Friday's Final Word
??? "Is the FCA's latest fraud strategy just recycled promises?"
?? INTERPOL launches first ever 'Silver Notice'?
??? BitMEX Fined $100M For Violating US Anti Money Laundering Law
?? Payroll Startup Deel Accused of Enabling Money Laundering
?? Estonia makes progress with targeted financial sanctions on terrorism and terrorist financing
Stay informed on the latest developments in financial crime, from regulatory crackdowns and international law enforcement innovations to high-profile cases of fraud and money laundering.
INTERPOL launches first ever ‘Silver Notice’
INTERPOL has launched its groundbreaking 'Silver Notice' system - a new international alert mechanism designed to track criminal assets across borders, with Italy issuing the first notice targeting a senior mafia member's assets. The pilot program, involving 52 countries and running until November 2025, arrives at a critical time when FATF President Elisa de Anda Madrazo reports that 80% of countries struggle to effectively confiscate criminal assets, with less than 2% of global criminal proceeds currently being seized. Under this new initiative, which INTERPOL Secretary General Valdecy Urquiza hails as "one of the most powerful ways to fight organized crime," participating nations can issue up to 500 notices during the pilot phase to help locate and seize properties, vehicles, financial accounts, and businesses linked to criminal activities. INTERPOL's General Secretariat will oversee compliance with the organization's rules, particularly focusing on preventing political misuse of the system.
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BitMEX Fined $100M For Violating US Anti Money Laundering Law
In a juicy twist for the crypto world, BitMEX just got slapped with a $100 million fine for playing fast and loose with anti-money laundering rules - but here's the kicker: they're actually celebrating the penalty! The cryptocurrency exchange is breathing a sigh of relief after dodging what could have been a crushing $420 million bullet from the Department of Justice. The drama unfolded in Manhattan's federal court, where Judge John Koeltl handed down the sentence along with two years of probation, adding another chapter to BitMEX's notorious saga that previously saw its founders getting their own legal comeuppance in 2022. The real spice? Treasury investigators had caught BitMEX red-handed processing a whopping $209 million in shady transactions with darknet markets, but the exchange is brushing off the charges as "old news" while barely concealing their glee at getting what they see as a bargain-basement fine.
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Payroll startup Deel accused of enabling money laundering
A bombshell lawsuit has rocked Silicon Valley's darling HR startup Deel, accusing the $12 billion unicorn of enabling money laundering and - even spicier - helping dodge Russian sanctions. The Miami federal court filing drops two explosive allegations: first, that Deel allegedly partnered with a Russian bank to move money despite U.S. sanctions, and second, that it got tangled up with an alleged Ponzi schemer who was targeting elderly church members in Naples, Florida. Talk about a fall from grace - this is the same company that Silicon Valley royalty Alexis Ohanian and Andreessen Horowitz bet big on, and that Inc. magazine was showering with awards just months ago. While Deel is desperately trying to defend its reputation by flashing its 26 state licenses and crying "fully compliant," this courtroom drama has cast a shadow over what was supposed to be their victory lap after their recent Assemble acquisition.
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?‘Is the FCA’s latest fraud strategy just recycled promises?’
The FCA's newly unveiled 2025-30 strategy promises a tech-driven approach to fighting financial crime, but industry experts are questioning whether COO Emily Shepperd's announcement represents genuine innovation or merely repackaged promises. Despite a 40% drop in overall losses in 2023, investment fraud victims increased by 4.3%, while fraud cost the UK ￡219bn and cyber crime rates climbed 8% year-over-year in October 2024. The regulator is banking on digital innovations like streamlined KYC checks and enhanced data analytics, but faces the challenge of keeping pace with criminals already exploiting cryptocurrency and the dark web. The strategy's success will ultimately depend on the FCA's ability to shift from reactive to proactive enforcement and secure meaningful international cooperation, particularly with historically uncooperative jurisdictions.
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Estonia makes progress with targeted financial sanctions on terrorism and terrorist financing
Estonia just scored a win in the global fight against terrorism financing, but they're not out of the woods yet! In a dramatic shift, MONEYVAL has upgraded the Baltic nation's rating on freezing terrorist assets from "partly compliant" to "largely compliant" - a move that's turning heads in financial crime circles. But here's the kicker: despite this victory lap, Estonia is still stuck in MONEYVAL's enhanced follow-up process (think financial crime watchdog's naughty list) and needs to shape up on a whopping 14 partially compliant areas. The clock is ticking - they've got until December 2025 to prove they can walk the talk in their fight against dirty money and terror financing.
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