Singapore’s $27M Money Laundering Penalties Expose Critical Failures in Banking Safeguards
Summary The Monetary Authority of Singapore (MAS) has levied SGD 27.4 million in civil penalties against nine financial institutions, including major banks Credit Suisse, UOB and UBS, following the discovery of a SGD 3 billion money laundering operation. The case revealed sophisticated laundering methods utilizing corporate structures, precious metals, property, and cryptocurrency, while exposing fundamental […]
US Treasury Sanctions Three Major Mexican Banks in Landmark Cartel Money Laundering Crackdown
Summary The US Treasury Department has imposed sanctions on three prominent Mexican financial institutions – CIBanco, Intercam Banco, and Vector Casa de Bolsa – for allegedly laundering millions in cartel funds and facilitating fentanyl precursor chemical purchases. The sanctions effectively cut off these institutions from the US financial system and target 31 connected individuals, with […]
The 0.01% Problem: When 43 Million Crime Reports Vanish Into Regulatory Silence
Of 43 million suspicious activity reports filed by banks in 2023, exactly 0.01% resulted in criminal convictions—exposing a compliance system that functions more as security theatre than genuine crime prevention. Speaking at the 2025 BAFT Global Annual Meeting an industry panel examined red flags in trade and supply chain finance. Leading experts revealed how traditional […]
San Diego’s Human Trafficking Crisis: A Major US Trafficking Hub Exposed
Summary FBI data reveals San Diego as one of just 13 major human trafficking hotspots in the United States, highlighting the region’s critical role in this criminal enterprise. The designation of San Diego County, traditionally known for its attractive coastal location and economic opportunities, as a significant trafficking hub demonstrates how criminal networks are exploiting […]
UK Customs Reveals New Strategy to Combat Multi-Billion Dollar Trade-Based Money Laundering Crisis
Summary HMRC has established a dedicated TBML Threats Team and launched major international initiatives to combat trade-based money laundering, including a global summit attended by 20 jurisdictions. The strategy focuses on capability building, engagement, intelligence gathering, and operational activities, while highlighting how criminals exploit the fact that less than 5% of global shipments undergo compliance […]
FATF Report on Trade-Based Money Laundering Trends and Developments
Summary This FATF analysis highlights how criminal organizations increasingly exploit international trade systems to move and launder illicit funds. The report outlines emerging typologies and red flags in trade-based money laundering (TBML), including complex corporate structures, trade mispricing, and the abuse of free trade zones. Analysis The scale and sophistication of modern TBML operations pose […]