The government of Kenya has announced a raft of new policies in a bid to target and eradicate corruption, money laundering and international crime operating within its borders. This has included the announcement that banks breaking anti-money laundering laws will, at a minimum, lose their licence, as will… Read More
Earlier this month, the FT’s Lex column discussed the New York Department of Financial Services’ findings that Promontory Financial, like PwC and Deloitte before it, had agreed to the request of a bank to tone down some of the conclusions of an investigation it… Read More
Europol has released a new report entitled: “Why is cash still king? – A strategic report on the use of cash by criminal groups as a facilitator for money laundering”. The report notes that in the EU, “the use of cash is the main reason triggering suspicious transaction reports within… Read More
The first criminal prosecution in Jersey for failing to file a Suspicious Activity Report has resulted in acquittals for both the individual and corporate defendant charged. STM Fiducaire Ltd, a Jersey-based wealth management business, and an employee of STM, Michelle Jardine, were prosecuted for offences under the Proceeds of… Read More
As the pendulum begins to swing away from banker bashing there is a risk that the nature and extent of the sickness that has gripped the sector has not been fully diagnosed or treated. Akin to a patient with a contagious illness, banks are about to be released from quarantine… Read More
The US Treasury Department has published two reports: the National Money Laundering Risk Assessment (‘NMLRA’) and the National Terrorist Financing Risk Assessment (‘NTFRA’). The stated purpose of these two assessments is: “to help the public and private sectors understand the money laundering and terrorist financing methods used in… Read More
On 3 June 2015 the New York financial services regulator, the New York State Department of Financial Services (‘NYDFS’), announced the release of the final form of its “BitLicense” which was described as “the first comprehensive framework for regulating digital currency firms”. The press-release accompanying the announcement noted that the… Read More
After it was announced that five major banks had agreed to plead guilty to felony charges in the US, commentators have once again called for top executives to be held personally accountable. On 20 May 2015 the Department of Justice announced that Citicorp, JPMorgan Chase & Co., Barclays PLC,… Read More
On 25 May 2015 the Irish Times published the following article by Stephen Platt, author of Criminal Capital: How the Finance Industry Facilitates Crime:  Another week, another series of record banking penalties. JP Morgan, Barclays, RBS, Citigroup and UBS have been fined a total of $5.7… Read More
At the recent 47th Plenary of MONEYVAL it was decided that the overall progress of Bosnia and Herzegovina in addressing its AML/CFT deficiencies under the Compliance Enhancing Procedures remained insufficient. MONEYVAL considered that although amendments to the country’s Anti-Money Laundering and Counter Financing of Terrorism Law had been made, other necessary amendments to its Criminal… Read More