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FATF says FIUs must be a national centre for the receipt and analysis of suspicious transaction reports (STRs) and other information linked to ML, associated predicate offences and terrorist/proliferation financing, and disseminate that analysis. FIUs should be able to obtain additional information from obliged entities, and access relevant financial, administrative and law enforcement data.…

Brazil, which is among the countries with the highest alerts (1.36 million in 2023) for financial crimes involving shell companies, as per the Moody’s Shell Company Indicator quoted by CNN (1), “has made important strides to improve” its  Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) system and “is achieving some positive results”, but still “needs to strengthen cooperation and coordination between certain authorities and improve prosecution”, warned the Financial Action Task Force (FATF) in 2023 (2).…

While Ukraine battles an invading Russian enemy currently occupying approximately 18% of Ukrainian territory (1), it is also focused on its battle with the ‘enemy within’, namely elevated levels of corruption and other commercial crime. 

Since the Revolution of Dignity in 2014, Ukraine’s pro-Western authorities have worked tirelessly to align themselves with European Union (EU) anti-corruption and anti-fraud efforts, notably establishing the National Anti-Corruption Bureau of Ukraine (NABU) in 2014, which prepares corruption cases for prosecution by a Specialised Anti-Corruption Prosecutor’s Office.…

The Chinese auditing unit of accounting giant PwC has been fined a record Chinese Yuan Renminbi CNY441 million (USD62.7 million) and banned from auditing in mainland China for six months after a regulator concluded it had “covered up and even condoned” fraud.…

Confectionery and related ingredient sales between the European Union (EU) and the Mercosur countries of south America are set to rise after a trade agreement between the two blocs was finalised. A deal in principle had been held over since 2019 while details were ironed out, but these have now been resolved.…

Financial institutions, social media platforms and regulators are meeting to boost data sharing and collaboration to counter the international surge in fraud. Paul Cochrane reports on the Global Anti-Scam Summit (GASS) Americas 2024.

Fraud is on an upward trajectory, with an estimated USD1.03 trillion lost globally to swindles over the past year, according to the 2024 Global State of Scams report by the Global Anti-Scam Alliance and anti-fraud tech company Feedzai (1).…

The European Parliament has given Italy’s Bruna Szego the green light to chair the European Union’s (EU) Anti-Money Laundering Authority (AMLA) (1) in a vote today (December 18) in Strasbourg, France. The vote, by a huge majority of 569 votes in favour, 20 against, and 61 abstentions, mirrored the endorsement given two days earlier in the EP committees on economic and monetary affairs (ECON) and civil liberties, justice and home affairs (LIBE), a month after they selected Szego for the job (2).…

The European Union (EU) has further broadened its sanctions targeting Russia to increase pressure on its government, as the fall of its ally in Syria weakens Moscow’s geopolitical position. EU ministers have now sanctioned Chinese suppliers of the Russian invasion in Ukraine, Russian crude oil suppliers and an airline, as well as companies alleged to be spreading disinformation in Africa and elsewhere.…

The new European Commission (2024-2029) taking office on December 1, 2024, under reappointed Commission president Ursula von der Leyen should use its term of office to enable a strong, competitive agri-food chain. That was the message of European Union (EU) food industry experts speaking to Just Food this week.…