Money Laundering Bulletin

Alipay (Europe) Limited S.A, an electronic money institution (EMI), was ordered to pay €214,000 (US$249,385) by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg, on 19 May, for anti-money laundering compliance breaches found during an onsite inspection between 26 June 2023 and 31 January 2024.

In 2024, 6,845 prosecutions, in England & Wales, where money laundering was either the primary or a secondary offence constituted a 36% rise on 2023, with convictions on the same basis up 7%, to 3,756. There were 1,036 convictions for money laundering as a primary offence in 2024, 10% higher than the previous year.

Reconstructing a country and its institutions after 13 years of civil war and half a century of one-party rule is a monumental endeavour: Syria's new government may be able to exert some authority over the banking system but with so much of the economy cash-based, effective anti-money laundering is set to be a long-term challenge. Paul Cochrane reports.