The recent proclamation in The Star that, “In Canada, nearly all accused money launderers get their charges dropped”, didn’t surprise me in the least. I’ve had the privilege of interacting with hundreds of Canadian law enforcement officers and prosecutors who specialize in the prosecution of mafia bosses and money… Read More
The Netflix TV show ‘Narcos’ has done a commendable job showing audiences the trials and tribulations of both drug traffickers and those tasked with catching them in the 1980’s and 1990’s. Yet the problem is not historical, nor have things improved over the last 40 years. Read More
As the fallout from Westpac’s massive money-laundering scandal continues, compliance officers would be well advised to spend some time reviewing how the bank’s troubles began. For that, we can turn to AUSTRAC’s recent civil action against the lender alleging over 23-million breaches of domestic AML/CTF legislation, each carrying a maximum fine… Read More
By Ronald F Pol, La Trobe University The charges surrounding Westpac’s alleged 23 million breaches of anti-money laundering laws have been called “about as serious as it gets”. They include, in the words of Home Affairs Minister Peter Dutton, giving “a free pass to paedophiles”. Read More
It is said that if you place a frog in water and slowly raise the temperature to boiling, it will fail to act until it is too late. I don’t know if this is true; I’d certainly never wish to test the theory. But the metaphor is apt for what… Read More
At times, we AML professionals in the private and public sectors that play by the rules have difficulty realizing that the “bad guys” at the highest levels of the criminal world have no rules. They have more resources and capabilities than we can conceptualize. Unless you’ve lived in that world,… Read More
“At the moment, money is still winning,” says Gerard Ryle, director of the International Consortium of Investigative Journalists (ICIJ) in response to a question on whether money or truth is more powerful. But that’s not to say financial crooks are particularly comfortable in the age of data leaks, or… Read More
Although economic sanctions are supposed to be universally adopted, they are only actively promulgated and enforced by a small handful of nations. The United States, in particular, has wielded the power of this tool of economic leverage the most extensively, and enforced its regulations the most aggressively. This is because… Read More
Generally speaking, “money laundering” is not at the top of anyone’s agenda as they go about their daily lives.  The average person might occasionally read a news article about a drug dealer convicted of drug trafficking and money laundering or hear a passing mention on a television show, but… Read More
Cryptocurrency is an emerging value transfer system with pluses and minuses for users with legal and illicit funds. No doubt it is growing every day, as evidenced by the facts provided on CoinMarketCap.com. But from a money launderer’s perspective, the greatest majority of cryptocurrencies have limitations for those servicing traditional… Read More