Here are the top Anti-Financial Crime and AML stories so far this week:

INSIGHT:?One of the last actions taken by the United States Congress in 2022 was?enacting?a new whistleblower law.

The Anti-Money Laundering (AML) Whistleblower Improvement Act, which the author's firm actively supported, will have a direct impact on the ability of US law enforcement agencies to track down assets held by Russian oligarchs and sanctioned entities.

Although the AML Whistleblower Improvement Act broadly covers violations of both money laundering and sanctions requirements, the ability to use this law immediately to enforce all of the financial restrictions placed on Russia after the invasion of Ukraine was the driving force behind its passage.

Read the story:?New AML whistleblower law is a game changer in enforcing Russian sanctions

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INCREASED EARNINGS:?ALMOST 2,000 bankers are?earning?more than €1M per annum across the EU, it was revealed today.

The number of senior bankers earning more than €1M increased by 41.5%, from 1,383 in 2020 to 1,957 in 2021.

The figures were released today by the European Banking Authority (EBA) (EBA) which said the “increase is linked to the overall good performance of institutions, in particular in the area of investment banking and trading and sales, continuing relocations of staff from the UK to the EU and a general increase in salaries.”

Read the story here:?2,000 EU bankers earning €1M – up 40pc, with Germany, France, Italy and Spain leading the way

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CONSULTANT ARREST:?THE TAX consultant of a former MEP at the centre of a cash-for-influence?corruption?scandal at the European Parliament has been arrested in Italy.

Monica Rossana Bellini, who worked for former centre-left parliamentarian Pier Antonio Panzeri, was arrested by the Guardia di Finanza tax police in Milan, after a request from Belgium through a European warrant.

She faces charges of criminal association, corruption and money laundering.

Find the story here:?Former MEP’s tax accountant arrested in Italy on money laundering suspicion over EU ‘Qatargate’ graft scandal

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MESSAGE FROM Seneca Polytechnic :?Seneca, one of Canada's leading postsecondary institutions has unveiled an AML Governance executive certificate, it’s been announced.?

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Learners will be taught by expert faculty and guest speakers working in the industry and will also gain hands-on experience in the sector.?

Courses are scheduled for Wednesday evenings, allowing students to continue to work full time. More details on this exciting development here:?CLICK HERE

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Get your message in front of over 18,000 AFC and Compliance executives throughout the world. Contact James Treacy [email protected] for further information.

FinCEN SHUTS DOWN 'SAFE HAVEN':?THE MAJORITY shareholder and co-founder of Hong Kong-registered crypto exchange Bitzlato was?arrested?for allegedly processing €700M in illicit funds.

Anatoly Legkodymov, a Russian living in China, was arrested in Miami on Tuesday on charges that he operated the exchange as a "high-tech financial hub that, in his own words catered to 'known crooks'", a top Justice Department official said.

It was part of an international operation after FinCEN said it has identified virtual currency exchange Bitzlato Ltd as a "money laundering concern" related to Russian illicit finance.

Read the story here:?Bitzlato is €700M crypto ‘dirty money safe haven,’ shut down by FinCEN; France Spain, Portugal and Cyprus dismantle its operations

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FUNNELLING FUNDS:?FIVE men including a now former?solicitor?were on Wednesday jailed for money laundering which involved hacking a football club owner's bank account.

Almost ￡1.5M of "dirty money" was channelled through Ian Robertson's law firm in Paisley, Scotland. Robertson was responsible for AML at his practice.

The sum included nearly ￡1M from the account of an unnamed multi-millionaire football boss.

Find the story:?AML lawyer who funnelled ￡1.5M through his firm is one of five jailed for money laundering in Scotland

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RISE IN FINCRIME:?A SURVEY of 800 C-suite and senior compliance decision-makers?shows fintech and digital banks expect the global economic?downturn?to drive a rise in financial crime.

The survey for ComplyAdvantage found that?two-thirds (65%) surveyed predicted a rise in financial crime and despite pressure on bottom lines 56% are hiring more compliance personnel.

READ the story here:?Fintechs prepare for rise in financial crime due to global economic downturn – survey

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We want to champion great businesses; honouring those who have created impactful, measurable solutions to accelerate growth and progression. Contact James Treacy [email protected] for further information.

MONEYVAL REPORT:?Lithuania has “enhanced” its coordination?mechanisms?in the fight against money laundering, according to in a follow-up report published today by the Council of Europe ’s AML experts (MONEYVAL).

As part of its efforts to combat money laundering and terrorism financing, the country has "improved" its measures in line with the Financial Action Task Force (FATF) standards.?

Lithuania has addressed a significant shortcoming identified earlier, however the report highlighted “some minor shortcomings” remain regarding a declaration requirement for transportation of cash by mail/cargo and restraining currency for a reasonable period of time.?

Read the story here:?Improvements in Lithuania’s AML abilities says MONEYVAL report

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CALL ON THE US DOJ:??US Senator Ron Wyden on Wednesday called for the Justice Department inspector general to?investigate?federal, state and local law enforcement access to a database of more than 150 million money transfers, citing concerns it disproportionately affects minorities and low-income individuals.

Law enforcement agencies have routinely accessed the vast trove of money transfer records without court oversight, Wyden said.

Find the story here:?Senator calls for probe of mass surveillance tool used by US law enforcement

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RECORD BUST:?Chinese customs officials have?arrested?nine people in the biggest money-laundering case in the customs' 114-year history, including a housewife who allegedly ran?the?criminal syndicate using dozens of bank accounts to launder HK$6BN (€708M).

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The woman was detained following the raid on a Hung Hom flat on January 5, The South China Morning Post said on Wednesday.?

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Read the story here:?Hong Kong Customs arrest nine in record HK$6BN (€708M) money laundering inquiry

WOMEN IN FINCRIME:?The award-winning?Women In FinCrime?Summit takes?place on February 22nd (2pm-5pm GMT).?

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Have you registered your place for the stand-out Anti-Financial Crime?(AFC)?summit of the year.?We will be joined by:??

-?El?bieta Franków-Ja?kiewicz, Chair of MONEYVAL?& Vice Chair,?Egmont Group of Financial?Intelligence Units?

- Alexandra Jour-Schroeder, Deputy Director General,?DG FISMA,?European Commission??

- Brenda Lucki, Commissioner,?Royal Canadian Mounted Police | Gendarmerie royale du Canada?Police?(RCMP)?

- Dr.?Shlomit Wagman, former DG Israel Money Laundering & Terrorism Prohibition Authority (IMPA)?

-?Ilze Znotina,?former Director,?Financial?Intelligence Unit (FIU) Latvia?

-?Toni Gillich, Assistant Director, Forensic Audit and?Investigative Service, GAO?

-?Nana Lisa Heider, Head, Financial Crime?Intelligence Unit,?Deutsche Bank

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The summit will be?chaired?by Managing Director of?Interpath’s?Advisory, Federica Taccogna and?moderated by?Jackie King??Executive Director?International Business,?at?Ibec?Global

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The theme of the February?22?Summit is ‘Emerging Technology?in?the Fight Against Financial Crime.’?

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Book your place now?HERE !

CORPORATE GIFT:?Give the Christmas gift that will please every Anti-Financial Crime professional this year - an 'AML Intelligence' Membership.

Department leaders can purchase a corporate 'AML Intelligence' Membership for your team.

Alternatively, you can buy individual Memberships. Our members get access to our premium content, complimentary access to our award-winning conferences and access to 'Regulatory Watch.'

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Have a great Wednesday??

Alisha and the team at AMlintelligence.