23rd March 2022

The Financial Intelligence Analysis Unit (FIAU) would like to bring to the attention of subject persons and other interested parties a recent publication of the Financial Action Task Force (FATF) focusing on the money laundering and funding of terrorism risks arising from migrant smuggling.  This publication intends to raise awareness about the most common methods to transfer and launder the proceeds of migrant smuggling. It provides useful insights into how subject persons, especially those carrying out relevant financial business, can be abused to launder the proceeds generated from this phenomenon. The FIAU strongly encourages subject persons to consult this publication which is accessible on the  FATF and FIAU websites: Money Laundering and Terrorist Financing Risks Arising from Migrant Smuggling

The FIAU would like to take this opportunity to highlight a recent statement made by the FATF in relation to the events unfolding in Ukraine.  The FATF has emphasised the need for all actors within the AML/CFT sphere to be especially vigilant due to possible new ML/FT risks that may emerge from these circumstances, or the exacerbation of existing ones. It also highlighted the need to ensure that AML/CFT obligations are not abused to hamper the provision and delivery of legitimate humanitarian aid.  The full statement of the FATF in relation to the current situation in Ukraine can be accessed from here.