Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:

SGD 3Bn Money Laundering Case: Su Jianfeng Given 17 Months’ Jail, Last Of 10 To Be Dealt With

Su Jianfeng, a Dubai property broker and Vanuatu national originally from China, has been sentenced to 17 months in jail for money laundering and forgery. Su is the last of ten foreigners arrested during an anti-money laundering operation in August 2023 to face sentencing. In addition to his guilty plea on June 6, twelve other charges related to forgery, money laundering, and hiring a personal chef without a valid work pass were taken into consideration.

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Taiwan Forms Official Cryptocurrency Association to Regulate Its Crypto Sector

Taiwan has taken a significant step in regulating its cryptocurrency sector by establishing an official cryptocurrency business association. This move, guided by government oversight, aims to create a structured framework that promotes innovation while ensuring security. The association’s formation underscores the government’s commitment to developing robust regulations to address the unique challenges and opportunities within the cryptocurrency space, fostering a responsible digital asset economy and positioning Taiwan as a crypto-friendly environment.

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Thai SEC Revokes Operating Licenses of Zipmex Cryptocurrency Exchange

Thailand’s Securities and Exchange Commission (SEC) has revoked the operating licenses of Zipmex, a well-known cryptocurrency exchange, effective May 28, 2024. Following months of regulatory scrutiny and a previous order to suspend services in February, Zipmex failed to address financial and operational deficiencies, leading to the revocation. This action prevents Zipmex from functioning as a digital asset exchange and broker for cryptocurrencies in Thailand.

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Outcomes of the 79th Ordinary Session of the African Commission on Human and Peoples’ Rights

The African Commission on Human and Peoples’ Rights concluded its 79th Ordinary Session, held from May 14 to June 3, 2024, in a hybrid format. The session reviewed the human rights situation in Africa, examined eight communications, and one state periodic report. Additionally, the Commission granted observer status to ten NGOs and conducted nine panels, addressing various human rights issues and initiatives to improve conditions across the continent.

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Ex-UP MLC’s Assets Worth INR 44.40 Billion Attached in Money Laundering Case

The Enforcement Directorate (ED) of India has attached assets worth ₹4,440 crore (approximately USD 580 million) belonging to the absconding former Uttar Pradesh BSP MLC Mohammed Iqbal and his family. The properties, including 121 acres of land and the building of Glocal University in Saharanpur, are registered under the Abdul Waheed Educational and Charitable Trust, managed by Iqbal and his family. This action is part of an ongoing money laundering investigation under the Prevention of Money Laundering Act (PMLA).

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From USD 40 Billion Fraud to USD 4.5 Billion Settlement: Inside the Latest Crypto Firm Paying Big Bucks to End Legal Trouble

A judge has approved a USD 4.5 billion settlement between Do Kwon, Terraform Labs, and the U.S. Securities and Exchange Commission, marking a significant resolution in the crypto sector. This follows a series of high-profile legal actions, including Binance’s USD 4.3 billion settlement in November. These settlements reflect the ongoing efforts to address the fallout from fraudulent activities that disrupted the cryptocurrency industry in 2022.

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