Category: Organised Crime

Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing

Download the PDF Here. Paris, 14 September 2020 – Virtual assets use innovative technology to swiftly transfer value around the world and have many potential benefits, including making payments faster and cheaper. But the anonymity associated with them also attracts criminals, who have used virtual assets to launder proceeds from a range of offences such as the drugs trade, illegal arms smuggling, fraud, tax evasion, cyber attacks, sanctions evasion, child exploitation and human trafficking. In response, the FATF Report Virtual Assets – Red Flag Indiciators of Money Laundering and Terrorist Financing will help national authorities detect whether virtual assets are being used for… Read More

Money Laundering and the Illegal Wildlife Trade

25 June 2020 – The illegal wildlife trade is a major transnational organised crime, which generates billions of criminal proceeds each year. The Financial Action Task Force (FATF) has conducted a new study to provide guidance to countries on measures they can take to combat money laundering from the illegal wildlife trade. Wildlife traffickers exploit weaknesses in the financial and non-financial sectors, to move, hide and launder their proceeds, enabling further wildlife crimes and damaging financial integrity. One of the most effective ways to identify the broader criminal networks and take the profit out of this crime, is to follow the financial trails… Read More

The Murky History of Russia’s Largest Sports Betting Company

One day in the summer of 2013, the central Moscow office of Fonbet, Russia’s largest sports betting company, looked like a besieged fortress. Sparks and the smell of burnt metal filled the air. Officers from the anti-corruption directorate of the Ministry of Internal Affairs had come to execute a search warrant. Finding a barred door, they sawed it open using a grinder. Before the search, investigators had used marked banknotes to place bets on tennis, soccer, and basketball matches on the company’s terminals. They found that Fonbet was providing online betting services using a website registered abroad. All forms of… Read More