Featured Articles

Another Kind of Outbreak: COVID-19 as Financial Crime Threat

When the World Health Organization (WHO) designated COVID-19 a ‘pandemic’ earlier this month, it understandably left out another concern linked to the outbreak: how financial crooks might exploit it. Whether it is this virus or another in the future, the significant attention and panic that comes with such outbreaks can… Read More

“People are Yearning for Real Accountability,” Says Global Witness’ Mark Hays

The financial sector may yet see its own movement to hold institutions and individuals accountable for facilitating corruption, according to Mark Hays, anti-money laundering campaign leader at the advocacy group Global Witness. In a recent interview with AML Talk Show host Martin Woods, Hays said there is an… Read More

What EU Nations Got Wrong in AML Oversight

In a report published last month, the European Banking Authority (EBA) outlined its recent assessments of how EU nations are supervising and enforcing their anti-money laundering (AML) and counterterrorism financing (CTF) rules. Unsurprisingly, the results weren’t pretty. The authority slammed seven AML regulators from five, unnamed EU member-states for… Read More
Economic sanctions regulations generally are written to be applicable to “property or interests in property.” These terms are very broad ones; for example, the Office of Foreign Assets Control’s (OFAC) Venezuela Sanctions Regulations defines them in the following way: The terms property and property interest include, but are not limited… Read More
2019 was the year of clarifying guidance from law enforcement, regulators, and anti-financial crime organizations, even if the effects of new expectations haven’t quite appeared in the form of increased enforcement actions. Nonetheless, it is quite likely that the punitive tail of non-compliance may start to manifest in 2020 and… Read More
Trade-based money laundering (TBML) and tax evasion contributed to a nearly $9-trillion loss for developing countries between 2008 and 2017, according to a report published on Tuesday. Washington, DC-based Global Financial Integrity (GFI) analysed inconsistencies in import and export values between a developing economy and its developed economic partner. Adding… Read More
There are three main methods by which criminal organisations and terrorist financiers move money for the purpose of disguising its origins and integrating it into the formal economy. The first is using the financial system; the second involves the physical movement of money (e.g. using cash couriers); and the third is through the physical movement of… Read More
Late last year, the UK Supreme Court ruled that a London investment bank was liable for the loss of $204 million from a corporate account after the institution complied with authorised payment instructions from the company’s director. The ruling, which imposed a $153 million penalty against the bank, is… Read More
Brexit is complete-ish and the United Kingdom has moved into the transition period of its departure from the European Union at the end of the year. Companies with UK sanctions obligations will still be required to follow EU policies through December 31st, and even then, differentiations between OFSI lists… Read More
Art has come a long way from the more than 70,000-year-old drawings in the Blombos Cave of South Africa to, in perhaps its most “postmodern” iteration, its appearance in the EU’s 5th Anti-Money Laundering Directive (5AMLD), which was to be implemented earlier this month.  With sales in the global… Read More
On January 23, 2020, the Internal Revenue Service published a news release titled “Global tax chiefs undertake unprecedented multi-country day of action to tackle international tax evasion.” The announcement highlighted a coordinated effort across the United Kingdom, United States, Canada, Australia and the Netherlands to combat money laundering and… Read More
On December 12th of last year, OFAC issued a Finding of Violation (“Finding”) to Aero Sky Aircraft Maintenance, Inc. (“Aero Sky”) for two apparent violations of the Global Terrorism Sanctions Regulations (GTSR). At the time of OFAC’s action, Aero Sky was no longer in business. However, OFAC noted in… Read More
Banks will remain vulnerable to money laundering and other financial crimes unless further action is taken to improve transparency in the company formation sector, experts have said after an investigation revealed how easily shell firms can be set up across the world for illicit purposes. Last month, the Organised Crime and Corruption Reporting… Read More