Month: December 2025

UN Sounds Alarm on Expanding Modern Slavery

Modern Slavery, Organised Crime
Around 50 million people worldwide are trapped in modern forms of slavery, “perpetuated by crime rings,” UN Secretary-General António Guterres said Tuesday. Modern slavery often involves forced labour exploited by organized criminal networks that “prey on people facing extreme poverty, discrimination, environmental degradation, armed conflict, or migration in search of safety and opportunity,” Guterres said in a message, marking the International Day for the Abolition of Slavery. The UN Human Rights Council has highlighted emerging forms of exploitation, including forced criminality in cyber-scamming operations. These crimes, “often operating across borders and enabled by irresponsible business practices, technology, and corruption,” show…

Treasury Steps Up Crackdown on U.S. Firms Linked to Sanctioned Russian Oligarchs

Sanctions
Key Takeaways Two major OFAC Penalties: Treasury imposed more than $18 million in sanctions fines this week over prohibited dealings involving designated Russian oligarchs.IPI Partners Case: The private equity firm continued to process capital calls, distributions, and management fees tied to Suleiman Kerimov for four years after his April 2018 designation, resulting in 51 apparent violations and an $11.49 million settlement.Gracetown Violations Deemed Egregious: The New York property manager received 24 monthly payments linked to Oleg Deripaska and waited over 45 months to report blocked property, triggering a $7.14 million civil penalty.Compliance Lessons Emphasized: OFAC warned that firms must look…

Greek Court to Hear Case Against Aid Workers Allegedly Smuggling Migrants

Money Laundering
More than 20 humanitarian workers are set to stand trial in Greece on migrant-smuggling and money-laundering charges, seven years after authorities arrested them for their work rescuing migrants and refugees at sea. If convicted, they face up to 20 years in prison. The Mytilene Court of Appeals on the Greek island of Lesvos is expected to hear the case on December 4, bringing 24 human rights defenders before judges on felony charges of “membership of a criminal organization,” “facilitation of the entry of third-country nationals into the country” and “money laundering.” Human rights groups have unanimously denounced the accusations as…

U.S. Treasury Eyes New Power to Steer Anti-Money-Laundering Enforcement

Money Laundering, Regulation
Key TakeawaysFinCEN’s Gatekeeper Role: A Treasury draft proposal would position FinCEN as the central decision-maker on AML enforcement actions taken by other regulators.WSJ First to Report: The Wall Street Journal initially reported the proposal being circulated among federal banking regulators.Focus on Effectiveness: The plan aims to prioritize actionable intelligence over technical compliance errors that banks argue are costly and unproductive.Deregulatory Shift: Treasury Secretary Scott Bessent views current AML oversight as inhibiting economic growth while failing to stop major laundering activity.Deep DiveThe Treasury Department is positioning itself to take a more commanding role in how the U.S. fights illicit finance, with…

Swiss-Based “Cryptomixer” Dismantled After Laundering €1.3 Billion in Bitcoin

Money Laundering
Eurojust and Europol said Monday that, together with German and Swiss law enforcement, they dismantled “Cryptomixer,” a cryptocurrency‑mixing service used to launder proceeds from drug and weapons trafficking, ransomware attacks, payment card fraud and other crimes. Officials said the takedown, carried out between November  24 and 28 in Switzerland, resulted in the seizure of more than 25 million euros ($29.1 million) in cryptocurrency, three servers, the service’s domain and over 12 terabytes of data. Since its creation in 2016, Cryptomixer has allegedly processed over 1.3 billion euros ($1.5 billion) in Bitcoin, helping criminals obscure the origin of illicit funds. Investigators…

AMLA Lays the Groundwork for EU-Wide AML Supervision Ahead of 2028 Shift

Money Laundering
Key TakeawaysDirect EU Supervision Begins in 2028: AMLA will take over supervision of 40 high-risk financial institutions or groups.Single Risk Lens Across the EU: National supervisors and AMLA will apply the same data points and criteria when assessing AML and CFT risks.Binding Standards Pending Approval: Once approved by the European Commission, the rules will apply directly in all Member States.Consultation Now Open: Stakeholders can comment on cooperation standards until 27 January 2026.Testing Phase Planned for 2026: AMLA will trial the methodology and selection process before supervision goes live.Deep DiveEurope’s new anti-money laundering authority is beginning to move from blueprint to…

Credit Suisse Faces Swiss Charges for 2016 Mozambique Loan Scandal

Corruption
Swiss prosecutors filed charges Monday against Credit Suisse over what they say were organizational failures that allowed money laundering linked to Mozambique’s “tuna bonds” fraud, which devastated the country’s economy in the 2010s. The Office of the Attorney General of Switzerland said Credit Suisse Group AG and its parent, UBS Group AG, which absorbed the bank in 2023, are being held liable for “organizational deficiencies” that allowed the laundering to occur. Prosecutors also indicted a former Credit Suisse employee for aggravated money laundering. According to the indictment, the deficiencies enabled more than $2 billion in loans to be issued to…

TIGO Guatemala Pays Over $118 Million to Close U.S. Bribery Case

Bribery
Key Takeaways$118 Million Resolution: TIGO Guatemala paid more than $118 million to resolve a U.S. investigation into foreign bribery under the FCPA.Two-Year DPA: The company entered a deferred prosecution agreement after being charged with conspiracy to violate U.S. anti-bribery laws.Years-Long Bribery Scheme: From 2012 to 2018, cash bribes were paid to Guatemalan lawmakers and their security teams, some funded with narcotrafficking proceeds.Partial Cooperation Credit: Early disclosure helped, but obstruction by a former shareholder and new evidence later uncovered meant the company did not qualify for full voluntary disclosure benefits.Major Compliance Overhaul: Following Millicom’s takeover, TIGO Guatemala implemented extensive remediation and…

Scam Network Crackdown Takes Aim At Firms Behind Fraudulent Ads

Fraud
Authorities in Europe and Israel have targeted companies and suspects behind fraudulent social media advertising campaigns as part of a crackdown on a massive cryptocurrency fraud and money laundering operation, which allegedly scammed thousands of victims with fake online investment schemes. Coordinated actions by law enforcement in Belgium, Bulgaria, Germany, and Israel in November led to two arrests and other suspects questioned, Europol said Thursday. The European Union law enforcement agency said it was the second phase of an operation that led to nine arrests in October across Cyprus, Germany, and Spain connected with the laundering of illicit funds generated…

FinCEN Turns Data Into Action as Treasury Tightens the Net on Money Laundering

Money Laundering
Key TakeawaysData at Scale: FinCEN is using advanced analytics drawn from more than one million transaction reports to drive enforcement.Border Focus: Over 100 MSBs along the southwest border are under review for potential Bank Secrecy Act failures.Global Networks in Scope: Treasury is simultaneously targeting Chinese money laundering networks linked to $7.1 billion in suspected activity.Public-Private Pressure: Banks and non-bank financial firms are being pulled closer into real-time coordination with regulators and law enforcement.Deep DiveThe U.S. Treasury is leaning harder into data, technology, and coordination as it steps up efforts to disrupt money laundering tied to organized crime and cross-border networks.…

SFO & Five Eyes Publish New Guidance on Indicators of Foreign Bribery

Bribery, Corruption
Key TakeawaysJoint Enforcement Signal: The UK Serious Fraud Office and Five Eyes partners have published their first agreed set of foreign bribery indicators, reflecting shared investigative experience across jurisdictions.Early Risk Detection Tool: The guidance is designed to help businesses, compliance teams, and professionals spot patterns that may indicate bribery risk before misconduct escalates.Context Matters: Individual indicators do not imply criminal activity on their own; risk emerges when multiple factors appear together or conflict with a company’s broader risk profile.Overlap With Financial Crime: Several indicators mirror red flags seen in money laundering cases, reinforcing the need for integrated financial crime and…

UK Outlines Tougher Anti-Corruption Measures Focused on Professional Enablers

Corruption
The U.K. government launched a more aggressive anti-corruption offensive, vowing to hunt down the lawyers, accountants and financial professionals who help criminals and sanctioned oligarchs launder their wealth through Britain’s economy. The new strategy outlines more than 120 commitments across government and includes 15 million pounds (over $20 million) in new funding to expand the City of London Police’s Domestic Corruption Unit. Officials say the plan aims to close legal loopholes and strengthen the country’s defenses against illicit finance. To disrupt professionals who “enable corruption,” the document aims to go after practices such as creating opaque company structures, providing specialized…

Cocaine, corruption and colonialism: the crisis in the British Virgin Islands

Corruption
Augustus James Ulysses Jaspert, Gus for short, arrived in Tortola, the largest of the British Virgin Islands, on 21 August 2017, just two weeks away from catastrophe. Jaspert, who was in his late 30s, had recently been appointed governor by the late Queen Elizabeth II, on the recommendation of the Foreign Office in London. The BVI is an overseas territory of Britain, with only partial independence, and the governor effectively acts as a backstop to the locally elected legislature. For Jaspert, a career civil servant, it would be his first hands-on experience of governing – and his first time in…

Illicit Finance Summit to build international coalition against dirty money

Corruption, Money Laundering
Governments, civil society and the private sector to gather in London next year to accelerate fight against corruption and dirty money, as details of major summit outlined by Foreign Secretary.Foreign Secretary calls out illicit finance as the ‘lifeblood of crime’ on UK streets and promises to ‘take the fight to the corrupt’.New funding for investigative journalists exposing corruption announced as UK prepares to launch new Anti-Corruption Strategy.The UK will host a major international summit next summer to tackle the flows of dirty money around the world, which are making the UK’s streets less safe. Taking place at Lancaster House in…

Fifty jurisdictions, one goal: Eurojust unites prosecutors from around the world to fight organised crime

Money Laundering, Prosecutions
Organised crime groups are operating on a global scale and evolving at an unprecedented pace, exploiting new technologies and geopolitical instability. These once-local groups are spanning continents and currencies, well beyond EU borders. To bring down globalised criminal networks effectively, Eurojust is scaling up its cooperation with judicial authorities outside the European Union. High-level representatives, including a minister and prosecutor generals from 50 jurisdictions representing Latin America, the Western Balkans, North Africa, the Middle East and the European Union convened to design strategic and operational actions to fight the threat of criminal groups. The event included the endorsement of a…

Rogue insiders and dirty money targeted in corruption crackdown

Corruption
Corrupt insiders and criminal networks will be brought to justice by a strengthened specialist police unit and tougher safeguards across the public sector, as government unveils a landmark anti-corruption strategy. Launching today, the new strategy sets out how the UK will shut out corrupt actors, disrupt dirty money and restore integrity in public life. It targets corrupt networks at home and abroad to strengthen national security while driving growth. Action to root out corruption in the UK will step up through a major expansion of the Domestic Corruption Unit (DCU) based in the City of London Police. Backed by £15…

FCA fines Nationwide £44m for failings in financial crime controls

Regulatory Fines
The FCA has fined Nationwide Building Society £44m for inadequate anti-financial crime systems and controls between October 2016 to July 2021. During this period, Nationwide had ineffective systems for keeping up-to-date due diligence and risk assessments for all its personal current account customers and for monitoring their transactions. Nationwide was also aware that some of those customers were using their personal accounts for business activity, in breach of its terms. Nationwide did not offer business current accounts at this point, so did not have the right processes in place to manage the financial crime risks from business activity. This meant…