Newsletter (16 Dec – 22 Dec 2024)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
Bangladesh Faces Major Money Laundering Crisis
A recently published white paper by Bangladesh’s interim government revealed illicit financial outflows averaging $16 billion annually during the past regime under Sheikh Hasina. These outflows have reportedly drained national resources, neglecting critical sectors such as the local stock exchange and environmental initiatives. The report accuses political elites and unscrupulous businesses of siphoning billions of dollars, further impoverishing the nation. This financial leakage underscores the urgent need for stronger governance and anti-money laundering frameworks.
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Ladbrokes Owner Under Fire for AML Failures
Gambling giant Entain, owner of Ladbrokes and Neds, faces severe allegations from Australia’s financial intelligence agency, Austrac. Federal court documents claim Entain accepted $152 million in bets from 17 high-risk customers with “suspected criminal profiles and associations.” Austrac alleges systemic non-compliance with AML/CTF laws, including deliberately obscuring customer identities. Entain’s share price fell by nearly 6% following the civil penalty proceedings announcement. This case highlights growing regulatory scrutiny in Australia’s gambling sector.
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Nigeria Cracks Down on Cybercrime: Nearly 800 Arrested
In its largest-ever single raid, Nigeria’s Economic and Financial Crimes Commission (EFCC) apprehended 792 suspects, including 193 foreigners, for alleged cybercrimes in Lagos. Dubbed a “hustle kingdom,” the seven-story building raided by the EFCC served as a training ground for internet fraud. EFCC spokesperson Wilson Uwujaren emphasized that this operation followed months of intelligence work and surveillance, marking a significant milestone in Nigeria’s fight against financial and cybercrime.
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India Faces Rising Financial Fraud, PwC Survey Finds
According to PwC’s Global Economic Crime Survey 2024 – India Outlook, 59% of Indian organizations reported financial or economic fraud in the past 24 months—18% higher than the global average. Procurement fraud emerged as the leading concern, cited by 50% of respondents, surpassing customer fraud, which was the primary issue in 2022. The findings highlight a pressing need for Indian businesses to bolster fraud prevention mechanisms and internal controls.
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Australia Overhauls AML/CTF Framework
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024, which received royal assent on December 10, introduces sweeping changes to Australia’s AML/CTF legislation. Effective March 2026, the amendments aim to enhance compliance, address financial crime risks, and align with global standards. Key reforms include stricter reporting requirements and improved oversight mechanisms, signaling Australia’s commitment to combating financial crime.
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EU Mechanisms Analyzed in MONEYVAL Mutual Evaluations
A horizontal study published by MONEYVAL examines the role of European Union supranational legislation in the 5th round of mutual evaluations. The report provides insights into how EU directives and mechanisms are interpreted and weighted when assessing member states’ AML/CFT compliance. This initiative seeks to harmonize evaluations and ensure consistent application of EU standards across jurisdictions, benefiting both EU members and aligned MONEYVAL countries.
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- #FinancialCrime
- #MoneyLaundering
- #Cybercrime
- #FraudPrevention
- #Bangladesh
- #Entain
- #Nigeria
- #India
- #Australia
- #MONEYVAL
- #GlobalReport
- #FinancialRegulation
- #AntiCorruption