Featured Articles

Designing Compliance: What US Justice Department Guidance Tells Banks

A recent update to the US Justice Department’s guidance on assessing corporate compliance programmes is intended to help federal prosecutors determine when to pursue criminal indictments or prosecution agreements with companies, but that shouldn’t deter compliance professionals from reviewing the document. There are lessons within for heads of compliance and… Read More

OFAC’s Compliance Framework: A Fine Foundation?

In May, the US Office of Foreign Assets Control (OFAC) published “A Framework for OFAC Compliance Commitments” (“Framework document”). This document consists of two separable parts, the first of which lays out five “essential components of compliance” that OFAC believes should form the basis for a sanctions compliance program… Read More

Brazil’s Operation Car Wash: A corruption investigator is accused of his own misdeeds

By Lenin Cavalcanti Guerra, University of Saskatchewan Operation Car Wash is an ongoing investigation by Brazilian federal police into a money laundering scheme in which black market money dealers used small businesses to launder dirty money. If you’ve seen TV shows like Breaking Bad or Ozark, it will… Read More
In December 2016, “the largest foreign bribery case in history” was settled in the United States. It was described as such by the Department of Justice when US prosecutors struck a $3.5 billion plea agreement with Brazilian construction giant Odebrecht and its subsidiary Braskem. The Odebrecht prosecution came amid a… Read More
By Iwa Salami, University of East London Facebook has unveiled libra, a cryptocurrency that will enable users to make international payments over Messenger and other group platforms like WhatsApp – perhaps from as soon as 2020. Here’s how it looks likely to work: a user would buy… Read More
The use of capital markets to launder money via investment banks is a topic seldom raised. There are the headline-grabbing cases, to be sure, such as Deutsche Bank’s trouble with mirror trades or Goldman Sachs’ connection to the 1MDB bonds, but these are rarities that fall short of driving industry… Read More
The news this week that the Bailiwick of Jersey has recovered more than $267 million linked to former Nigerian President Sani Abacha puts a spotlight on the banking sector’s vulnerability to money laundering. The funds, which were purportedly derived from corruption, had first been laundered through the US banking… Read More
By Helen Chan, Reuters Graft scandals, and the political, economic and legal fallout associated with them, have become public enemy number one. Efforts to fight corruption and punish corrupt individuals and businesses are at the top of the agenda for many regulators and government around the world. Mere association with… Read More
By Annie Waqar, University of Westminster The most ambitious effort to peacefully constrain the nuclear aspirations of a nation hangs by a thread. Eight years of patient and difficult negotiations to reach an agreement on Iran’s nuclear programme were cast aside when president Donald Trump withdrew US support… Read More
Earlier this month, the UK government submitted its response to the latest House of Commons Treasury Select Committee (TSC) report on economic crime, agreeing in many cases to advance parliamentarian recommendations and, in one instance, pushing back on a key proposal. Taken as a whole, the response outlines a… Read More
It’s been 30 years since the Sommet de l’Arche in Paris established the Financial Action Task Force (FATF) to combat money laundering. So where have we come to in Europe and what remains to be done? The last three decades are not without their accomplishments. Money laundering has been criminalised… Read More
By Nir Kshetri, University of North Carolina – Greensboro Millions of cryptocurrency investors have been scammed out of massive sums of real money. In 2018, losses from cryptocurrency-related crimes amounted to US$1.7 billion. The criminals use both old-fashioned and new-technology tactics to swindle their marks in… Read More
By Iwa Salami, University of East London The 21st-century revolutionaries who have dominated cryptocurrencies are having to move over. Mainstream financial institutions are adopting these assets and the blockchain technology that enables them, in what is perhaps the most profound development since the birth of cryptocurrencies through… Read More