Welcome to our weekly newsletter that provides the most recent updates and insights regarding AML, financial crime compliance, and emerging risks.

This week we begin with Serbia’s implementation of AML/CFT regime in particular concerning compliance with the Financial Action Task Force’s Recommendation 15 on new technologies. Then we have a piece on FCA that charged 4 individuals who allegedly ran an unauthorised investment scheme which defrauded investors out of GBP 3.9 Mn.

Moving on in the UK, a woman was convicted on one count of money laundering after amassing 61,000 BTC, or roughly GBP 3 billion at its current value. As well as, a majority of the European Parliament’s lead committees have approved a ban on cryptocurrency transactions of any value made through hosted crypto wallets. This comes amid the European Council and parliament provisionally agreeing to expand parts of the European Union’s Anti-Money Laundering (AML) and Counter-Terrorist Financing laws to cover the cryptocurrency market.

Moving forth in India Delhi CM is remanded by ED till March 28 for his association in the Jal Board Delhi liquor scam. Lastly, an investigation by the Federal Board of Revenue (FBR) has uncovered alleged money laundering and tax evasion amounting to billions of rupees by Vicky Trading Pvt. Ltd, a trading company reportedly associated with Bahria Town, a prominent real estate developer in Pakistan.