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UNODC Launches New Strategy to Combat Financial Crime with goAML Software

UNODC Launches New Strategy to Combat Financial Crime with goAML Software

The United Nations Office on Drugs and Crime (UNODC) has unveiled a new two-year strategy to enhance its goAML software, aimed at combating money laundering, terrorist financing, and organized crime. The strategy focuses on improving the usability, features, and governance mechanisms of the goAML platform, which has detected over $3 billion in suspicious transactions since its inception in 2007. The software is part of the goPortfolio, designed to help countries adhere to Financial Action Task Force (FATF) standards. The strategy includes initiatives like setting up Regional User Groups, piloting AI and Machine Learning, and integrating full graph analysis to better detect complex financial networks.
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FATF Plenary Outcomes Highlight Global Anti-Money Laundering Efforts

FATF Plenary Outcomes Highlight Global Anti-Money Laundering Efforts

The Financial Action Task Force (FATF) has released the outcomes of its June 2026 Plenary, emphasizing a continued international focus on strengthening anti-money laundering controls and addressing emerging financial crime risks. The Plenary resulted in Bosnia and Herzegovina and Iraq being added to the FATF's 'grey list' of jurisdictions under increased monitoring. Conversely, Algeria and Namibia were removed from this list after successfully completing their action plans. The FATF has also outlined key priorities for the upcoming UK Presidency, which include combating fraud, enhancing public/private information sharing, and improving risk-based supervision.
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FDIC and OCC Propose Amendments to Community Reinvestment Act Rules to Enhance Community Development

FDIC and OCC Propose Amendments to Community Reinvestment Act Rules to Enhance Community Development

FDIC and OCC Propose Amendments to Community Reinvestment Act Rules to Enhance Community Development
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Dubai Crypto Exchange Allegedly Facilitates $4 Billion for Iran, Raising Sanctions Concerns

Dubai Crypto Exchange Allegedly Facilitates $4 Billion for Iran, Raising Sanctions Concerns

A Dubai-based cryptocurrency exchange, Shelbit, is reportedly involved in moving at least $4 billion for Iran, potentially aiding in sanctions evasion. According to Reuters, Shelbit, operated by Siavash Kayvanpour, has been linked to Iran's central bank and the Islamic Revolutionary Guard Corps. The exchange allegedly processed significant transactions with Binance, the world's largest cryptocurrency exchange. The network includes over 2,000 illegal gambling websites, promoted by Iranian influencers, which are suspected of being part of a broader sanctions-evasion operation. Dubai's Virtual Assets Regulatory Authority is investigating Shelbit for money laundering and unlicensed activities.
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Lagos Court Remands Four Individuals Over $5.29 Million Fraud Scheme

Lagos Court Remands Four Individuals Over $5.29 Million Fraud Scheme

A Lagos court has remanded four individuals in connection with a $5.29 million fraud scheme. The Economic and Financial Crimes Commission (EFCC) arraigned Bamidele Ayodele Emmanuel, Abdullah Oriyomi, Garuba Fathiat Funmilayo, and Gbenro Victor Ademola before the Federal High Court in Ikoyi, Lagos. They face charges of money laundering under the Money Laundering (Prevention and Prohibition) Act, 2022. The defendants allegedly provided their personal information to Afeez Animashaun, who used their identities to incorporate companies and open corporate bank accounts. These accounts were reportedly used to receive millions of dollars in January 2025. The EFCC claims the defendants' actions facilitated the movement of suspicious funds through the Nigerian financial system. All four defendants pleaded guilty, and the court has adjourned the case for sentencing.
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North Korean Hackers Arrested for Attempting to Steal from National Banks

North Korean Hackers Arrested for Attempting to Steal from National Banks

North Korea's National Intelligence Agency has arrested a group of elite hackers for attempting to steal from the Chosun Central Bank and the Foreign Trade Bank. These hackers, reportedly former members of a cyber operations unit under North Korea's Reconnaissance and Intelligence General Bureau, were caught while laundering funds through their computers. The group allegedly used sophisticated methods, including Chinese-made wireless equipment and encrypted messaging apps, to infiltrate the banks' networks and move state trade funds into cryptocurrency wallets. The funds were then converted back into cash by brokers in China and exchanged for US dollars and Chinese yuan. The arrest followed the detection of discrepancies in foreign currency payment approvals and suspicious access to overseas IP addresses, leading investigators to trace encrypted cryptocurrency traffic to a location in Pyongyang.
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European Climate Disasters Prompt Calls for Insurance Reform Amid Rising Costs

European Climate Disasters Prompt Calls for Insurance Reform Amid Rising Costs

Europe is facing increasing challenges in insuring against climate-related disasters, as wildfires and other extreme weather events strain public finances and insurance systems. In France, wildfires have led to significant economic impacts, with thousands of workers unable to work and businesses evacuated. The French environment ministry estimates reforestation costs could reach €1 billion. The European Commission is expected to propose climate resilience measures, including a European climate reinsurance mechanism. Insurance premiums are rising, and coverage is becoming harder to obtain in high-risk areas, prompting calls for a new EU-level reinsurance scheme to share climate risks across member states.
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High-Risk Industries Face Banking Challenges Due to Regulatory Scrutiny

High-Risk Industries Face Banking Challenges Due to Regulatory Scrutiny

High-Risk Industries Face Banking Challenges Due to Regulatory Scrutiny
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Amazon Receives $600 Million in Tariff Refunds Following Supreme Court Ruling

Amazon Receives $600 Million in Tariff Refunds Following Supreme Court Ruling

Amazon Receives $600 Million in Tariff Refunds Following Supreme Court Ruling
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African Union's New Credit Rating Agency Aims to Address Bias in Global Ratings

African Union's New Credit Rating Agency Aims to Address Bias in Global Ratings

The African Union (AU) has announced the creation of the Africa Credit Rating Agency (AfCRA) to address perceived biases in the ratings given by the Big Three credit rating agencies—Standard & Poor's, Moody's, and Fitch. These agencies have been criticized for giving African countries lower ratings, which increases borrowing costs and hinders development. The AfCRA, headquartered in Mauritius, aims to provide more accurate assessments of African economies by considering local economic conditions and challenges. The initiative is part of a broader effort by the AU to take control of its economic narrative and improve financial conditions for African countries.
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Financial Intelligence Unit and Nigeria Police Enhance Anti-Crime Collaboration Ahead of 2027 FATF Evaluation

Financial Intelligence Unit and Nigeria Police Enhance Anti-Crime Collaboration Ahead of 2027 FATF Evaluation

The Nigerian Financial Intelligence Unit (NFIU) and the Nigeria Police Force (NPF) have reaffirmed their commitment to strengthening their collaboration in combating money laundering, terrorism financing, and other financial crimes. This initiative is part of Nigeria's preparation for the 2027 Financial Action Task Force (FATF) Mutual Evaluation. During a visit to the Inspector-General of Police in Abuja, NFIU Director Hafsat Bakari emphasized the importance of this partnership in safeguarding Nigeria's financial system and national security. The collaboration aims to tackle sophisticated criminal networks through intelligence-led policing and enhanced training for police personnel. The NFIU praised the police for their role in Nigeria's removal from the FATF Grey List and highlighted the need for measurable results in the upcoming evaluation.
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EU Targets Human Trafficking Networks with New Sanctions

EU Targets Human Trafficking Networks with New Sanctions

The European Union is proposing a new sanctions regime to combat human trafficking and related organized crime activities. This initiative aims to disrupt the financial networks of criminal organizations involved in trafficking, cyber-enabled fraud, and other illicit activities. The EU's approach includes asset freezes, travel bans, and prohibitions on providing economic resources to individuals and entities involved in these crimes. The EU is working with international partners, including the United Nations Office on Drugs and Crime, to strengthen prevention, law enforcement cooperation, and victim support.