Newsletter (07 Oct – 13 Oct 2024)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
1. Monaco Bankers Convicted in High-profile Money Laundering Case
A long-running investigation into six Monaco bankers is set to culminate in court proceedings this year after nearly eight years of inquiries. The case revolves around Italian businessman Fabrizio Amore, who allegedly deposited large sums of cash, diamonds, and luxury watches at several Monaco banks. Investigators believe the money came from illicit profits tied to public construction contracts in Italy. The bankers are accused of helping Amore move and conceal the funds or of failing to report suspicious activity as required by law. Two face money-laundering charges carrying potential prison sentences, while four others could be fined for compliance failures. No banks themselves have been charged.
2. Binance Executive Denied Bail in Nigerian Money Laundering Case
Tigran Gambaryan, Binance’s head of financial crime compliance, was denied bail for the second time last Friday as his money laundering trial began in Nigeria. Gambaryan, an American citizen, has been in custody since February, facing charges he and Binance deny. He sought bail on medical grounds, claiming he needed surgery outside the prison. However, Nigerian Judge Emeka Nwite rejected the plea, stating there was no evidence that the Nigerian Correctional Service could not meet Gambaryan’s health needs.
3. TD Bank Hit With Record $3 Billion Fine Over Drug Cartel Money Laundering
TD Bank is set to pay $3 billion to resolve charges that it failed to adequately monitor money laundering by drug cartels. The settlement includes $1.3 billion to the US Treasury Department’s Financial Crimes Enforcement Network, marking a record fine for a bank, along with $1.8 billion to the US Department of Justice. The US authorities accused TD Bank of long-term failures in complying with the Bank Secrecy Act, allowing money laundering to go undetected.
4. FATF: Kuwait Faces ‘Serious Shortcomings’ in Anti-Money Laundering Efforts
The Financial Action Task Force (FATF) released a progress report on Kuwait’s anti-money laundering and terrorist financing efforts, acknowledging an adequate legal framework but noting serious shortcomings in delivering effective results. The report highlighted that while banks and larger financial institutions understand their risks and obligations, supervisors need to focus more on beneficial ownership transparency.
5. Japan’s Progress in Anti-Money Laundering Measures Recognized by FATF
Japan has made significant strides in strengthening its anti-money laundering and terrorist financing framework, following its 2021 evaluation. In a recent report, the FATF upgraded Japan’s ratings for six key recommendations, including those related to beneficial ownership and financial institution regulation. Japan is now rated largely compliant or fully compliant across all FATF recommendations, marking significant progress since its last evaluation.
6. Banks Granted New Powers to Combat Fraudsters
In a move to strengthen consumer protection against fraud, new laws proposed by the government will grant banks the authority to delay suspicious payments by up to 72 hours. This extended window will allow banks more time to investigate transactions they believe to be fraudulent, aiming to prevent scams before they can cause harm. These new powers are part of broader efforts to curb rising fraud cases targeting consumers.
Stay informed with our weekly digest, bringing you the most impactful news from around the globe. Thank you for reading!
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