EU Lawmakers Urge Tougher Global Crackdown on Wildlife Trafficking
European lawmakers will push for wildlife trafficking to be recognized as organized crime by 2030 and for tougher global enforcement at next month’s United Nations meeting on endangered species, Euronews reported.
FATF Removes South Africa, Nigeria, Mozambique and Burkina Faso from ‘Grey List’
Sub-Saharan Africa’s two largest economies, South Africa and Nigeria, were delisted Friday from a global watchdog’s roster of jurisdictions under increased monitoring for illicit money flows, alongside Mozambique and Burkina Faso.
Ex-Citi Banker Jailed in Singapore for Laundering Funds Linked to Chinese Syndicate
A former Citibank relationship manager has pleaded guilty and been sentenced to two years in jail for helping a Chinese criminal network launder money in Singapore, the Financial Times reported.
Fraudsters Used Melania Trump as ‘Window Dressing’ in Memecoin Scam: Lawsuit
A new legal filing alleges that a cryptocurrency promoted in January by U.S. First Lady Melania Trump was part of a sophisticated scheme that used celebrity association to lend legitimacy to token launches, according to Wired.
Worldline Compliance Review Flags ‘Uneven’ Anti-Financial Crime Controls
Worldline SA said an independent review found “uneven” implementation of anti-financial-crime controls across the company, even as the French payments processor reported a drop in third-quarter revenue and outlined plans to streamline its business.
Senate GOP Bill Would Raise BSA Reporting Thresholds and Tie Them to Inflation
Proposed legislation introduced in the U.S. Senate would increase dollar-thresholds triggering reporting requirements under the Bank Secrecy Act for the first time since 1970 and require periodic adjustments to account for inflation, Republican lawmakers said. The “Streamlining Transaction Reporting and Ensuring Anti-Money Laundering Improvements for a New Era Act”, or STREAMLINE Act, would raise the […]
FinCEN Ban on Three Mexican Firms Formally Takes Effect After Reshaping Industry
An unprecedented U.S. Treasury order cutting three Mexican financial institutions off from the American financial system took effect Monday, after already forcing asset sales, client flight and heightened compliance across Mexico’s banking sector, Bloomberg reported.
Canada to Create Financial-Crimes Agency, Amend Laws to Fight Fraud
Canada will launch a new federal financial-crimes agency and change banking laws to clamp down on online fraud and other scams, the country’s Department of Finance announced on Monday.
Louvre Jewel Heist Probed for Money-Laundering Motive
French investigators are treating Sunday’s smash-and-grab at the Louvre as a potential money-laundering operation, after four masked thieves stormed the museum’s Galerie d’Apollon and escaped with eight pieces of royal jewelry.
Bank Compliance Slow Services for Some in Europe’s Growing Defense Sector
European lenders are re-engaging with defense companies but smaller firms in the sector’s supply chain are running into hurdles clearing bank compliance requirements, according to new reporting by The Banker.