Featured Terrorism Financing

Auditors EY accused of pushing out whistleblower, in High Court case

Global auditing firm EY has been accused of pushing out a whistleblower who raised concerns about a client in Dubai, in a case that raises questions for the auditing profession at a time of upheaval. Former EY partner Amjad Rihan claims executives at EY helped its client Kaloti Jewellery International,… Read More

Rouhani urges anti-money laundering compliance to curb Iran isolation

President Hassan Rouhani said on Monday Iran should stick to rules set by an anti-money laundering watchdog to protect ties between the sanctions-hit country and international banks, as a deadline for compliance looms. Hit hard by reimposed U.S. sanctions since 2018 that limited its oil sales, Iran is scrambling for… Read More

New Singapore Law Allows Global Crypto Firms to Expand Locally

Singapore is introducing new payments legislation that offers global cryptocurrency firms a chance to expand their operations in the country by applying for operating licenses for the first time. The Payment Services Act, which comes into force Tuesday, is the first comprehensive regulation for companies handling activities ranging from… Read More
27th January 2020
Reports of suspicious transactions submitted by banks and betting firms in Denmark have increased tenfold in recent years, straining anti-money laundering authorities which drew heavy criticism on Friday from a state auditor. Banks across the Nordic region are facing increasing scrutiny by regulators after a string of money laundering scandals,… Read More
24th January 2020
The Vatican has been fully re-admitted to the Egmont Group of world financial intelligence units after a suspension two months ago sparked by an investigation into the purchase of luxury London real estate. Carmelo Barbagallo, president of the Vatican’s Financial Information Authority (AIF), said on Thursday the AIF would “resume… Read More
23rd January 2020
A year-long crackdown on Latvian banks’ reputation for money laundering and sanctions dodging appeared to have paid dividends January 22 with official recognition of its success from an important international organization. The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism – MONEYVAL is a… Read More
23rd January 2020
Belgium’s four major banks, Belfius, BNP Paribas Fortis, ING Belgium and KBC, will now use a blockchain to simplify their customer services, the Isabel Group announced on Wednesday. The four will use the Kube application, which will allow them to share businesses’ data between them and thus facilitate the verification… Read More
22nd January 2020
Credit analysts, loan writers and anti-money laundering experts have joined the ranks of sought after support staff, compliance officers and risk professionals as banks look to close the gaps that leave them vulnerable to rivals and regulatory threats. A report on hiring trends from global recruitment company Hays Employment has… Read More
22nd January 2020
The number of suspicious activity reports filed by company formation agents has fallen by more than half to only 23, despite government attempts to improve the system. There was a 56.6 per cent decline in SARs to the National Crime Agency in the year to March 2019 from trust and… Read More
21st January 2020
Drug trafficking, fraud, forgery, tax crimes, corruption and bribery are “very high threats” to the Luxembourg funds industry, according to a study by the country’s financial regulator. The risk for abuse is high in the Grand Duchy, according to the CSSF’s first national risk assessment of money laundering and terrorist… Read More
20th January 2020
Britain expanded the scope of its asset-freezing measures against Lebanese Islamist movement Hezbollah on Thursday to cover the entire organization as well as its military wing. The finance ministry move follows Britain’s decision last year to classify the whole group a terrorist organization due to its destabilizing influence in the… Read More
20th January 2020
Terrorism financing schemes using cryptocurrencies are growing in sophistication, according to researcher Chainalysis Inc., which helps law enforcement track digital-coin transactions. In one instance, terrorists collected crypto donations worth tens of thousands of dollars in just one campaign last year, a much quicker way to raise funds than prior efforts,… Read More
16th January 2020
The Australian Transaction Reports and Analysis Centre (AUSTRAC) and the U.K. Gambling Commission (UKGC) announced that they have signed a memorandum of understanding (MoU) to share both regulatory and compliance information between the agencies. This agreement has been reached to help the agencies better fight organized crime organizations. In… Read More