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

Key Highlights from the 30th Egmont Group Plenary in Paris

The 30th annual Egmont Group (EG) Plenary, hosted by France’s Financial Intelligence Unit (Tracfin), took place from June 2 – 7, 2024, in Paris. This pivotal event reinforced the Egmont Group’s commitment to combating money laundering and terrorist financing.

Core Points from the Co-Chairs’ Statement:

1. Commitment to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF):

Egmont member Financial Intelligence Units (FIUs) emphasized their dedication to tackling money laundering and terrorist financing, key to maintaining economic stability and financial integrity.

2. Global Standards and Collaboration:

FIUs adhere to Egmont principles and Financial Action Task Force (FATF) standards, ensuring transnational compliance, efficiency, and transparency.

3. Adapting to Evolving Threats:

FIUs are focused on addressing the dynamic nature of terrorist and money-laundering threats amidst economic, societal, and technological changes.

4. Operational Results:

The effectiveness of FIUs relies on international standards, strong national legal frameworks, committed FIU agents, and robust cooperation with domestic and international partners.

5. International Cooperation:

Emphasizing the importance of global collaboration, FIUs strive to enhance their capabilities through knowledge sharing, technological advancements, and rapid response to AML/CTF requests.

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Standard Chartered’s $100 Billion Money Laundering Allegations:

Standard Chartered is facing allegations in a US court for facilitating $100 billion in transactions to fund notorious terrorist groups between 2008 and 2013, including violations of sanctions against Iran.

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Epoch Times CFO Charged in $67M Money-Laundering Plot:

Bill Guan, CFO of the Epoch Times, has been charged with laundering at least $67 million through a global scheme involving cryptocurrency, benefiting himself and the news outlet.

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TD Bank Facing Potential $4 Billion Fines:

TD Bank could face up to $4 billion in fines related to money-laundering probes in the US, with allegations that employees facilitated money laundering by bypassing AML defenses.

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AUSTRAC’s New Guide on Money Mule Activity:

AUSTRAC released a guide to help businesses detect and report money mule activities, especially among international students. This guide offers profiling and monitoring techniques to combat the exploitation of vulnerable individuals by criminal networks.

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SkyCity Adelaide Fined $67M for AML Violations:

SkyCity Adelaide has been fined $67 million for failing to comply with AML and CTF laws, allowing high-risk customers to move millions of dollars through the casino without proper due diligence.

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The Egmont Group Plenary underscored the relentless global efforts and cooperation needed to combat money laundering and terrorist financing. Recent high-profile cases highlight the ongoing challenges and the necessity for continued vigilance and innovation in AML/CTF measures. FIUs and financial institutions worldwide must remain committed to upholding robust standards and enhancing their capabilities to address these ever-evolving threats.