The European Banking Authority releases guidelines aimed at combatting unjustified de-risking to preserve access to financial services for the vulnerable, the B.C. government strengthens enforcement against organised crime, and the West Midlands Police identifies unsuspecting teens being used as money mules by sophisticated criminals.
Read more on these stories below:
EBA publishes new guidelines to ensure access to financial services for all
The European Banking Authority (EBA) releases new guidelines to clarify how institutions should manage effective money laundering and terrorist financing risk management practices. This is to ensure that individuals, particularly the most vulnerable customers, such as refugees and homeless people, are not denied access on unfounded AML/CFT grounds.
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B.C. introduces new tools to seize assets of organised crime
The British Columbia (B.C.) government introduces new measures to combat organised crime by creating a suite of tools to seize proceeds of crime, including fast cars, glamorous homes, and luxury goods, in a bid to make gang life unprofitable. To help expose common money laundering techniques, the government is also amending the Civil Forfeiture Act to include unexplained wealth orders (UWOs).
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Youngsters targeted as money mules by callous criminals in West Midlands
West Midlands Police has identified over 100 young people as suspected "money mules" in a recent investigation. Criminals are increasingly targeting young people on social media platforms such as Snapchat and Instagram, often unaware of the source of the money, and that they risk money laundering charges.
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