Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
Treasury’s FinCEN Launches Nationwide Public Service Announcements on Beneficial Ownership Reporting Requirements
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has initiated a nationwide public service announcement campaign aimed at educating small business owners about new beneficial ownership reporting requirements. This outreach includes television, radio, digital, and print advertisements, targeting business owners directly to ensure compliance with the new regulations.
Commodities Giant Glencore Ordered to Pay Over $150 Million in Congo Mining Bribery Case
In a significant legal development, Swiss federal prosecutors have ordered Glencore’s international unit to pay over $150 million in fines and compensation. The penalties stem from a decade-long bribery investigation involving Congo’s mining industry, where Glencore was found “criminally liable” for its actions.
Ripple Ordered to Pay $125 Million in Penalty for Improperly Selling XRP Tokens
Ripple Labs faces a hefty $125 million penalty following a Manhattan court ruling. The court found Ripple guilty of improperly selling XRP tokens, resulting in the penalty imposed by the U.S. Securities and Exchange Commission. This marks another significant moment in the ongoing scrutiny of cryptocurrency practices.
Former Finance Minister of Mozambique Convicted in $2 Billion Fraud Scheme
Manuel Chang, Mozambique’s former Finance Minister, has been convicted of fraud and money laundering in connection with a $2 billion scheme that defrauded investors worldwide. Following a 4-week trial, Chang faces up to 20 years in prison. His conviction highlights the extensive reach of financial crimes and the global efforts to combat them.
Irish Authorities Seize $7.1M in Cryptocurrency Amid Darknet Money Laundering Bust
In a major crackdown, Irish authorities seized $7.1 million in cryptocurrency linked to darknet activities. The operation led to the arrest of three individuals, with one still in custody. The raid is part of an extensive investigation by the Garda National Cyber Crime Bureau into criminal activities on the darknet.
Global Anti-Money Laundering Watchdog FATF Calls on India to Boost Bank Scrutiny for Politicians
The Financial Action Task Force (FATF) has urged India to enhance its scrutiny of bank accounts belonging to politicians, government officials, and their families. This recommendation comes as part of FATF’s review of India’s anti-money laundering systems, with the final report expected soon. The move underscores the need for stringent financial oversight in politically sensitive areas.
Stay informed with our weekly digest, bringing you the most impactful news from around the globe. Thank you for reading!
- #FinCEN
- #Glencore
- #Cryptocurrency
- #RippleXRP
- #MozambiqueFraud
- #Darknet
- #MoneyLaundering
- #FATF
- #FinancialCrime
- #AML
- #RegulatoryCompliance
- #BankingRegulations