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EXECUTIVE SUMMARY 1
INTRODUCTION 3
SECTION I THREATS 5
Fraud 5
1 Investment Fraud 6
2 Healthcare Fraud9
3 Update on COVID-19-Related Fraud 11
4 Elder Financial Exploitation12
5 Special Focus: Check Fraud15
6 Business Email Compromise (BEC) 17
Drug Trafficking 18
1 Illicit Synthetic Opioids (including Fentanyl) and Heroin 19
2 Priority DTO Threat Actors 21
Cybercrime 23
1 Ransomware 23
2 Malware 25
Professional Money Laundering 26
1 Money Mule Networks 27
2 Chinese Money Laundering Organizations and Networks29
3 Special Focus: Russian Money Laundering and Sanctions Evasion31
Corruption 32
1 Foreign Corruption33
2 Domestic Corruption 34
3 Special Focus: Unlawful Campaign Finance35
Human Trafficking & Human Smuggling 36
1 Human Trafficking36
2 Human Smuggling 39
Special Focus: Tax Crime 40
Update on Wildlife Trafficking and other Nature Crimes 41
1 The Intersection of Nature Crimes with Other Threats 41
SECTION II VULNERABILITIES AND RISKS 43
Cash 43
1 Bulk Cash Smuggling43
2 Cash Consolidation Cities 44
3 Cash-Intensive Businesses and Front Companies46
4 Funnel Accounts 47
Financial Products and Services 48
1 Money Orders 48
2 Prepaid Cards49
3 Peer-to-Peer Payments51
Legal Entities and Arrangements 53
1 Legal Entities53
2 Beneficial Ownership Information54
3 Trusts 56
Virtual Assets 58
1 Inconsistent Compliance with Domestic Obligations 59
2 Inconsistent Implementation of International AML/CFT Obligations 62
3 Obfuscation Tools and Methods62
4 Mixing 63
5 Disintermediation 65
6 Special Focus: Decentralized Finance (DeFi) 65
AML/CFT Compliance Deficiencies 66
1 Banks 66
2 Money Services Businesses70
3 Securities Broker-Dealers and Mutual Funds72
4 Complicit Professionals 74
Luxury and High-Value Goods 75
1 Real Estate 75
2 Precious Metals, Stones, and Jewels78
3 Update on Art80
4 Automobiles 81
Casinos and Gaming 82
1 Special Focus: Online Gaming 84
Entities Not Fully Covered by AML/CFT Requirements 86
1 Investment Advisers 86
2 Third-Party Payment Processors89
3 Attorneys 91
4 Accountants 94
CONCLUSION 96
PARTICIPANTS 97
METHODOLOGY 98
TERMINOLOGY 100
LIST OF ACRONYMS 101
