In a landmark operation known as Operation Kraken, law enforcement agencies from nine countries, led by Europol, have successfully dismantled the Ghost network, a secretive encrypted communication platform used by criminal organizations worldwide. Ghost allowed users to anonymously conduct illegal activities such as drug trafficking, money laundering, and violent crimes with end-to-end encryption and self-destructing messages.

The operation has resulted in 51 arrests across countries including Australia, Italy, and Canada, and disrupted a vital communication lifeline for organized crime. This takedown follows similar successes with EncroChat and AN0M, showing the growing global cooperation in the fight against encrypted platforms used by criminals.

Ghost Busted, but the fight against these networks continues. Congratulations to Europol, AFP, FBI, and all partners involved in this critical mission! 👏

In this FinCrime TV AML special we dive into the significant reforms proposed for Australia’s anti-money laundering (AML) and counter-terrorism financing (CTF) regime.

Following feedback from an initial consultation, the Attorney-General announced the second stage on May 2nd 2024. Earlier this year, the Financial Action Task Force rated Australia as non-compliant in several key areas, prompting these broader (overdue) reforms.

Key changes include integrating real estate professionals, lawyers, and accountants into the AML/CTF regime, along with regulating dealers in precious metals and stones, and digital currency exchanges.

The reforms also streamline AML/CTF programs and introduce new measures for serious offence investigations and compliance requirements.