FCA to Overhaul Transaction Reporting
The UK’s Financial Conduct Authority (FCA) has launched a consultation to overhaul the country’s transaction reporting regime, promising both stronger tools to combat financial crime and a lighter reporting burden for firms.
Singapore Seen as Destination for ‘Scam Farm’ Proceeds
Singapore is facing renewed scrutiny over its defenses against dirty money after police seized hundreds of millions of dollars in assets linked to the Prince Group, a conglomerate labelled by U.S. and UK authorities as a “transnational criminal empire,” according to the Financial Times.
Ex-EU Commissioner Charged with Money Laundering
Belgian authorities have officially charged former European commissioner Didier Reynders with money laundering, a person familiar with the case confirmed to Follow the Money. He is not being held in custody.
Coinbase Fined €22mn for Failing to Monitor Europe Payments
The Central Bank of Ireland has fined cryptocurrency exchange Coinbase €21.5 million for failing to properly monitor transactions, including activity potentially linked to child sexual exploitation, drug trafficking, money laundering and other crimes.
Mexico’s Banks Look to Tighten AML Controls after U.S. Crackdown
Mexico’s banking lobby is urging lenders to adopt tougher rules on illicit finance that go beyond current law, after U.S. authorities moved to sever three Mexican firms from the American financial system for allegedly laundering money for fentanyl traffickers, according to Bloomberg.
Congress Expected to Subpoena Banks Linked to Epstein
Jeffrey Epstein remained embedded in Wall Street’s elite financial networks in the years before his 2019 death, maintaining accounts at more than 20 banks and executing large transactions with prominent investment firms, according to new reporting by The Wall Street Journal.
SWIFT to Launch Blockchain to Facilitate Stablecoin Payments
International payments cooperative Swift will launch a permissioned blockchain to route transactions among global banks as part of a bid to modernize cross-border payments and blunt the rise of dollar-pegged stablecoins.
Money Laundering Tied to Pig-Butchering Scams is Increasingly Sophisticated, Report Finds
Pig-butchering schemes have scaled into a multibillion-dollar criminal industry, according to a new report by blockchain analytics firm Elliptic cited by CoinDesk.
U.S. Drug Prosecutions Fall to Decades Low as Money-Laundering Cases Plummet: Report
U.S. federal prosecutions for drug crimes have fallen to their lowest level in decades this year after the Trump administration redirected agents to immigration enforcement, according to a Reuters analysis.
Ex–Ronald McDonald House Director Charged with Stealing from Charity
The former executive director of Ronald McDonald House Charities of Marshfield, Wisconsin, has been charged with taking over $100,000 from the nonprofit.