Anti Money Laundering/Combating the Financing of Terrorism Compliance: Europe to implement more comprehensive regulation for cryptoassets

TRACE has passed its first year and in the two years since its inception a lot has changed. The timeframe in the financial sector is significant for the technology-intensive field, particularly in the emergent areas of cryptocurrency and Virtual Financial Assets (VFA) regulations. A lot of challenges have pushed the regulatory interventions, including the Financial […]

TRACE Consortium meets in Tallinn

The EU funded TRACE project aims to trace illicit money flows in various organised crime schemes by utilisation of cutting edge AI technology. The TRACE Consortium met in Tallinn on 12-13 September 2022, to assess our progress and coordinate the upcoming tasks.  The project meeting, kindly hosted by the Estonian Tax and Customs Board, started with a welcome from the Director General, […]

How can Law Enforcement Agencies tackle terrorism using web forensics?

Web forensic and open-source intelligence (OSINT) are the basic tools used for information gathering related to crime in cyberspace. The use of new and advanced technologies by terrorist groups is a daily routine, starting with promotion on social networks and ensuring encrypted communication and ending with the financing of individual terrorist groups. A considerable example […]

Money Laundering Via Non-Fungible Tokens

Editor’s note: This blog was first published at the Oxford Business Law Blog site. If you would like to hear more about this topic, please consider visiting our lecture “Non-Fungible Tokens (NFTs) in the art market: A new medium for money laundering?” at the CEPOL conference on the 9th of June, 14:30-14:50 CEST.  When we think of art, what often […]

Cyber-extortion and ransomware: Is it new?

Ransomware incidents continue to cause disruption throughout the world with several high-profile incidents occurring in 2021. An attack on Colonial Pipeline brought the U.S. fuel supply chain to a standstill. Managed service provider Kaseya was targeted, affecting 1,500 businesses worldwide and making the $70 million ransom demand the largest on record. Cyber criminals have put […]

Concealed identities: money laundering with stolen art and antiquities

The modern art and antiquities markets are particularly vulnerable to money laundering. This is partly explained by the changing character of art and the global art market in general. Investing in art is a new method used to diversify portfolios with secure and long-term investments. Due to skyrocketing prices in the art market, investors are […]

Connections between money laundering, real estate development and the property market

Recent years have seen a drastic spike in suspected use of real estate development and property transactions for money laundering. In 2020, Germany’s Financial Intelligence Unit (FIU Deutschland) reported a 50 % increase in the number of suspected transactions across Germany, a similar trend that can be recognised across Europe.   Both the European Commission […]