Month: May 2026

At least £325bn of ‘dirty money’ flows through UK each year, says report

Money Laundering
At least £325bn worth of dirty money is flowing through the UK every year, according to research that is causing concern about funding for state investigators and the government’s push into crypto assets. The figure is equivalent to more than 10% of UK GDP and includes illicit funds linked to financial crime, money laundering, corruption, illegal trade and tax dodging, according to the report by the Finance Innovation Lab charity. Including the UK’s crown dependencies and overseas territories, such as Jersey and the Cayman Islands, the figure jumps to more than £788bn annually. The research is believed to be the…

Eurojust supports Joint Italy–Albania operation dismantling organised crime network behind murder, drug trafficking and money laundering

Organised Crime
With the active assistance of Eurojust, the authorities in Italy and Albania have dealt a major blow to organised crime groups (OCGs) involved in large-scale drug trafficking and money laundering. During a joint action day that took place on 26 May 2026 in Italy and Albania, 12 suspects were arrested and summonses were issued against three individuals. The investigations are linked to a high-profile murder committed in May last year. Eurojust supported cooperation between the Italian and Albanian authorities by facilitating the establishment of a joint investigation team (JIT). This marks the fifth JIT supported by Eurojust between the Public…

New Council of Europe treaty to strengthen criminal asset recovery

Asset Seizure
The Ministers for Foreign Affairs of the 46 Council of Europe member states have adopted an additional protocol to the Council of Europe Convention on laundering, search, seizure and confiscation of the proceeds from crime and on the financing of terrorism (the “Warsaw Convention”) during their annual Committee of Ministers session today. The new treaty modernises the legal and institutional frameworks for asset recovery, in response to increasingly sophisticated, transnational and technologically advanced criminal networks. It enhances the authorities’ capacities to monitor and suspend suspicious transactions and to confiscate assets, including crypto-assets, obtained through criminal conduct. Europe tools up to…

‘Dodgy’ shops handling criminal cash targeted by new specialist unit

Organised Crime
“Dodgy” retail outlets such as vape stores, barbers, mini-marts and sweet shops suspected of being used to launder £1bn of criminal money will be targeted by a new specialist unit, the government has said. A £20m National Crime Agency cell will run and coordinate investigations and raids into UK businesses suspected of acting as fronts for gangsters, the Home Office said. The NCA and police forces in Greater Manchester, the West ­Midlands, Kent and Essex will recruit 75 officers to boost the effort. Labour vowed to crack down on “dodgy” outlets such as US candy shops in its general election…

Zelensky’s ex-chief of staff in court as Ukraine corruption probe escalates

Corruption
President Volodymyr Zelensky’s former right-hand man Andriy Yermak appeared in a Kyiv court on Tuesday, after he was named by Ukraine’s two anti-corruption agencies as a suspect in a money-laundering scheme. Yermak’s lawyer had earlier denounced as “baseless” allegations that the former head of the presidential office had been caught up in a corruption scandal surrounding a $10.5m (£7.5m) luxury construction project outside Kyiv.Hours before the court hearing Yermak told reporters “I do not have any house, I only have one flat and one car”, adding later that he would comment afterwards.For years he was a close friend of Zelensky,…

UK defence firm Ultra Electronics to pay £15m after SFO bribery investigation

Bribery, Corruption
The British defence company Ultra Electronics has accepted responsibility for a failure to prevent bribery and agreed to pay £15m after an investigation by the Serious Fraud Office. The penalties are part of a deferred prosecution approved by the high court on Friday, after an investigation opened in 2018 when the company referred itself to the UK law enforcement agency a month after corruption allegations were published by Algerian media. Ultra agreed to pay a £10m penalty and £4.8m to cover the SFO investigation costs after it admitted failing to prevent bribery in connection with three public sector contracts in…

Finally, the European Court of Justice cracks down on trusts

Tax Evasion
The Tax Justice Network has banged the drum about the threats posed by trusts for decades. On 21 May 2026, the European Court of Justice has finally joined us. They have published rulings that directly relate to trusts regarding two major risks: secrecy and asset protection. As we set out below, these represent a significant step against the widespread abuse of trusts, and we urge authorities across the European Union to take action now. In the first case, the European Court of Justice simply confirmed that access to information on a trust’s beneficial owners based on a ‘legitimate interest’ is…

European Football Set for AML Overhaul as EU Targets Clubs & Agents

Money Laundering
European football is heading toward one of its most significant regulatory shifts in decades, as the European Union prepares to bring professional clubs and agents into its anti-money laundering framework by July 2029. The move, driven by a sweeping reform package adopted in 2024, reflects growing concern among policymakers that the sport’s global scale, financial complexity, and opaque ownership structures make it vulnerable to illicit financial activity. In an interview with Calcio e Finanza, Bruna Szego, chair of the newly established Anti-Money Laundering Authority, outlined how the EU intends to reshape oversight of the football sector and what clubs must…

UK Sanctions Suppliers of Components to Russian Drones Attacking Ukraine

Sanctions
The U.K. announced a fresh wave of sanctions on Tuesday targeting individuals and entities involved in manufacturing drones used in Russia’s military operations in Ukraine. The Foreign, Commonwealth & Development Office (FCDO) has imposed 35 new designations aimed at individuals and various entities that it alleged bolstered Russia’s drone production capabilities and facilitated the exploitation of migrants, it said in a press statement. “These sanctions expose and disrupt the operations of those trafficking migrants as cannon fodder and feeding [Russian President Vladimir] Putin’s drone factories with illicit components to target innocent civilians and vital infrastructure,” said U.K. Sanctions Minister Stephen…

Russian Court Orders Takeover of Major Food Producer Amid Wartime Rise in State Seizures

Corruption, Sanctions
A court order to seize billionaire Vadim Moshkovich’s stake in one of Russia’s largest agricultural companies was only the latest in an increasing number of state seizures since the Kremlin’s 2022 full-scale invasion of Ukraine. Russian authorities have seized control of a major agricultural producer, saying its billionaire founder violated anti-corruption rules while serving as a senator, and accusing him in a separate criminal case of embezzlement — allegations he rejects. A Moscow court ordered billionaire Vadim Moshkovich, his family members, and former Rusagro chief executive Maxim Basov to transfer a controlling stake in the company to the state, Russia’s…

Perfectus Aluminum Agrees to $549.5 Million Settlement Over Alleged Tariff Evasion Scheme

Tax Evasion
Federal authorities have secured one of the largest False Claims Act settlements tied to customs duty evasion after a group of California aluminum companies agreed to pay $549.5 million to resolve allegations they improperly avoided tariffs on imports from China for years by disguising aluminum extrusions as ordinary shipping pallets. The settlement focused on allegations against Perfectus Aluminum and four affiliated warehousing companies accused of evading antidumping and countervailing duties owed on Chinese aluminum imports between July 2011 and June 2014. According to the Justice Department, the companies imported more than 2.2 million aluminum extrusions that had been lightly spot-welded…

Directors of Firms Linked to Sanctioned Cambodian Conglomerate Bought Properties in Japan

Sanctions
Since October, Cambodia’s Prince Group has been under siege from authorities around the world, including the U.S. which dubbed it a “transnational criminal organization.” Japanese authorities have so far remained silent, but flight and property records show that directors of several firms linked to the Prince Group have established a footprint in that country too. In its October 14, 2025, sanctions announcement, the U.S. alleged that the Prince Group operated “industrial scale cyberfraud operations” in Cambodia, which were run out of “compounds reliant on human trafficking and modern-day slavery.” A Prince Group spokesperson dismissed allegations against the conglomerate and its…

OFAC Hits Adani Enterprises With $275 Million Iran Sanctions Settlement

Sanctions
The U.S. Department of the Treasury’s Office of Foreign Assets Control announced this week that Adani Enterprises Limited agreed to pay $275 million to settle allegations tied to 32 apparent violations of U.S. sanctions on Iran after importing liquified petroleum gas that American authorities say actually originated there. According to OFAC, the Ahmedabad-based conglomerate purchased LPG shipments between November 2023 and June 2025 through a Dubai-based supplier that presented the cargo as originating from Oman and Iraq. U.S. authorities say the operation was, in practice, a sanctions evasion pipeline moving Iranian product into the Indian market while routing payments through…

EU Broadens Iran Sanctions Over Middle East Maritime Disruptions

Sanctions
The EU widened its sanctions regime against Iran to target individuals and entities involved in Tehran’s actions disrupting navigation in the Middle East, particularly in the Strait of Hormuz, the European Council said on Friday. In its statement, The council said that the updated framework will allow the bloc to introduce restrictive measures, such as travel bans through EU territories and asset freezes, against those linked to Iran’s actions “threatening the freedom of navigation” in the region. Under the new measures, EU citizens and businesses are prohibited from providing funds, financial assets, or economic resources to designated individuals or entities.…

UK Targets Russian Crypto Sanctions Evasion Network

Digital Currencies, Sanctions
Britain imposed a new package of sanctions targeting cryptocurrency exchanges, financial companies, and individuals accused of helping Russia evade Western restrictions and move money for its war economy. The U.K. Foreign, Commonwealth & Development Office said the 18 designations target infrastructure used to transfer funds, procure goods, and support Moscow’s full-scale invasion of Ukraine. The measures took effect immediately and include companies and individuals linked to Russia’s financial sector, as well as entities accused of making funds, goods or technology available to sanctioned Russian actors. The sanctions focus partly on the A7 network, which the U.K. described as a Kremlin-backed…