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Russian entities - who's in control?
There has been much debate regarding whether to treat entities associated with the Russian state as sanctioned on the basis that they are subject to the "control" of President Putin or other senior officials who are designated persons under UK sanctions, pursuant to Regulation 7(4) of the Russia sanctions regulations. Alexandra Webster of Simmons & Simmons finds instruction in recent case law.
Online Published Date:
02 June 2025
Appeared in issue:
325 - 01 July 2025
Straightforward - FATF's vice president
The outgoing vice president of the Financial Action Task Force (FATF) has stressed how highlighting predicate offences "with a human face" helps illustrate to governments, business and civil society that money laundering is not a victimless crime and so AML is worthy of significant political and financial support. Speaking to MLB in an exclusive interview in Ottawa, Canada's capital and his home base, Canada's Jeremy Weil said...
Online Published Date:
04 June 2025
Appeared in issue:
325 - 01 July 2025
Defence strategy: AML pre-conflict
War is a constant in human history: as well as loss of life and physical destruction, the political, social and economic dislocation creates new opportunities for organised crime. Mikhail Karataev looks at the illicit finance risks triggered even before a shot is fired.
Online Published Date:
05 June 2025
Appeared in issue:
325 - 01 July 2025
Two UK law firms fined for AML control failings
Gordons Partnership 2020 Ltd and Moseley Chapman & Skemp Solicitors Ltd have been ordered to pay UK£77,784 (US$105,570) and UK£9,419 (US$12,785), respectively, after the Solicitors Regulation Authority for England & Wales, found they had breached the Money Laundering, Terrorist Financing (Information on the Payer) Regulations 2017 (MLRs 2017).
Online Published Date:
05 June 2025
Appeared in issue:
325 - 01 July 2025
Battling on - Mali
Mali, under military rule since 2020, and riven by civil war between government forces, Islamists and Tuareg separatists, has yet managed to address the illicit finance threat - although it's set to be a long campaign, find Alamako Sokona Coulibaly, in Bamako, and Keith Nuthall.
Online Published Date:
06 June 2025
Appeared in issue:
325 - 01 July 2025
Russian faces life in US jail over crypto transfers for sanctioned parties
A Russian national working and living in New York has been charged with using his crypto-investment firm to transfer more than US$500 million into America "while masking the source of the funds and their true owners", who included sanctioned Russian banks and individuals.
Online Published Date:
12 June 2025
Appeared in issue:
325 - 01 July 2025
Ukraine fines two banks, five other finance firms for AML breaches
The National Bank of Ukraine imposed penalties, in May 2025 (published 6 June 2025), of UAH11,000,000 (US$264,965) on Taskombank and UAH2,000,000 on UkrSibbank for inadequate customer due diligence.
Online Published Date:
12 June 2025
Appeared in issue:
325 - 01 July 2025
European Commission adds Monaco to list of high AML/CFT risk countries, removes UAE
The European Commission has added 10 countries to its list of high-risk jurisdictions presenting strategic deficiencies in anti-money laundering/counter financing of terrorism (AML/CFT), including Monaco, a European microstate with which the European Union (EU) has close links. The other nine new entrants to its now 27-strong list are Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Namibia, Nepal and Venezuela.
Online Published Date:
12 June 2025
Appeared in issue:
325 - 01 July 2025
Back and forth - beneficial ownership registers in USA and Europe
There was a consensus that knowing who's behind a company is helpful in combating crime - it still holds in the UK and EU but the Trump administration has different ideas. Keith Nuthall contrasts governments' approaches to beneficial ownership information either side of the Atlantic.
Online Published Date:
13 June 2025
Appeared in issue:
325 - 01 July 2025
FATF approves travel rule changes in joint plenary with MONEYVAL
The Financial Action Task Force (FATF) updated the travel rule in Recommendation 16 during its latest plenary, which closed on 13 June [2025]. The reform will clarify the information that must be collected by financial services during transactions, especially cross-border payments exceeding US$/€1,000.
Online Published Date:
14 June 2025
Appeared in issue:
325 - 01 July 2025