Scion Roundup (27th August - 5th September)

Weekly Roundup - 05 September 2025

Policy

- The UK government has released a progress report on the Economic Crime Plan 2, detailing advancements in tackling financial crime. The report highlights efforts in improving the regulatory framework, enhancing intelligence sharing, and increasing resources for enforcement agencies. Key achievements include the implementation of new legislative measures to combat money laundering and fraud, alongside initiatives to strengthen public-private partnerships.

- A new amnesty has been announced for Italian-made blank firing guns in the UK. Authorities are urging individuals in possession of these firearms to surrender them, aiming to mitigate potential misuse and enhance public safety. This initiative is part of broader efforts to control illegal firearms and reduce gun crime.

Enforcement

- The National Crime Agency has successfully dismantled a cannabis farm and drug supply network in the West Midlands, resulting in multiple arrests. This operation underscores the agency's ongoing commitment to disrupting organised crime networks and mitigating drug trafficking within the region.

- In the West Midlands, a man suspected of links to people smuggling has been arrested. This arrest is part of ongoing efforts to combat organised immigration crime. Additionally, a Polish national has been sentenced for smuggling 61 firearms into the UK, highlighting the continued focus on intercepting illegal arms trafficking.

Sanctions

- Alipay, a major Chinese payments provider, has been fined in Luxembourg for significant anti-money laundering breaches. This enforcement action reflects the increasing scrutiny on financial institutions to adhere to stringent AML regulations and the consequences of non-compliance.

- There are no additional updates in the sanctions domain this week.

Crypto

- Crypto exchange OKX has been fined €2.25 million by Dutch authorities for operating without the necessary regulatory approval. This penalty highlights the importance of compliance with local regulatory requirements for crypto businesses operating within the European Union.

- Dutch police have uncovered cryptocurrency worth €2 million hidden in a shoe, underscoring the innovative methods used in concealing digital assets. This discovery highlights the challenges law enforcement faces in tracing and seizing cryptocurrencies involved in illicit activities.

Industry Moves

- PayPal has confirmed collaboration with German banks following a halt in €10 billion worth of payments. This development is part of PayPal's strategy to enhance its compliance infrastructure and ensure adherence to regulatory standards across its operations in Europe.

- Nasdaq Verafin has partnered with BioCatch to address payments fraud. This collaboration aims to leverage behavioural biometrics to enhance fraud detection capabilities, reflecting an industry trend towards integrating advanced technologies for financial crime prevention.

Other

- The 'International Anti-Financial Crime Summit 2025' will feature a majority of women leaders as speakers. This development marks a significant step towards gender diversity in financial crime compliance discussions, promoting varied perspectives in tackling financial crime challenges.

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