Newsletter (18 Nov – 24 Nov 2024)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
ED Freezes ₹60 Crore Shares and 70 Bank Accounts in Major Money Laundering Case
The Enforcement Directorate (ED) has taken significant action in a high-profile money laundering investigation involving senior Bihar cadre IAS officer Sanjeev Hans, former MLA Gulab Yadav, and others. Searches were conducted across Delhi, Gurgaon, Kolkata, Jaipur, and Nagpur, uncovering shares worth ₹60 crore in recently opened Demat accounts of family members linked to Hans’ close associate. Additionally, 70 bank accounts tied to the case have been frozen. The ED’s actions underscore a robust approach to tackling corruption and financial crime.
Global Investigation Uncovers Billion-Dollar Russian Money-Laundering Network
A multinational effort led by the UK’s National Crime Agency has dismantled a Russian money-laundering network accused of facilitating billions in illicit transactions. The network supported activities ranging from organized crime and ransomware to evading sanctions. Law enforcement agencies, including the FBI, France’s Police Judiciaire, and Ireland’s Garda, participated in what is described as the UK’s most significant money-laundering operation in recent years. This development highlights the growing collaboration between international agencies to combat financial crime.
Viral Meme Creator Faces Crypto Scam Allegations
Hailey Welch, known for the “Hawk Tuah” meme, faces criticism after her cryptocurrency, $HAWK, collapsed from $500 million to $60 million shortly after its launch. Allegations of a rug-pull scheme have surfaced, sparking investigations and potential legal action. The incident highlights the volatility and risks associated with meme coins in the cryptocurrency market.
Kerala Police Investigate INR 700 Crore Loan Scam Involving Gulf Bank of Kuwait
Kerala Police are investigating a massive ₹700 crore loan scam involving 1,425 Keralites who allegedly defrauded the Gulf Bank of Kuwait. Reports suggest the involvement of agents facilitating the scam, which includes 700-800 nurses. Authorities are coordinating with Gulf counterparts to track the individuals involved and prevent future occurrences of similar fraudulent activities.
The Role of FIUs in National Risk Assessment Processes
A new report sheds light on the integral role of Financial Intelligence Units (FIUs) in conducting National Risk Assessments (NRAs) for Money Laundering (ML) and Terrorist Financing (TF). FIUs leverage their unique position within the AML/CFT framework to identify risks and enhance national strategies. The study emphasizes the importance of equipping FIUs with robust tools and methodologies to ensure effective risk mitigation.
EBA Proposes Central Contact Points for Crypto-Asset Providers
The European Banking Authority (EBA) has proposed draft Regulatory Technical Standards (RTS) to enhance AML/CFT compliance for crypto-asset service providers (CASPs) in the EU. The initiative includes appointing central contact points to ensure adherence to local regulations. The consultation is open until February 4, 2025, and reflects the EU’s commitment to strengthening oversight in the rapidly evolving crypto sector.
Stay informed with our weekly digest, bringing you the most impactful news from around the globe. Thank you for reading!
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