On 19 January, FATF-style regional body GAFILAT released this report following the on-site visit, which took place between 28 March and 8 April last year. The mutual evaluation concluded that the country had complied with 1 FATF Recommendation; mostly complied with 12 Recommendations; partially complied with 23 Recommendations; and not complied with 4 Recommendations. Ecuador was rated PC/NC on 5 of the 6 Key Recommendations.
On 16 January, Springer reported on a study which examines the extent to which financial facilitators in the Netherlands exhibit business-like characteristics and the extent to which they organise themselves in money laundering networks. It further examines the relationship between business-like behaviour and individual money launderers’ position in the social network. Based on social network analysis, this research shows that financial facilitators in the Netherlands can be linked in extensive money laundering networks. Based on the facilitators’ area of expertise, roughly 2 main types of professional money laundering networks can be discerned.
https://link.springer.com/article/10.1007/s12117-022-09475-w
On 19 January, the Council of Europe announced a report from its GRECO body evaluating the situation concerning bribery and corruption in Bulgaria. GRECO notes that top officials of the government are not subject to a proper integrity framework: no code of ethics is applicable to them, no awareness-raising on integrity matters is provided and no mechanism for confidential counselling on ethical issues is in place. GRECO calls for more transparency concerning the conditions of government officials. Another issue of concern is the lack of effectiveness of the criminal justice response to corruption offences involving top government officials, and independence of the police should be enhanced.
https://rm.coe.int/fifth-evaluation-round-preventing-corruption-and-promoting-integrity-i/1680a9cab7
On 18 January, a news release from FinCEN advised that FinCEN had issued an order that identifies the virtual currency exchange Bitzlato Limited as a “primary money laundering concern” in connection with Russian illicit finance. This is the first order issued pursuant to section 9714(a) of the Combating Russian Money Laundering Act, as amended, The order prohibits certain transmittals of funds involving Bitzlato by any covered financial institution.
https://www.fincen.gov/sites/default/files/shared/FAQs_Bitzlato%20FINAL%20508.pdf
RUSSIAN OWNER OF CRYPTOCURRENCY EXCHANGE BITZLATO ARRESTED IN MIAMI
On 18 January, the Guardian reported that Anatoly Legkodymov, who lives in China, was arrested in Miami.
https://www.theguardian.com/technology/2023/jan/18/russian-cryptocurrency-exchange-arrested-bitzlato
raytodd.blog 