AML Conversations Trafficking in Persons, EU Sanctions, a FATF Rethink, Iran Shadow Banking System, and More
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Jun 28, 2024 The U.S. State Department's new Trafficking Persons Report uncovers shocking trends in human trafficking. EU sanctions against Russia target the liquefied natural gas sector while raising concerns about human trafficking linked to migration. Spotlighting Iran, recent U.S. sanctions expose a shadow banking network laundering vast sums for defense. Investigative journalism plays a crucial role in revealing these issues. Finally, discussions on AML compliance highlight the need for community involvement and regulatory updates to enhance financial crime prevention.
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Investigative Journalism Impacts FATF
- FATF removed UAE from the gray list despite media reports showing gaps and illicit ownership of property in Dubai.
- Investigative journalism by OCCRP directly impacted FATF's reconsideration of UAE's status.
Iran's Shadow Banking Exposed
- OFAC sanctioned 50 Iranian entities part of a shadow banking network used by Iran's Ministry of Defense and IRGC.
- These entities laundered billions through exchange houses and cover companies in Hong Kong and UAE.
EU Targets Russia's LNG Revenue
- EU's 14th sanctions package targets Russia's liquefied natural gas exports.
- Focus includes LNG itself and infrastructure like pipelines to cut Russia's hard currency revenue from energy.