UK to Take on Illicit Finance with New AI Tools, Facilitator Crackdown
The UK government is taking aim at corrupt bankers, lawyers, and accountants and deploying new tech tools to identify dirty money as part of a new strategy to root out tens of billions in illicit funds entering the country each year.
U.S. Lawmakers Weigh Lifting ‘Caesar’ Sanctions on Syria
Tough U.S. sanctions imposed on Syria under former president Bashar al-Assad are on track to be lifted within weeks, after lawmakers folded their repeal into a sweeping annual defense policy bill.
In U.S. Migrant Crackdown, a Renewed Focus on Cross-Border Remittances
The United States is tightening its oversight of the tens of billions of dollars resident and undocumented migrants send home each year through Western Union, MoneyGram, and other money services businesses (MSBs), according to a recent U.S. Treasury Department warning.
China Signals Crypto Crackdown, Flags Stablecoins
China’s central bank has restated its hard line on cryptocurrencies, warning that a renewed wave of speculation is testing regulators and vowing tougher action against illegal activities involving stablecoins, according to Reuters.
UN Special Rapporteur Calls for End of U.S. Sanctions on Cuba
United Nations expert is calling for the United States to lift its decades-old sanctions on Cuba, citing their corrosive impact on the country’s populace and economic future, Al Jazeera reported.
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.
Fugitive Ex-Wirecard Exec Jan Marsalek Tied to Multibillion-Dollar Laundering Ring
Fugitive former Wirecard executive Jan Marsalek has been linked to a sprawling, multibillion-dollar money laundering network that British investigators say connects street-level drug dealers in the UK to sanctioned Russian oligarchs and the Kremlin’s security services, the Financial Times reported.
Chinese American Ex-Employees Sue TD Bank Over Money Laundering Fallout
A group of former Chinese American employees has filed a class-action lawsuit against Toronto-Dominion Bank in the United States, alleging they were unjustly fired after being linked to a major money laundering scandal involving Chinese money brokers and Mexican drug cartels, the Financial Post reported.
US, UK and Australia Blacklist Russian ‘Bulletproof’ Hosting Firms Tied to Ransomware Attacks
The United States, Britain and Australia have imposed coordinated sanctions on Russian technology companies and individuals accused of providing key online infrastructure for ransomware and other cyberattacks, Reuters reported.
Ten Percent of Meta’s 2024 Revenue Tied to Suspected Scam Ads
Meta internally projected late last year that roughly 10% of its 2024 revenue, or approximately $16 billion, would come from advertising tied to scams and banned goods, according to company documents reviewed by Reuters.