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Criminals operating an illegal financial service to launder millions of euros busted

07 February 2025

An international investigation spanning several years has led to the arrest of 23 criminals running a sophisticated money laundering scheme. The group acted as a financial service for other criminals to launder their profits. The scheme facilitated the laundering of approximately EUR 100 million. An international coalition of Spanish, Cypriot and German authorities, with support of the French authorities and Eurojust and Europol, was established to dismantle the group. The takedown resulted in the seizure of over EUR 8 million in cash and the freezing of EUR 27 million in cryptocurrencies. Continue reading…

FCA review finds gaps remain in brokers’ money laundering defences

28 January 2025

The FCA has found wholesale brokers need to enhance their systems, controls, risk awareness and training to guard against money laundering. The FCA focused on wholesale brokers in its review because of the important role they play in capital markets in facilitating deals. The regulator also engaged with other market participants to understand wider risks, issues and good practice, recognising that collaboration with and across industry is essential to delivering real improvements. This report will assist any firms involved in the capital markets to improve their controls and prevent financial crime. Continue reading…

From fake art to money laundering: Eurojust’s cross-border investigations in 2024

24 January 2025
Knowledge Base

As the hub for cross-border judicial cooperation, Eurojust works together with national authorities to fight organised crime. Our support and expertise helps authorities to solve complex investigations into a variety of crime types. In 2024, we saw a number of long running cases lead to joint operations that arrested suspects, seized goods and stopped criminals in their tracks. Continue reading…

Four suspects arrested for illegally exporting archaeological treasures

16 January 2025

Italian authorities have disrupted a sophisticated operation that was illegally exporting precious archaeological artefacts belonging to the Italian state. The criminal group worked with expert grave robbers and thieves to excavate numerous objects. Following a complex investigation lasting over several years, Italian authorities, supported by Eurojust, dismantled the organisation and arrested four suspects.

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FCA fines Arian Financial LLP £288,962.53 for failings relating to cum-ex trading

15 January 2025

The FCA has fined Arian Financial LLP (Arian) £288,962.53 for failing to ensure it had effective systems and controls against financial crime. Arian’s failure to implement adequate systems and controls against financial crime put it at risk of being used to support fraudulent trading and money laundering on behalf of clients of the Solo Group. This is the seventh case brought by the FCA in relation to cum-ex trading and withholding tax schemes. This has involved proactive engagement with EU and global law enforcement authorities. The FCA has imposed fines of more than £22m in relation to this trading. Continue reading…

Action against ‘phone phishing’ gang in Belgium and the Netherlands: eight arrests

19 December 2024

In a concerted operation, Belgian and Dutch authorities have cracked down on an internationally operating ‘phone phishing’ gang, leading to the arrest of eight suspects. In addition to ‘phishing’, or trying to gain access to bank or financial data by phone or online, the suspects also visited mainly elderly victims at their homes, pretending to be bank employees or police officers. Eurojust and Europol coordinated and supported the actions in Belgium and the Netherlands, where 17 places were also searched. Continue reading…

Competent authorities have made significant progress in their approaches to tackling money laundering and terrorist financing, the EBA Report finds

18 December 2024

The European Banking Authority (EBA) has recently published the findings from its fourth and final round of reviews of competent authorities’ approaches to tackling money laundering and terrorist financing (ML/TF) risks in the banking sector. With this round, the EBA has now assessed all competent authorities that are responsible for the AML/CFT supervision in thirty EU/EEA member states. Continue reading…

Terminating trade-based financial crime

09 December 2024
Knowledge Base

by Hassan Zebdeh

Trade-based financial crime (TBFC) is one of the most insidious threats to global finance. This shadowy practice has been plaguing international trade for years, perhaps as long as modern trade itself has existed. It’s the biggest fraud most people never heard of, quietly siphoning away trillions under the radar of even the most vigilant regulators. Continue reading…

Trade-based financial crime accounts for 31% of global fraud costs but just 0.1% of media coverage

18 November 2024

Trade-based financial crime (TBFC) is responsible for an estimated $1.6 trillion in losses each year, nearly a third of the total cost of global fraud, which stands at $5.127 trillion annually. Yet, despite its massive economic impact, TBFC is alarmingly underreported in the media, making up just 0.1% of all fraud-related mentions in articles over the last year.  Continue reading…

FCA cracks down on illegal finfluencers

04 November 2024

Twenty finfluencers are being interviewed under caution by the FCA, as it launches targeted action against finfluencers who may be touting financial services products illegally. The FCA also issued 38 alerts against social media accounts operated by finfluencers which may contain unlawful promotions. Increasing numbers of young people are falling victim to scams, and finfluencers can often play a part. Nearly two-thirds (62%) of 18 to 29-year olds follow social media influencers, 74% of those said they trusted their advice and 9 in 10 young followers have been encouraged to change their financial behaviour.  Continue reading…