Money Laundering-Related Developments for September 2024

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 September 27, 2024)

?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

Kristen Larson & Ronald Vaske, FDIC Issues Notice of Proposed Regulations for Enhanced Recordkeeping for Third-Party Custodial Accounts, JDSupra, September 26, 2024, link here.

-??????? Summary: FDIC board approved notice of proposed rulemaking that would increase recordkeeping obligations for bank deposits received from third party, non-bank companies that accept those deposits on behalf of consumers and businesses

?UAE seizes $639m of assets for money-laundering violations, Arabian Business, September 24, 2024, link here.

-??????? Summary: UAE progresses in its fight against AML-CTF by seizing more than $639 million last year for rule violations

?Manuel Rueda, Anti-money laundering group suspends Colombia after President Petro declassifies confidential report, Associated Press, September 23, 2024, link here.

-??????? Summary: Egmont Group removed Colombia’s access to Egmont global information sharing platform, while it further investigates the situation where Colombian President Petro shared confidential information during nationally televised speech

?Fatima Hussein, New US rules try to make it harder for criminals to launder money by paying cash for homes, Associated Press, August 28, 2024, link here.

-??????? Summary: Treasury Department’s new rules require investment advisers and real estate professionals to report cash sales of residential real estate sold to legal entitles, trusts, and shell companies, in an effort to combat money laundering.

Government Documents, Reports, and Speeches

?India’s measures to combat money laundering and terrorist financing, Financial Action Task Force, September 18, 2024, link here. | Full Report here.

Jersey’s measures to combat money laundering and terrorist financing, Financial Action Task Force, September 12, 2024, link here. | Full Report here.

El Salvador’s measures to combat money laundering and terrorist financing, Financial Action Task Force, September 8, 2024, link here. | Full Report here.

Investigations, Prosecutions, and Regulatory Actions

Shivani Tanna, TD Bank nears possible guilty plea in money laundering probe, WSJ reports, Reuters, September 28, 2024, link here.

-??????? Summary: TD Bank is close to reaching possible guilty plea to criminal charges that its U.S. retail bank failed to curb money laundering tied to Chinese crime groups and illicit fentanyl sales

Jonathan Stempel, Connecticut Trader Convicted in Petrobras Bribery Case, US News, September 26, 2024, link here.

-??????? Summary: A federal jury in Connecticut convicted Glenn Oztemel of seven counts of money laundering, conspiracy, and violating the FCPA for his role in a nearly eight-year scheme

?Two Russian Nationals Charged in Connection with Operating Billion Dollar Money Laundering Services, Department of Justice – Office of Public Affairs, September 26, 2024, link here.

-??????? Summary: Justice Department unsealed an indictment charging a Russian national with his involvement in operating multiple money-laundering services that catered to cybercriminals and seized web domains associated with three illicit cryptocurrency exchanges

Specially Designated Global Terrorist Mohammad Bazzi Pleads Guilty to Sanctions Evasion, Department of Justice – U.S. Attorney’s Office, Eastern District of New York, September 20, 2024, link here.

-??????? Summary: Mohammad Ibrahim Bazzi pleaded guilty to conspiracy to conduct and to cause United States persons to conduct unlawful transactions with a Specially Designated Global Terrorist, and agreed to forfeit the nearly $830,000 involved and to be removed from the United States after completing his sentence

?Leader of $4M International Telemarketing Scheme Convicted, Department of Justice – Office of Public Affairs, September 20, 2024, link here.

-??????? Summary: A federal jury in North Carolina convicted Roger Roger of one count of conspiracy to commit mail and wire fraud, four counts of wire fraud, one count of conspiracy to commit money laundering, and two counts of international money laundering for his leadership role in a fraudulent telemarketing scheme

?Former assistant district attorney indicted on bribery, money laundering conspiracy, and other felony charges, IRS, September 18, 2024, link here.

-??????? Summary: A federal grand jury in Louisiana returned an indictment charging Gary Haynes with conspiracy to commit bribery, bribery, using his cell phone in furtherance of bribery, conspiracy to commit money laundering, and obstruction of justice

Money-Laundering Measures and Policies

FinCEN Reminds Financial Institutions to Remain Vigilant to Suspicious Transactions Associated with Synthetic Opioids, Financial Crimes Enforcement Network, August 26, 2024, link here.

-??????? Summary: In honor of Overdose Awareness Week, the Financial Crimes Enforcement Network highlights its resources relating to the trafficking of fentanyl