Friday's Final Word
Welcome to the last edition of the summer. From political developments to the national implications of the EU's AML regulations, there was more than enough action this week. Happy reading and see you in September!
?? Criminals exploiting video games
???Fragmented and multiplied cybercriminal landscape
???Jersey’s improving measures to combat money laundering
???Trump’s courting of the crypto industry?
???EU AML package and implications for the Dutch Action Plan
Criminals are exploiting digital technology like video games to launder money
Criminals are increasingly laundering money through digital technologies and video games. Traditional methods of money laundering, involving placement, layering, and integration of illicit cash, are being adapted to online platforms. Criminals now use cryptocurrencies like Bitcoin to clean dirty money, as seen with the UK Din sisters who exchanged cash for Bitcoin. Video games like Counter-Strike: Global Offensive are also exploited, with in-game items being bought and resold to launder money. Crypto mixers obscure transaction trails, making it harder for authorities to trace funds. Despite enhanced tracking efforts, digital spaces' anonymity continues to pose challenges, signaling a growing concern for law enforcement.
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Fragmented and multiplied cybercriminal landscape, warns new Europol report
The latest report reveals a surge in cybercrime across the EU, including ransomware targeting small businesses, online fraud, and increasing cases of online sexual exploitation. Criminals are using AI for sophisticated attacks and exploiting cryptocurrencies more widely.
Law enforcement faces challenges from AI-generated child abuse material and encrypted communications. To stay ahead, agencies like Europol are enhancing their tools and expertise, focusing on emerging technologies and cyber threats.
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MONEYVAL acknowledges Jersey’s progress in improving measures to combat money laundering
MONEYVAL (Council of Europe's Monitoring body) has recognized Jersey's strides in enhancing its anti-money laundering (AML) and counter-terrorism financing (CTF) measures. Since its last review, Jersey has significantly strengthened its legal and regulatory frameworks, leading to a high level of effectiveness in managing financial crime risks. The report highlights Jersey's robust financial intelligence efforts and improved operational independence of its Financial Intelligence Unit (FIU). However, MONEYVAL notes that Jersey must improve its practical application of AML/CTF measures, including more proactive investigations and enforcement actions. While the private sector's compliance is commendable, further refinements in areas like due diligence and suspicious transaction reporting are needed. Jersey will update MONEYVAL on its progress in December 2026.
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Trump’s courting of the crypto industry could spell trouble for Europe
Trump’s backing of cryptocurrencies and his choice of pro-crypto running mate JD Vance are causing concern in Europe. His anticipated policy shifts could lead to deregulation of stablecoins in the U.S., increasing their use in Europe. This could undermine the euro and complicate financial stability despite the EU's strict regulations. A global crypto surge could expose Europe to more volatility and regulatory challenges, putting additional strain on European financial systems.
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The EU AML package and implications for the Dutch draft Action Plan on Money Laundering
On 30 May 2024, the EU adopted a new anti-money laundering package (EU AML package), set to be enforced by mid-2027. In April 2024, the Dutch Finance Minister addressed the House of Representatives about aligning the Dutch Action Plan on Money Laundering with this new EU legislation. The proposed changes include a ban on cash payments above €3,000 for professional or business merchants, expected to take effect in January 2026. Other adjustments involve data-sharing and joint transaction monitoring among financial institutions to comply with the EU package, while maintaining the practice of reporting unusual transactions to ease the burden on financial gatekeepers. The Minister will use the implementation period to assess the impact on Dutch laws and consider additional measures.
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