As the U.S. continues to hold its financial institutions to tight anti-money laundering (AML) regulations, other countries around the world are following suit…and having some success.

In January, Australia’s biggest AML investigation, dubbed Project Eligo, discovered 40 separate operations moving millions of dollars of illegal drug money offshore. One operation directly funded Hezbollah, a Lebanese military group dubbed terroristic by many countries.

With assistance from the U.S. Drug Enforcement Agency, Project Eligo seized $26 million in cash, $30 million in property such as “exchange houses,” or places where money was being laundered, and intercepted drug shipments totaling more than $530 million.

Australia has always been at the forefront of tracking down and freezing money in overseas accounts, but has struggled to find a way to have the same success within its borders.  Project Eligo is considered a prelude to Australia’s effort to revamp its regulations regarding unidentified wealth.

by Richard Paxton

(Want to learn more?  Alacer’s AML experts will be attending the 19^th Annual AML & Financial Crimes Conference, being held March 16-19 at the Westin Diplomat in Hollywood, FL.  Send an email to me at Richard@alacergroup.com to arrange a chat.)