Leadership of MENAFATF meets to Activate the Group’s Strategic Plans
On January 6, 2025, MENAFATF’s leadership convened in the Hashemite Kingdom of Jordan to develop executive plans for implementing their collaborative strategic priorities under the presidencies of the UAE and Jordan. The meeting was chaired by Samia Abu Sharif, Head of the Anti-Money Laundering and Terrorist Financing Unit in Jordan, alongside Vice-Chairman Hamed Saif Al-Zaabi, Secretary-General of the UAE’s National Committee for Combating Money Laundering and Terrorist Financing.
MONEYVAL’s Progress Reports on Estonia and Slovakia
The Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has published follow-up reports on Estonia and the Slovak Republic re-assessing their compliance with the Financial Action Task Force (FATF) recommendations.
UAE Delegation Meets French Officials: A Strategic Collaboration to Strengthen Partnership
On January 18 2025, in Paris, France, a high-level delegation from the United Arab Emirates (UAE), led by the General Secretariat of the National Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations Committee (NAMLCFTC), visited Paris to discuss avenues for enhancing cooperation between the UAE and France in combating financial and organized crimes, thereby bolstering international economic security.
UAE places 19 individuals, entities on Local Terrorist List
On January 8, 2025, the United Arab Emirates (UAE) ballooned its Local Terrorist List by adding 19 individuals and entities linked to the Muslim Brotherhood, a group designated as a terrorist organization by the UAE. The UAE Cabinet issued Resolution No. (1) of 2025, approving the inclusion of 11 individuals and 8 entities in the list of organizations and individuals supporting terrorism. This action aligns with the UAE’s legal framework aimed at battling terrorism and its financing.
Treasury Sanctions on SAF Leadership and Weapons Suppliers
On January 16, 2025, the United States Department of the Treasury imposed sanctions on Abdel Fattah al-Burhan, the leader of the Sudanese Armed Forces (SAF), and Mirghani Idris Suleiman, the director of the Defense Industries System (DIS), for their roles in perpetuating the ongoing conflict in Sudan. The US Department of the Treasury has taken decisive action against key actors fueling the conflict in Sudan. By sanctioning the Sudanese Armed Forces (SAF) leadership and targeting its weapons supply chain, these measures aim to disrupt the ongoing violence and mitigate its devastating impact on civilians. However, the sanctions also present implications for humanitarian operations and Sudan’s future stability.
Global Cryptocurrency Exchange BitMEX Fined $100 Million for violating Bank Secrecy Act
In a landmark legal decision, global cryptocurrency exchange BitMEX faced grave consequences for its non compliant violations of the Bank Secrecy Act (BSA). The exchange, which was once considered a leader in the crypto derivatives market, was fined $100 million by U.S. authorities for failing to implement necessary anti-money laundering (AML) and know-your-customer (KYC) measures. This case has set a precedent for the cryptocurrency industry and highlighted the importance of regulatory compliance.
SEC charges Robinhood with securities violations, brokerage to pay $45 million penalty
In January 2025, Robinhood Markets, Inc., a well-known and pRominent online brokerage firm, agreed to pay a $45 million settlement to the U.S. Securities and Exchange Commission (SEC) to resolve allegations of multiple securities law violations. This settlement highlights the regulatory challenges faced by rapidly evolving fintech companies in maintaining compliance with established financial regulations.
The FCA’s Findings on Wholesale Broker: Strengthening Systems, Controls, Risk Awareness, and Training Against Money Laundering
The Financial Conduct Authority (FCA) has conducted a detailed review of wholesale brokers and their approaches to combating financial crime, specifically money laundering. The regulator found major shortcomings in how these firms manage risks, enforce controls, and train their employees. The findings underscore the urgent need for brokers to improve their compliance frameworks to meet the regulatory expectations and prevent their services from being misused by criminals.
