Newsletter (17 Feb – 23 Feb 2025)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
Austria Probes AfD’s Largest Donation for Possible Money Laundering
Austrian authorities are investigating a €2.35 million donation to Germany’s far-right Alternative for Germany (AfD), suspecting money laundering. The funds were allegedly funneled through Gerhard Dingler, who received €2.6 million before donating. If violations are confirmed, the AfD could face a fine of up to €7 million.
India Seizes $190M in BitConnect Fraud Case
India’s anti-money laundering unit confiscated $190 million in cryptocurrency, cash, and assets linked to the BitConnect Ponzi scheme. BitConnect, founded in 2016 by Satish Kumbhani, collapsed in 2018 after defrauding investors. Authorities are intensifying efforts to crack down on financial fraud and track illicit transactions.
UAE Fines Exchange House for AML Violations
The UAE Central Bank imposed a Dh3.5 million fine on an undisclosed exchange house for violating anti-money laundering and counter-terrorism financing laws. The regulatory crackdown aims to ensure financial institutions comply with stringent policies to maintain the integrity of the country’s financial system.
Iran Busts $500M Money Laundering Ring
Iranian authorities uncovered a $500 million money laundering operation in the country’s mobile phone market. The suspects used fake bank accounts registered under vulnerable individuals’ names to disguise transactions. Iran continues to tighten its anti-money laundering regulations to combat financial crimes and tax evasion.
Ukraine Probes $46M State Funds Laundering
Ukrainian investigators uncovered a scheme in which $46 million from state enterprises was allegedly transferred abroad under false pretenses. The suspect used intermediary companies to launder funds, later purchasing luxury assets in France, including a villa, a winery, and vineyard plots. A French court has since seized these assets, and Ukraine is seeking extradition.
AfDB & Interpol Unite Against Financial Crime
The African Development Bank (AfDB) has become the first multilateral development bank to partner with Interpol in the fight against corruption and financial crime. This collaboration aims to enhance investigative capabilities, improve anti-money laundering efforts, and combat cybercrime across Africa. The agreement highlights the commitment to safeguarding financial resources and ensuring transparency.
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- #MoneyLaundering
- #Corruption
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- #Fraud
- #Interpol
- #AfDB
- #CryptoScam
- #UAE
- #Iran
- #Ukraine
- #Germany
- #BitConnect
- #GlobalCrackdown