Category: Money Laundering

Major Canadian Banks TD and RBC Hold Mortgages for Alleged Toronto Mafia Boss

Money Laundering
Angelo Figliomeni was at the center of a media storm when police brought organized crime and money laundering charges against him in 2019. But the charges were never tried in court, and two top banks continued to do business with him, documents show. With Toronto Dominion Bank already reeling from historic fines in the U.S. for conspiracy to commit money laundering, evidence has emerged that the bank continues to do business in Canada with alleged mafia boss Angelo Figliomeni. Property documents show that Toronto Dominion, better known as TD Bank, continues to provide financing for Figliomeni on two homes in…

OPINION: It’s not the system, it’s the people – TD Bank scandal through a different lens

Money Laundering, Prosecutions
Stop blaming inferior AML software and arrest the individual responsible for the crime, says former federal agent Robert Mazur. TD Bank and its employees had no idea their crimes would be revealed in May of 2021 when Special Agents of the IRS and DEA arrested Da Ying Sze (AKA David). Six years before his arrest, David had began laundering mountains of cash generated from the sale of drugs, including deadly fentanyl, that killed tens of thousands of residents in the United States. Most of the $653m in currency he cleaned went through the TD Bank laundromat, but six other banks…

Bitcoin Fog Operator Sentenced for Money Laundering Conspiracy

Digital Currencies, Money Laundering, Prosecutions
Operator of Notorious Darknet Cryptocurrency “Mixer” Laundered $400M in Cryptocurrency since 2011A dual Russian-Swedish national was sentenced today to 12 years and six months in prison for his operation of the longest-running bitcoin money laundering service on the darknet. According to court documents and evidence presented at trial, from 2011 through 2021, Roman Sterlingov, 36, was involved in operating Bitcoin Fog, the darknet’s longest-running cryptocurrency “mixer.” Over the course of its decade-long operation, Bitcoin Fog gained notoriety as a go-to money laundering service for criminals seeking to hide their illicit proceeds from law enforcement and processed transactions involving over 1.2…

Luxembourg Bank ‘Central’ to Purchase of High-End British Real Estate with Embezzled Azerbaijan Funds, U.K. Police Say

Money Laundering
The U.K.’s National Crime Agency successfully argued in a High Court case in London that accounts at the Banque Internationale à Luxembourg were used to move millions from a high profile embezzlement case in Azerbaijan into expensive properties. Accounts at a major Luxembourg bank played a “central” role in moving funds from an embezzlement scheme that led to the imprisonment of the former chairman of the International Bank of Azerbaijan, Jahangir Hajiyev, according to the U.K.’s National Crime Agency (NCA). The claim by the NCA sheds light on how tens of millions of dollars stolen from Azerbaijan’s most important state-owned…

Swiss Lawyers Won’t Face Duty to Flag Dirty Money: Minister

Money Laundering
Switzerland’s parliament is unlikely to adopt rules forcing lawyers to fight money laundering as many lawmakers are themselves attorneys, the country’s finance minister said. “It’s very difficult because there are a lot of lawyers in parliament and they really don’t feel that they have anything to do with that,” Karin Keller-Sutter said on Thursday at a Bloomberg event in Zurich. Her comments come as the Swiss parliament debates a draft law that would force companies to declare their real ownership and require lawyers to flag suspect transactions — or face criminal prosecution. With Switzerland’s traditional bank secrecy now notionally a…

TD Bank Pleads Guilty to $1.8 Billion in Criminal Penalties, Totaling Over $3 Billion in Regulatory & Civil Penalties

Money Laundering, Prosecutions
TD Bank, one of the largest financial institutions in North America, has pleaded guilty to multiple felonies and agreed to pay a staggering $1.8 billion in criminal penalties, in a resolution that also involves civil enforcement actions totaling over $3 billion. This marks the largest penalty ever imposed under the Bank Secrecy Act (BSA) and signals a significant shift in how U.S. regulators are addressing persistent compliance failures in the banking industry. In an unprecedented move, the U.S. Department of Justice (DOJ) applied the Bank Secrecy Act’s daily fine provision—$500,000 per day for violations—making it the first-ever daily fine levied…

Citigroup Ordered to Strengthen AML Compliance Amid Federal Scrutiny

Money Laundering
Citigroup Inc., one of the largest banking institutions in the United States, has been ordered to significantly overhaul its anti-money laundering (AML) compliance programs following deficiencies uncovered by federal regulators. A consent order, issued jointly by the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC), requires Citigroup to implement sweeping reforms across its subsidiaries to address critical lapses in its oversight and governance. Citigroup’s global operations, including its ownership of Citibank, N.A. in South Dakota and Banamex USA in California, are governed by stringent U.S. anti-money laundering laws. The Bank…

Kuwait’s measures to combat money laundering and terrorist financing

Counter Terrorist Financing, Money Laundering
Kuwait has an adequate legal and supervisory framework to address illicit finance, but has serious shortcomings delivering effective outcomes, including its understanding, investigation and prosecution of money laundering and terrorist financing. The FATF/MENAFATF mutual evaluation report of Kuwait assessed the effectiveness of Kuwait’s measures to combat money laundering, terrorist financing and proliferation financing, and their level of compliance with the FATF Recommendations. Kuwait is a high-income country with low levels of violent crime but that nevertheless faces money laundering risks from crimes that include fraud, corruption, forgery and offences committed abroad. The country is exposed to terrorist financing risks from…

OCC Cracks Down: October Enforcement Actions Highlight BSA/AML Failures & Insider Threats

Money Laundering, Prosecutions
The Office of the Comptroller of the Currency (OCC) has unveiled its latest round of enforcement actions for October 2024, cracking down on banks and individuals for a variety of compliance failures. This month’s actions cover a wide spectrum of issues, from severe violations in Bank Secrecy Act/Anti-Money Laundering (BSA/AML) programs to internal fraud by individual employees. The most significant penalty on the list goes to TD Bank, which received a hefty $450 million civil money penalty, coupled with a cease-and-desist order, for BSA/AML compliance deficiencies. This penalty continues to send shockwaves through the financial sector. It highlights that when…

New York Man Pleads Guilty in Crypto-Fueled $25M Money Laundering Case

Digital Currencies, Money Laundering, Prosecutions
The U.S. Attorney’s Office and the FBI announced on Friday that Yanbing Chen, a 30-year-old from Brooklyn, N.Y., pleaded guilty to his involvement in an international money laundering and drug trafficking conspiracy. The organization, led by Jin Hua Zhang of Staten Island, laundered over $25 million in drug proceeds and illegal funds. Chen delivered $50,000 in drug profits, which were converted to Tether, a cryptocurrency, and transferred to Zhang, minus a fee. The funds were traced to multiple countries, including Hong Kong, India, and Brazil. Additionally, Chen transported five kilograms of cocaine in two separate meetings under Zhang’s direction. Zhang…

FCA fines Starling Bank £29m for failings in their financial crime systems and controls

Money Laundering, Regulatory Fines
The FCA has fined Starling Bank Limited £28,959,426 for financial crime failings related to its financial sanctions screening. It also repeatedly breached a requirement not to open accounts for high-risk customers. Starling grew quickly, from approximately 43,000 customers in 2017 to 3.6 million in 2023. However, measures to tackle financial crime did not keep pace with its growth. When the FCA reviewed financial crime controls at challenger banks in 2021, it identified serious concerns with the anti-money laundering and sanctions framework in place at Starling. The bank agreed to a requirement restricting it from opening new accounts for high-risk customers…

Wells Fargo Enters Agreement with OCC to Strengthen Anti-Money Laundering Controls

Money Laundering, Prosecutions
Wells Fargo Bank, N.A., has entered into a formal agreement with the Office of the Comptroller of the Currency (OCC) to address deficiencies in its anti-money laundering (AML) and financial crimes risk management practices. The agreement, announced today, outlines a comprehensive plan to enhance the bank’s compliance with the Bank Secrecy Act (BSA) and U.S. economic sanctions laws. The OCC identified several areas of concern, including violations related to internal controls, suspicious activity reporting, customer due diligence, and compliance with sanctions enforced by the Office of Foreign Assets Control (OFAC). In response, Wells Fargo has committed to implementing a wide-ranging…

Mirabaud & Cie SA seriously violated financial market law

Money Laundering, Regulatory Fines
The Swiss Financial Market Supervisory Authority FINMA has found that Mirabaud & Cie SA breached its anti-money laundering obligations and seriously violated financial market law. FINMA determined this in enforcement proceedings. The bank failed to review and document sufficiently the economic background of client relationships and transactions. The bank may not accept any new clients with increased money-laundering risks until compliance with the law has been restored. Furthermore, FINMA has confiscated CHF 12.7 million of unlawfully generated profits and opened three proceedings against individuals.In June 2023, FINMA concluded enforcement proceedings against Mirabaud & Cie SA that were opened in June…

Danske’s France settlement ends final probe over suspected money laundering

Money Laundering, Regulatory Fines
COPENHAGEN (Reuters) -Danske Bank has reached a settlement with French authorities to end the final in a series of probes in multiple countries over suspected money laundering at its former branch in Estonia, the Danish bank said on Wednesday. Danske agreed to pay 6.33 million euros ($7.0 million) to settle an investigation in France, a fraction of the more than $2 billion it agreed to pay to end probes in the United States last year. The bank became the subject of several investigations after an internal probe in September 2018 uncovered about 200 billion euros of payments made through its…

Swedish Court Sends Ex-CEO of Swedbank to Prison

Money Laundering, Prosecutions
Overturning her previous acquittal, a Swedish court sent former Swedbank CEO Birgitte Bonnesen behind bars for 15 months for having made misleading, financially damaging statements about the bank’s poor anti-money laundering operations. An expert called the verdict of the Svea Court of Appeals “unprecedented.” The lower Stockholm District Court had cleared Bonnesen of all charges in January 2023. Following revelations in 2017–2018 that hundreds of billions of dollars could have been laundered through Danske Bank’s operations in the Baltics, Bonnesen was asked by reporters if Swedbank had similar problems with ties to that scandal. “The court concluded that two of…

Money launderer jailed after extradition to UK

Money Laundering
A man who laundered more than £2m has been jailed after being extradited back to the UK. Calin Barta, 29, originally from Romania, was sentenced at Guildford Crown Court to four years and 10 months in prison. Three years ago, Surrey Police executed a warrant at an address in Woking as part of an investigation into indecent image offences. However, whilst at the property, officers said they found multiple mobile phones and bank card readers along with 38 passports in different names but all with the same photo. Barta returned to Romania while he was on bail, said police. Surrey’s…

Lack of City of London oversight hurting efforts to halt dirty money, FCA warns

Money Laundering
A lack of proper oversight across the City of London’s network of lawyers, bookkeepers and accountants is hampering efforts to crack down on dirty money being funnelled through the UK, the City watchdog has warned. The latest report by the Financial Conduct Authority (FCA) flagged concerns over the work of the UK’s 25 professional bodies – which oversee the accounting and legal sectors – and found that some were spending as little as £73 a year on anti-money laundering supervision or were outsourcing it entirely to third parties. It also found “weaknesses” in how bodies were using their powers, resulting…

Singapore Charges Ex-Bankers with Abetting $2.2 Bn Money Laundering Ring

Money Laundering, Prosecutions
Singapore charged two bankers Thursday for their alleged role in abetting clients responsible for a US$2.2 billion money laundering ring, marking the first time that criminal charges have been laid against finance professionals since the scandal came to light. The Central American Bank for Economic Integration (CABEI) has been trying to clean up its image after allegations of major mismanagement. But those efforts are now overshadowed by dueling lawsuits between the bank and its former president –– with each accusing the other of tarnishing their reputations. A former Georgian defense minister is under investigation for his alleged role in a…

Hong Kong Customs detects money laundering case involving about $1.5 billion

Money Laundering
Hong Kong Customs mounted an operation codenamed “Fencing” yesterday (August 7) and dismantled a money laundering syndicate receiving suspicious funds from the Asia-Pacific region. It was suspected that the syndicate masterminds and members made use of shell companies and cryptocurrency to launder crime proceeds amounting to about $1.5 billion. During the operation, Customs arrested four persons suspected to be connected with the case and has already arranged to freeze a total of about $2.2 million in assets held by the arrestees.      Earlier this year, Customs officers identified a money laundering syndicate for a financial investigation. It was revealed that the…

Gang jailed for operating £55m Chinese-money-laundering ring in UK

Money Laundering
Seven people have been jailed for operating an undercover £55m money-laundering ring aimed at international university students seeking to bypass limits on the amount of cash that can be taken out of China. Four people – three men and one woman – were sentenced at Snaresbrook crown court on Monday for a range of money-laundering offences. In June, three others were sentenced for similar offences. They were handed sentences ranging from 11 months to 12 years. Chinese citizens cannot transfer more than $50,000 (£38,000) for personal purposes out of the country a year. To regulate this, citizens are required to…

Property firm fined £22k for money laundering failures

Money Laundering
A property law firm in Manchester has been handed a fine of nearly £22,000 for failures in anti-money laundering (AML) procedures, towards the top end of the Solicitors Regulation Authority’s (SRA) powers. The fine represented 2.4% of the firm’s turnover, with the SRA acknowledging that “there was no evidence that actual harm had materialised”. According to an SRA notice, an inspection in early 2023 identified various areas of concern surrounding the firm’s compliance with the 2017 Money Laundering Regulations. This led to an investigation that found that GD Legal, which handles both residential and commercial property work, did not have…

Uptick in money laundering cases reaching UK courts, KPMG data shows

Money Laundering
There has been an increase in the number of alleged fraud cases heard in Crown Courts across the country, with money laundering being the most common fraud type by value in the last six months.According to new data by KPMG’s Fraud Barometer, 122 fraud cases in total were heard in the first six months of the year at the Crown Courts. This figure is up from 105 cases during the same period in 2023.Nine cases of money laundering, worth a collective £128.2m, have been heard so far this year.This increase comes on the back of a well-documented court system is…

Eurojust supports large-scale anti-mafia operation leading to arrest and freezing of EUR 50 million

Money Laundering
An investigation lasting over two years has uncovered an intricate money laundering scheme run by a mafia family from Palermo. The total value of their profits is estimated at over EUR 500 million. They reinvested the profits of their crimes in multiple companies in Brazil. Cooperation between Italian, Brazilian and Swiss authorities led to the arrest of a member of the organised crime group (OCG) during an action day on 13 August, as well as the freezing of financial assets worth EUR 50 million during several searches in Italy, Brazil and Switzerland.To support other major mafia families, the OCG was…

Unraveling the Web: Money Laundering through E-Payments from Russia to the UK

Money Laundering
Experts from Transparency International Russia (in exile) have conducted an in-depth analysis of illegal money transfers from Russia to the UK through e-payments over the past decade.This research examines the sophisticated trade of verified business bank accounts, often exploited by criminals to obscure large-scale financial transfers. The investigation highlights significant regulatory gaps and the use of dark web marketplaces where these accounts are sold, often registered under false identities with genuine documents. The study reveals that high-risk profiles, including politically exposed persons (PEPs and complex corporate structures exacerbate these risks.The report identifies several e-payment platforms, which have been exploited for…

Man charged over €6.5m cryptocurrency seizure in Dublin

Digital Currencies, Money Laundering
A man has appeared in court following the seizure of €6.5m (£5.6m) worth of cryptocurrency in County Dublin.The seizure was part of an investigation into the sale of illegal material on darknet markets and money laundering.The 23-year-old man is facing three counts of money laundering.Two other people arrested as part of the police investigation, a 49-year-old man and a 32-year-old woman, have been released from custody. As part of the investigation, the Garda National Cyber Crime Bureau (GNCCB) said they seized “substantial assets” including Bitcoin and Monero, along with watches worth €120,000 (£100,000) and two vehicles valued at €220,000 (£190,000).Kevin…

U.S. Financial Regulators Propose Sweeping Changes to Anti-Money Laundering Rules

Money Laundering, Regulation
On July 19, 2024, a coalition of U.S. financial regulators unveiled a comprehensive proposal to overhaul anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations for banks and other financial institutions. This joint initiative, led by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC), represents the most significant update to AML/CFT rules in decades. The proposal aims to modernize the…

FinCEN Intensifies Efforts to Combat Fentanyl Trafficking & Money Laundering

Drug Trafficking, Money Laundering
The Financial Crimes Enforcement Network (FinCEN) has launched a comprehensive initiative to tackle the twin threats of fentanyl trafficking and money laundering, highlighting the critical role of financial intelligence in combating these interconnected crises. This effort, part of the broader Counter-Fentanyl Strike Force led by the Treasury Department, aims to disrupt the financial networks fueling the devastating opioid epidemic across the United States. At the heart of this initiative is the “Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl” (PROTECT) series, a set of ten planned events across U.S. cities most impacted by the opioid crisis. These…

FCA calls on firms to improve treatment of politically exposed persons (PEPs)

Money Laundering
The FCA has told financial firms – including banks, payment firms and lenders – to do more to ensure parliamentarians, senior public servants and their families are not treated unfairly. Under legislation adopted by Parliament, financial firms are required to do extra checks on so-called politically exposed persons (PEPs). This follows global standards set by the international Financial Action Task Force and implemented by more than 200 jurisdictions. There have been concerns about how firms in the UK are meeting these requirements and so the FCA has reviewed how firms are treating PEPs. The FCA found that most firms in…

Ten years after an ICIJ exposé, Danish authorities charge Nordea bank with money laundering violations

Money Laundering, Prosecutions
Danish authorities last week indicted Finland-based Nordea, one of Northern Europe’s largest banks, for violating anti-money laundering laws by failing to stop $3.7 billion of suspicious transactions involving Russian clients, shortcomings previously exposed by an International Consortium of Investigative Journalists’ investigation a decade ago. The indictment, by the Danish Special Crime Unit (NSK), covers transactions that took place from 2012 to 2015 and is the result of an investigation that lasted nearly eight years. “Nordea failed to adequately investigate the bank’s Russian customers’ transactions and ignored warnings about transactions to exchange offices in Copenhagen,” the NSK said in a statement.…

FINMA proceedings: HSBC Private Bank (Suisse) SA violated money laundering regulations

Money Laundering
HSBC Private Bank (Suisse) SA breached its obligations in the prevention of money laundering in connection with two politically exposed persons and thereby seriously violated financial market law. This was established in the context of enforcement proceedings by the Swiss Financial Market Supervisory Authority FINMA, which has imposed measures to ensure that compliance with the law is restored. The decision orders that, until these measures have been implemented in full, the bank may not enter into any new business relationships with politically exposed persons. In December 2021, FINMA opened enforcement proceedings against HSBC Private Bank (Suisse) SA in connection with…

Money laundering gang jailed over £1.2m IT fraud

Money Laundering, Prosecutions
Five people who helped launder the proceeds of a £1.2m computer scam have been jailed. The fraud targeted elderly and vulnerable people, tricking them into paying out thousands of pounds each to fix non-existent IT problems. Between May 2015 and November 2019 the gang transferred £1,289,837 to two brothers based in India, who had been posing as representatives of HP, Microsoft Norton and Epson to defraud their victims. Amanda Grigg, 66, of Truro, Gena Harrington, 39, of Birmingham, Bindu Devasia, 49, of Kent, Nicholas Alcide, 40, of Birmingham, and Jose Kuriakose, 50, of Kent, were sentenced at Leeds Crown Court…

Singapore Unveils Updated Risk Assessment on Money Laundering

Money Laundering, Risk Assessments
Singapore recently published its updated Money Laundering (ML) National Risk Assessment (NRA). This comprehensive assessment, a collaborative effort involving supervisory and law enforcement agencies, the Suspicious Transaction Reporting Office (STRO), private sector entities, and international counterparts, synthesizes the current ML risks facing the nation. Since the last assessment in 2014, Singapore has been diligently monitoring money laundering risks, conducting thematic assessments on the misuse of legal persons, virtual assets, and environmental crime. These efforts ensure timely identification and mitigation of risks by relevant stakeholders. Exposure Due to Economic Openness Singapore’s status as a global financial center and trading hub exposes it to…

EU ushers in new anti-money laundering era

Money Laundering, Regulation
The EU is revolutionising its approach to money laundering and the financing of terrorism with the creation of a new bloc-wide body and a raft of new regulations. In a decisive move designed to beef up its defences against the ever-present scourge of , on Thursday (19 June) the European Union unveiled its comprehensive Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) legislative package. The package, which was formally adopted by the European Parliament in May, establishes a new EU Anti-Money Laundering Authority (AMLA) and introduces stricter regulations aimed at enhancing transparency and accountability across the financial system. The new…

Epoch Times CFO charged in $67m money-laundering plot

Money Laundering, Prosecutions
The chief financial officer of the Epoch Times news outlet has been arrested over his alleged involvement in a massive money-laundering scheme.  Federal prosecutors allege that Bill Guan, 61, participated in a global plot to launder at least $67m (£52m) of illegal cash to benefit himself and the Epoch Times. According to the indictment, Mr Guan led the outlet’s “Make Money Online” team, which used cryptocurrency to purchase tens of millions worth of crime proceeds.  Mr Guan has not yet entered a plea. If convicted, he could spend more than 30 years in prison.  In a statement on Monday evening,…

Singapore Money Laundering Suspects Invested Huge Sums in Dubai Property

Money Laundering
Three people arrested in a raid on an alleged money laundering ring in Singapore invested over $30 million in Dubai real estate, leaked data reveals. One of the suspects, who was wanted in China at the time, was behind a property broker that became a major sales agent for the city’s largest real estate developer, part-owned by Dubai’s ruler. Key FindingsSu Jianfeng, in detention in Singapore awaiting trial for charges of money laundering and fraud, is an owner of Dubai-based broker Fidu Properties DMCC. That firm was part of the Fidu Property Real Estate Brokerage, a top partner for Emaar…

Canada’s anti-money laundering agency imposes $6.7 mln fine on TD Bank

Money Laundering, Prosecutions
May 2 (Reuters) – Canada’s anti-money laundering agency said on Thursday it had imposed its biggest-ever penalty of nearly C$9.2 million ($6.71 million) on TD Bank (TD.TO) The bank has been grappling with regulatory probes over its AML compliance program both at home and in the United States, which have been a drag on the stock’s performance.The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) said the administrative monetary penalty on TD Bank was imposed on April 9 following a compliance examination in 2023. FINTRAC said it found that TD Bank had failed to submit suspicious transaction reports as…

AUSTRAC and SkyCity agree to proposed $67 million penalty

Money Laundering, Regulatory Fines
SkyCity Adelaide Pty Ltd (SkyCity) and AUSTRAC have filed joint submissions with the Federal Court of Australia, proposing a $67 million penalty over the casino’s contravention of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). A court hearing has been set down for 7 June 2024, at which Justice Lee will consider the parties’ proposed settlement. While AUSTRAC and SkyCity agree that a $67 million penalty is appropriate in all the circumstances, it is a matter for the court to determine the appropriate penalty. In reaching this agreement, SkyCity has admitted that it operated in contravention of the…

Nearly 40% of dirty money is laundered in London and UK crown dependencies

Money Laundering
Deputy foreign secretary urges Cayman and British Virgin Islands to implement UK law requiring public registers of funds Nearly 40% of the dirty money in the world is going through the City of London and other crown dependencies, the UK’s deputy foreign secretary has said. Andrew Mitchell added the crown dependencies and overseas territories will face fresh demands from the Foreign Office to comply with UK laws setting up public registers of beneficial share ownership. Since legislation was passed in the House of Commons in 2016 the UK has faced prevarication from overseas territories which are reluctant to set up…

FINTRAC imposes an administrative monetary penalty on Binance Holdings Limited

Money Laundering, Uncategorized
FINTRAC announced today that it has imposed an administrative monetary penalty on Binance Holdings Limited, also operating as Binance Holdings (IE) Ltd., Binance.com, Binance Global and Binance. This foreign money services business was imposed an administrative monetary penalty of $6,002,000 on May 7, 2024 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations. Binance Holdings Limited was found to have committed the following administrative violations: Quote “Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC will continue…

Urgent action needed to fight money laundering and terrorist financing, say heads of FATF, INTERPOL and UNODC

INTERPOL, Money Laundering
Vienna (Austria), 13 May 2024 – Countries need to urgently step up their efforts to target the huge illicit profits generated by transnational organized crime that facilitate conflicts, fund terrorism, and negatively impact vulnerable populations.This was the unprecedented call to action from the heads of the Financial Action Task Force (FATF), INTERPOL and the UN Office on Drugs and Crime (UNODC) in Vienna today at a high-level side event on the first day of the 33rd session of the Commission on Crime Prevention and Criminal Justice (CCPCJ).By focussing on the proceeds of crime and the illicit financial networks behind them,…