FinCEN Files sparks fresh UK inquiry into laundering of dirty billions
23rd October 2020
FinCEN Files sparks fresh UK inquiry into laundering of dirty billions
Prompted by the FinCEN Files, a powerful U.K. parliamentary committee has launched a fresh anti-money laundering inquiry 19-months after it outlined findings that the nation’s response to billions of pounds in money-laundering was “fragmented.” In light of the International Consortium of Investigative Journalists’ recent investigation, the U.K. Treasury Committee… Read More
Lawyers, accountants and real estate agents should report suspicious activity: AUSTRAC boss
23rd October 2020
Lawyers, accountants and real estate agents should report suspicious activity: AUSTRAC boss
The head of the financial crimes watchdog says she is concerned lawyers and real estate agents are being used for money laundering, as the government considers whether to impose tough new reporting obligations on them. Austrac chief executive Nicole Rose said the decision on whether to bring lawyers, accountants and… Read More
European Central Bank upgrades whistleblowing framework
23rd October 2020
European Central Bank upgrades whistleblowing framework
The European Central Bank yesterday unveiled an enhanced internal whistleblowing framework designed to help employees flag wrongdoing without fearing retaliation for their own careers. In a statement, the ECB said the tool would “enable staff to speak up in confidence” and anonymously if they detected suspected wrongdoing and highlight “potential… Read More
‘It’s a New Day’: Sudan Exults to Be Taken Off List of Terror States
21st October 2020
‘It’s a New Day’: Sudan Exults to Be Taken Off List of Terror States
Sudanese people and their government officials are celebrating the news that after 27 years the United States plans to remove the country from its list of state sponsors of terrorism — a move that could help Sudan revive its ailing economy and bolster its transition to democratic rule. President… Read More
U.S. Broadens Sanctions to Thwart Completion of Russian Gas Pipeline
21st October 2020
U.S. Broadens Sanctions to Thwart Completion of Russian Gas Pipeline
The State Department broadened the scope of sanctions targeting an unfinished Russian-backed natural-gas pipeline that has been a source of tension between Germany, Russia and the U.S. Sanctions enacted late last year focused on pipe-laying vessels for Nord Stream 2 and halted the $10.5 billion pipeline, which is… Read More
National security law: Hong Kong banks told by HKMA to report suspicious transactions
21st October 2020
National security law: Hong Kong banks told by HKMA to report suspicious transactions
Banks operating in Hong Kong have been told to report financial transactions believed to violate the city’s controversial national security law (NSL) as they would suspected incidents of money laundering or terrorism financing, according to the city’s top financial regulator. In a document posted on its website, the Hong Kong… Read More
Iran says UN arms embargo lifted, allowing it to buy weapons
19th October 2020
Iran says UN arms embargo lifted, allowing it to buy weapons
Iran has announced that it is now free to purchase weapons on the basis of its defense needs, as a United Nations conventional arms embargo imposed on the country expired on Sunday. “Today’s normalization of Iran’s defense cooperation with the world is a win for the cause of multilateralism and… Read More
U.S. Treasury unit warns banks of unemployment fraud
15th October 2020
U.S. Treasury unit warns banks of unemployment fraud
U.S. unemployment claims, which have surged during the coronavirus pandemic, are amplifying a compliance risk for financial institutions: unemployment insurance fraud. The Treasury Department’s Financial Crimes Enforcement Network issued an advisory Tuesday, alerting banks to red flags that could indicate illicit activity, including emerging schemes exploiting vulnerabilities created by the… Read More
Global watchdogs agree rules for stablecoins like Facebook’s Libra
13th October 2020
Global watchdogs agree rules for stablecoins like Facebook’s Libra
Central banks set out to regulate cross-border stablecoins like Facebook’s planned Libra with a common approach on Tuesday, saying more rules may later be needed to ensure stability. The prospect of a currency-backed stablecoin being used by billions of people on Facebook has galvanised central banks into putting together rules… Read More
Pope commits to clean finances amid scandal in backyard
9th October 2020
Pope commits to clean finances amid scandal in backyard
AP — Pope Francis told European anti-money laundering experts Thursday that the Vatican was committed to “clean finance,” as he denounced financial speculation amid a spiraling corruption investigation in the heart of the Holy See. It is rare for a head of state to meet with the Council of Europe’s… Read More
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