AML Weekly Insights and Recap | Week 28th October - 1st November 2024

Anna Stylianou

Nov 01, 2024

This edition of the AML Weekly Insights and Recap is brought to you by my new concise 90-minute training session.

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Singapore Publishes National Anti-Money Laundering Strategy: On October 30, 2024, Singapore released its National Anti-Money Laundering (AML) Strategy, reinforcing its commitment to an effective AML framework amid evolving financial crimes. The National AML Strategy is structured around three primary pillars: Prevent, Detect and Enforce. These pillars are supported by a coordinated framework that includes: Whole-of-Society Coordination, Legal and Regulatory Infrastructure, and International Cooperation.
UNODC – The United Nations Office on Drugs and Crime has issued a report exposing the linkages between corruption, serious and organized crime in sport. The report examines key trends. It also examines investigating and prosecuting corruption in sport linked to serious and organized crime, and corruption involving the transfer of athletes and illegal betting.
EPPO uncovers Chinese underground banking network suspected of €113 million VAT fraud: According to EPPO: “The investigation identified a complex scheme of international tax fraud, carried out through numerous ghost companies (“missing traders”), which imported hundreds of containers of clothing and accessories from China to Italy, using triangulations with Bulgaria and Greece, to hide the origin of the goods. It is understood that the criminal scheme had a turnover of at least €500 million, while evading the payment of VAT and custom duties.”
Over EUR 14 Million of Counterfeit Currency Seized by Authorities: A joint operation by 18 countries, coordinated by Europol, has led to the seizure of over EUR 14 million in counterfeit currency. The operation targeted the distribution of fake banknotes and coins through postal services. Law enforcement agencies successfully intercepted 174 parcels containing counterfeit currency, leading to 144 new investigations. The majority of the seized items were altered-design banknotes, often mistaken for genuine currency.

In case you missed this week’s LinkedIn posts:

Monday 28th October:

Outcomes of the FATF Plenary Meeting 23-25th October 2024 - Paris

Tuesday 29^th October

I am happy to announce that I’ll moderate a panel at the 19th NextGen Payments & RegTech Forum in Cyprus, organised by QUBE Events. If you are attending, drop me a message!