UAE's fraud study, a fine for FWD Life, FATF on Turkey, a German laundering ring, a Rs 40 crore crypto arrest.
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UAE to start fraud and AML study under the presidency of MENAFATF
On September 27, 2026, the MENAFATF President announced a regional study on fraud and money laundering, focusing on emerging risks such as cyber-enabled fraud, virtual assets and trade-based money laundering.
The United Arab Emirates (UAE) is set to propose a regional initiative focused on studying fraud typologies and their links to money laundering as part of its presidency of the Middle East and North Africa Financial Action Task Force (MENAFATF). According to MENAFATF President Hamid Saif Al Zaabi, the proposal is expected to be formally presented at the organisation's next Plenary Meeting in Abu Dhabi. He highlighted the need for early detection tools and improving coordination among authorities to identify and recover fraud proceeds. The study is expected to contribute to regional efforts to identify common financial crime patterns and strengthen measures to detect and address illicit financial activity.
Source: Gulf News
Hong Kong’s Insurance Authority fines FWD Life Insurance for insufficient AML controls
FWD Life Insurance Company (Bermuda) Limited has been fined approximately US$ 2.5 million by Hong Kong’s Insurance Authority (IA) for deficiencies in its AML and CFT controls.
The penalty followed an on-site inspection under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, covering the period from April 2012 to September 2024. The IA identified shortcomings in four areas: third-party payer controls, the handling of potentially suspicious transactions, screening of Politically Exposed Persons (PEPs), and customer due diligence for specific transactions. FWD Life had not established a clear threshold requiring identification of payers for large premium payments. Its systems also failed to generate alerts for multiple potentially suspicious transactions, limiting the effectiveness of its monitoring processes. These weaknesses increased the risk that relevant customer and transaction information might not be properly identified or assessed. FWD Life cooperated with the IA’s investigation, completed remedial measures and confirmed that no ineligible customers had successfully obtained policies.
Source: The Standard
FATF highlights Turkey’s progress in the fight against financial crime
FATF notes progress in financial intelligence, investigations, and internal cooperation, while urging stronger action to recover illicit assets.
According to the FATF’s (Financial Action Task Force) recent 2026 Mutual Evaluation Report on Turkey, the country has made progress in several areas since its 2019 assessment. Improvements have been reported in inter-agency coordination, financial intelligence and international cooperation. The country has also recorded a significant increase in money laundering investigations, prosecutions and convictions. These developments indicate that Turkish authorities have strengthened their efforts to combat financial crime, particularly through improved use of financial intelligence, inter-agency coordination and internal cooperation in investigations. However, FATF noted gaps in complex high-risk cases and in identifying and recovering criminal assets abroad.
Source: Reuters
Germany investigates cross-border money laundering network
German police arrested 14 suspects and seized €48.6 million in assets on 30 September 2026 in an operation carried out across four European countries.
German authorities launched a major operation against a money laundering network operating across Europe, with raids carried out in Germany, the Netherlands, Belgium and Bulgaria. More than 1,000 officers searched around 100 locations in Germany and seven properties in the other three countries. Police are investigating 71 suspects, including people allegedly linked to the money laundering network and senior members of the Hells Angels, an international motorcycle club. The suspects are accused of running organised fraud, extortion and other criminal activities, along with money laundering. The group allegedly used corporate structures to move and hide money generated through criminal activities. The funds were then allegedly invested in businesses and real estate, helping conceal their criminal origin. The operation resulted in 14 arrests and the seizure of assets worth around €48.6 million.
Source: NL TIMES
Two arrested for ₹40 crore cryptocurrency fraud
On September 3rd, 2026, the ED arrested two individuals for allegedly luring investors through promotions, inflating token value, and diverting funds.
The Enforcement Directorate (ED) investigation revealed that HashPe, a cryptocurrency trading platform, was allegedly used to lure investors through promotional campaigns to trade in purported TCX cryptocurrency with promises of high returns. The value of the HashPe token was artificially inflated to attract further investments, after which investor withdrawals were blocked and the funds were diverted to accounts linked to shell entities, associates, and relatives. According to the ED, the investors had collected around ₹40 crore. The funds were allegedly diverted and layered through different bank accounts and were used to support lavish lifestyles and purchase immovable properties. On 3 September 2026, the ED arrested the two key accused under the Prevention of Money Laundering Act (PMLA).
Source: ENFORCEMENT DIRECTORATE
