The United Arab Emirates (UAE) has intensified its efforts to combat money laundering in the gold trade through high-level inspections and new regulatory initiatives. This move underscores Dubai’s role as a global gold hub amid upcoming international reviews. Minister’s Inspection Tour Abdulla bin Touq Al Marri, UAE Minister of Economy and Tourism, conducted an inspection tour of Dubai’s Gold Souq on May 12, 2026, to evaluate compliance with anti-money laundering (AML), count

Abuja, Nigeria – May 13, 2026 – Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested Dr. Mustapha Abdullahi, the Director-General of the Energy Commission of Nigeria (ECN), in connection with an alleged money laundering scheme involving N500 billion. The high-profile detention, which occurred in Abuja, marks a significant escalation in Nigeria’s ongoing battle against corruption in the energy sector. Abdullahi, appointed under President Bola Tinubu’

Low Taek Jho, known as Jho Low, the Malaysian financier accused of masterminding the $4.5 billion 1MDB scandal, has filed a pardon request with President Donald Trump. The petition, listed on the US Department of Justice (DOJ) clemency database under “Low Taek Jho,” seeks a “pardon after completion of sentence” and remains pending as of May 2026. This development, first reported by The Wall Street Journal, reignites global scrutiny on one of history’s largest financial frauds

Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Alert to help financial institutions identify and stop funding streams and procurement networks supporting Iran’s Islamic Revolutionary Guard Corps (IRGC). The IRGC has engaged in terrorist activity since its inception with the full support of the Iranian regime. The Alert outlines how the IRGC facilitates and launders the proceeds of illicit oil sales by using networks of she

Hong Kong Customs yesterday (May 12) mounted an operation codenamed "Sabre" and successfully detected a suspected money laundering case involving about $11.3 million in illicit cigarette proceeds, subsequent to a follow-up investigation into a suspected illicit cigarette storage case identified earlier this year. Two men and one woman suspected to be connected with the case were arrested. In January this year, Customs raided a suspected illicit cigarette storage facility in

The Securities and Futures Commission (SFC) has obtained a disqualification order in the Court of First Instance (Court) against Mr Poon Tsz Hang, the former financial controller and company secretary of Qunxing Paper Holdings Company Limited (Qunxing) (Notes 1 and 2). Under the Court order, Poon is disqualified for two years from being a director, liquidator, receiver or manager of the property or business, and being involved in the management of any listed or unlisted corpo

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has intensified its oversight of the Canadian real estate sector, issuing a series of administrative monetary penalties (AMPs) to brokerages failing to meet federal anti-money laundering (AML) and anti-terrorist financing obligations. These enforcement actions highlight critical gaps in compliance, ranging from inadequate record-keeping to failures in reporting suspicious transactions. As the regulator

European financial institutions face mounting pressure to enhance anti-money laundering (AML) and counter-terrorist financing (CFT) compliance as the new EU AML package takes effect. With the Anti-Money Laundering Authority (AMLA) now operational, regulators emphasize urgent action to meet 2027 deadlines. Rise of AMLA and Regulatory Shift The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), based in Frankfurt, assumed full AML/CFT responsi

AUSTRAC has launched two targeted supervisory campaigns into Australia’s virtual assets sector, as landmark Australian anti-money laundering reforms reshape how virtual asset businesses are regulated. AUSTRAC’s campaigns focus on virtual asset service providers (VASPs), previously known as digital currency exchanges (DCEs), offering over-the-counter crypto to cash (or vice versa) services, and local exchanges operating in Australia. AUSTRAC Chief Executive Officer Brendan Tho