For the uninitiated, money laundering is the process of making the proceeds of criminal activity appear to have been legally obtained. Simply put – it takes money that was made illegally and makes it appear legal. It is important to acquaint a business with the implications of money laundering as this financial crime negatively impacts society, as well as legitimate business interests by allowing harmful criminal activity to thrive.

Read on to see how the European Union and the US, as well as major international bodies, have imposed sanctions simultaneously to isolate Russia in the hopes of preventing escalation.

There are three main methods that terrorist financers use to transform the financial proceeds of crime into legitimate funds.

Over recent years, the crypto ecosystem has grown exponentially. As a result, the virtual asset sector has become one of the most fast-moving and technologically dynamic sectors in the financial world. Defined as “a digital representation of value that can be digitally traded or transferred, and can be used for payment or investment purposes”, virtual assets (including cryptocurrency and Bitcoin, for example), have provided a powerful new tool for financial criminals to move and store illicit funds.

As millions of people were forced to find new ways to pay rent, the adult content site, OnlyFans, peaked in popularity – quickly becoming a household name and one of the most popular money-making platforms in the world.