FATF publishes assessment of UK anti-money laundering, counter terror financing systems
10th December 2018
FATF publishes assessment of UK anti-money laundering, counter terror financing systems
A global anti-money laundering (AML) watchdog has found that the United Kingdom has a ‘robust understanding’ of laundering and terrorism financing threats, but warned it faces significant risks of dirty cash inflows from offshore jurisdictions and foreign criminals. The Financial Action Task Force (FATF) said Britain’s ‘strong’ public-private partnerships are… Read More
Britain suspends £2 million golden visas to tackle money laundering
7th December 2018
Britain suspends £2 million golden visas to tackle money laundering
Britain will suspend its top tier investor visas, which require 2 million pounds ($2.55 million) in investment, as part of a drive to crack down on organised crime and money laundering. From Russian oligarchs and Middle Eastern oil barons to newly-minted Chinese entrepreneurs, the wealthy have flocked to London over… Read More
Cuba modifies some regulations unpopular with private sector
7th December 2018
Cuba modifies some regulations unpopular with private sector
AP — Cuba’s government has modified a series of measures unpopular with the country’s private sector, including lifting restrictions on the number of business permits a person can have and the number of chairs there can be in restaurants, a top official said Wednesday. In July,… Read More
Iran moves closer to adopting law against funding terrorism
6th December 2018
Iran moves closer to adopting law against funding terrorism
Iran’s parliament approved a tweaked draft law against funding terrorism on Wednesday which officials hope will bring Tehran closer to global standards and help remove it from investment blacklists as it faces renewed U.S. sanctions. The official news agency IRNA said lawmakers had included amendments requested by a powerful clerical… Read More
CASE STUDY: Combating money laundering in European banks: Highlights of a key whistleblower’s testimony
6th December 2018
CASE STUDY: Combating money laundering in European banks: Highlights of a key whistleblower’s testimony
Anti-money laundering (AML) expert Denis O’Connor looks at some of the main points raised at an EU Parliament hearing by Danske Bank whistelblower Howard Wilkinson, and recommends AML and compliance professionals take note of the issues discussed. The €200 billion Danske Bank money laundering scandal is considered to be the… Read More
Council of EU adopts money laundering action plan
5th December 2018
Council of EU adopts money laundering action plan
The Council of the European Union has adopted conclusions on an action plan aimed at improving the fight against money laundering and terrorism financing, amid a rise in the number of European banks mired in financial crime scandals. The plan comprises non-legislative actions designed to address a number of issues,… Read More
EU should sanction Iran over missile tests, U.S. says
5th December 2018
EU should sanction Iran over missile tests, U.S. says
The United States is pressing the European Union to consider economic sanctions on Iran over its ballistic missiles, a senior U.S. official said on Tuesday, warning of a wider regional conflict if Tehran’s ambitions remain unchecked. Iran’s test of a ballistic missile this month alarmed the West and France called… Read More
Riksbank predicts Sweden will be ‘cashless’ within five years
5th December 2018
Riksbank predicts Sweden will be ‘cashless’ within five years
Sweden is likely to become cashless within the next five years, the deputy governor of the country’s central bank, Cecilia Skingsley, predicted on Tuesday. The use of notes and coins has been declining in Sweden for years and instant mobile phone payments and other new technologies means it is has… Read More
UK watchdog cautions banks over hasty Brexit moves
4th December 2018
UK watchdog cautions banks over hasty Brexit moves
International banks in Britain should resist pressure from European Union regulators to shift their non-EU business to new hubs in the bloc because of Brexit, Britain’s markets watchdog said on Monday. Around 30 lenders in Britain have applied to the European Central Bank for a license to open or expand… Read More
ECB’s Knot calls for stricter regulation of shadow banking
4th December 2018
ECB’s Knot calls for stricter regulation of shadow banking
The rise of non-bank financing is creating a major risk for financial stability in the euro zone and needs to be better regulated, European Central Bank board member Klaas Knot said on Monday. “Non-bank financial intermediaries provide a high and increasing share of financing in the high-yield debt market,” Knot,… Read More
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