He said his point was not to criticise smaller countries - rather, it was that: “There is little evidence in FATF evaluations to show a strong correlation between technical compliance and effectiveness."

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NEWS: UK’s NCA prevented 260k scams in 2024, fraud identified as key priority

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NEWS: US sanctions leaders of Mexican cartel, offers $8M reward for information

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INSIGHT: How FINRA is approaching regulation under the Trump adminstration

By PAUL O’DONOGHUE, Senior Correspondent DAVID Lewis, former executive secretary at FATF, has claimed there is “little evidence” that technical compliance with the agency’s recommendations leads to effective AML outcomes. Mr Lewis highlighted that jurisdictions rated largely or fully compliant with all 40 FATF (Financial Action Task Force) Recommendations included the likes of the Cayman…

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Premium

NEWS: UK’s NCA prevented 260k scams in 2024, fraud identified as key priority

 Premium

NEWS: US sanctions leaders of Mexican cartel, offers $8M reward for information

 Premium

INSIGHT: How FINRA is approaching regulation under the Trump adminstration

Regulatory Watch News

  • Executive Vice President of Insurance Brokerage Pleads Guilty in $133M Affordable Care Act Fraud Scheme

    US Department of Justice

    A Florida executive pleaded guilty today for his role in a scheme to submit fraudulent applications to enroll consumers in Affordable Care Act insurance plans (ACA plans) that were fully subsidized by the government. The purpose of the scheme was to obtain millions of dollars in commission payments from the insurance company that operated the ACA plans. The federal government paid at least $133,900,000 in subsidies for fraudulently enrolled individuals.

  • Man convicted of trying to smuggle £1m in suitcases out of UK

    National Crime Agency

    A man who was stopped at Heathrow Airport with £1m in two suitcases has admitted money laundering following a National Crime Agency investigation. Mazen Al Shaar, 48, was stopped by Border Force officers on Saturday 15 March this year as he was about to fly from Terminal Three to Beirut.

  • Treasury Targets International Bank of Yemen for Support to the Houthis

    OFAC

    WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning Yemen-based International Bank of Yemen Y.S.C. (IBY) for its financial support to Ansarallah, commonly known as the Houthis, which is part of the Iran threat network.  As part of this designation, OFAC is also sanctioning key leaders or officials of IBY, Kamal Hussain Al Jebry, Ahmed Thabit Noman Al-Absi, and Abdulkader Ali Bazara.  The designation of IBY complements the whole-of-government effort to stop Iran-backed Houthi attacks against commercial shipping in the Red Sea.

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