Money Laundering-Related Developments for January 2025

Here’s the latest monthly roundup of money laundering-related developments, as compiled by the American University Washington College of Law’s Anti-Corruption Law Program.

Money Laundering-Related Reports, Releases, and Analyses (as of January 31, 2025)

?Note: Inclusion of any links herein does not guarantee that the reader will be able to get past a particular publication’s paywall without a subscription to that publication. Readers may be able to obtain copies of such materials through their institution’s library.

General Money Laundering-Related Developments

William Ysaguirre, Belize achieves Gold standard rating by CFATF, Amandala, January 29, 2025, link here.

-??????? Summary: The Caribbean Financial Action Task Force elevated Belize to the gold standard status for its commendable efforts to improve its anti-money laundering framework.

?Nate Raymond, US Supreme Court removes hurdle to anti-money laundering law, Reuters, January 23, 2025, link here.

-??????? Summary: Despite ongoing challenges to the constitutionality of the Corporate Transparency Act, the Supreme Court declined to halt its enforcement just one month after a Texas federal district judge initially issued an injunction.

?Government Documents, Reports, and Speeches

Slovakia has made limited progress to enhance its framework against money laundering and terrorist financing, Council of Europe, January 14, 2025, link here. | Full Report here.

Estonia makes progress in implementing targeted financial sanctions related to terrorism and terrorist financing, Council of Europe, January 13, 2025, link here. | Full Report here.

Investigations, Prosecutions, and Regulatory Actions

Ecuador court doles out prison terms in $43 million Albanian mafia scheme, Reuters, January 31, 2025, link here.

-??????? Summary: An Ecuadorean anti-corruption court imposed a custodial sentence on multiple individuals and sanctions on three companies involved in a $43.4 million money laundering scheme tied to the Albanian mafia.

New Jersey Man Convicted for Conspiring to Traffic Fentanyl-Related Substances and Launder Money, U.S. Department of Justice—Money Laundering and Asset Recovery Section, January 29, 2025, link here.

-??????? Summary: A New Jersey federal jury convicted William Panzera of conspiracy to distribute and possess with intent to distribute controlled substances and conspiracy to commit international promotional money laundering.

Joshua Goodman & Jim Mustian, Colombian customs official pleads guilty in money laundering case tied to DEA misconduct, Associated Press, January 28, 2025, link here.

-??????? Summary: During the second day of his trial, Omar Ambuila pleaded guilty to conspiracy to commit money laundering after allegedly accepting bribes and funneling more than $1 million in drug proceeds.

Mengqi Sun, KuCoin to Pay Nearly $300 Million for Operating an Unlicensed Money Transmitter in the U.S., Wall Street Journal, January 28, 2025, link here.

-??????? Summary: KuCoin pleaded guilty and agreed to a $300 million settlement, with the goal of re-entering the U.S. market after two years with improved licensing and compliance measures.

French investigators open fraud probe against crypto platform Binance, Reuters, January 28, 2025, link here.

-??????? Summary: Following allegations of money laundering and tax fraud in connection with drug trafficking, French investigators narrow their investigation of Binance to those offenses between 2019 to 2024.

Nivedita Balu, TD Bank global anti-money laundering officer stepping down, Reuters, January 23, 2025, link here.

-??????? Summary: TD Bank’s Chief Global Anti-Money Laundering Officer, Herbert Mazariegos, resigned following regulatory fines for compliance failures, as the bank undertakes corrective actions and appoints new leadership.

Swiss banker faces trial in France for tax fraud, Swiss-Info, January 22, 2025, link here.

-??????? Summary: After being accused of evading millions in taxes by concealing income and falsely claiming Swiss residency, Swiss banker Paul Hottinger will stand trial in early June 2025.

Former Finance Minister of Mozambique Sentenced in $2B Fraud and Money Laundering Scheme, U.S. Department of Justice—Criminal Fraud Section, January 17, 2025, link here.

-??????? Summary: Manuel Chang, the former Finance Minister of Mozambique, faces 102 months in prison after abusing his position by obtaining $7 million in bribes in a $2 billion international fraud, bribery, and money laundering scheme.

Lead Defendants of Prolific Human Smuggling and Money Laundering Network Sentenced in Joint Task Force Alpha Investigation, U.S. Department of Justice—Money Laundering and Asset Recovery Section, January 17, 2025, link here.

-??????? Summary: Erminia Serrano Piedra and Oscar Angel Monroy Alcibar face custodial sentences of 121 months and 135 months, respectively, after acting as leaders of a human smuggling organization involving hundreds of undocumented individuals and laundering the proceeds of such illicit activity.

Miami-Based Real Estate Broker Pleads Guilty to Conspiracy to Violate Russia-Ukraine Sanctions and to Commit Money Laundering, U.S. Department of Justice—Money Laundering and Asset Recovery Section, January 16, 2025, link here.

-??????? Summary: Miami real estate broker Roman Sinyavsky pleaded guilty for his role in a scheme to violate U.S. sanctions by facilitating real estate transactions for Russian oligarchs, Viktor Perevalov and Valeri Abramov.

Pete Schroeder, US state regulators fine Block Inc $80 million for insufficient money laundering controls, Reuters, January 15, 2025, link here.

-??????? Summary: Block Inc. has agreed to an $80 million multi-state settlement and to implement corrective actions after state financial regulators revealed deficiencies in its anti-money laundering program for its Cash App service.

Money-Laundering Measures and Policies

China Strengthens Wildlife Protection Through New Anti-Money Laundering Law, Traffic, January 9, 2025, link here.

-??????? Summary: China’s newly revised Anti-Money Laundering law, which specifically targets the financial operations of illegal wildlife trade, contains significant amendments including introducing beneficial ownership requirements to increase transparency in financial transactions.