Featured Terrorism Financing

Facebook’s Libra gets stark warning from G-7 finance chiefs

AP — Finance chiefs from the Group of Seven rich democracies issued a stark warning on Thursday that cryptocurrencies like the Libra digital money recently unveiled by Facebook should not be allowed before “serious regulatory and systemic concerns” are addressed. France, which this year chairs the G-7 gatherings on topics… Read More

Police need intercept tools as mobile networks develop: Europol

European law enforcement agencies set to lose the ability to tap criminals’ mobile devices with the launch of 5G technology must be brought into discussions earlier when communications networks are modernised, the new head of Europol told Reuters. Appealing to EU leaders for greater powers to fight tech-savvy criminals, Catherine… Read More

Japan to lead development of SWIFT network for cryptocurrency: source

Japan’s government is leading a global push to set up an international network for cryptocurrency payments, similar to the SWIFT network used by banks, in an effort to fight money laundering, a person familiar with the plan said on Thursday. Tokyo aims to have the network in place in the… Read More
18th July 2019
Group of Seven finance chiefs cast a cloud over prospects for Facebook’s Libra digital coin on Wednesday, insisting tough regulatory problems would have to be worked out first. The massive social media company’s plan to launch a digital coin has met with a chorus from regulators, central bankers and governments… Read More
18th July 2019
The IDF said Wednesday it arrested Hamas members linked to a money transfer network that funneled cash from the Gaza Strip to the West Bank for terror purposes. The network was operated by a passport-issuing agency named “Al-Haramain” in the Gaza Strip, the army said. Money was transferred by offsetting… Read More
17th July 2019
A recent update to the US Justice Department’s guidance on assessing corporate compliance programmes is intended to help federal prosecutors determine when to pursue criminal indictments or prosecution agreements with companies, but that shouldn’t deter compliance professionals from reviewing the document. There are lessons within for heads of compliance and… Read More
16th July 2019
AP — The Trump administration came out strongly Monday against Facebook’s ambitious plan to create a new digital currency, as the Treasury chief warned it could be used for illicit activity such as money laundering, human trafficking and financing terrorism. Treasury Secretary Steven Mnuchin expressed “very serious concerns” about the… Read More
16th July 2019
Latvia’s financial watchdog has fined Rigensis Bank, the Baltic country’s 11th biggest bank by assets, 1 million euros ($1.1 million) for lax anti-money laundering controls, it said on Monday. The Financial and Capital Market Commission (FCMC) said in a statement the fine was “for infringements of regulatory requirements regarding the… Read More
15th July 2019
After a U.S. money-laundering probe rocked Latvia’s economy, sending one of its largest banks belly up, the Baltic nation’s U.S.-born leader is trying to convince Washington and business leaders that he’s cleaning up his country’s financial system for good. In meetings this week with top investors and U.S. policy makers,… Read More
15th July 2019
A new UK plan to tackle economic crime would fail to hold companies sufficiently liable for illicit activity beyond bribery and tax evasion, anti-corruption campaigners told the Financial Times. Under current laws, British firms can only be deemed guilty of other financial crimes if the “directing mind”—a senior manager… Read More
10th July 2019
Plans to introduce laws in Britain to combat money laundering could prevent the media and researchers from accessing vital information on the tide of dirty cash flowing around the world, campaigners and journalists have warned. An open letter to the foreign secretary, Jeremy Hunt, has about 80 signatories including the… Read More
10th July 2019
The Financial Action Task Force (FATF) published new guidance Friday on how nations and compliance professionals can best implement counterterrorist financing (CFT) strategies and policies. The paper expands on recommendations issued in 2013 by the Paris-based intergovernmental group on national money laundering and terrorist financing risk assessments, and includes input… Read More
9th July 2019
Digitally savvy financial compliance officers are in demand in China, with multinational companies offering to pay top dollar as they look to tackle rising white collar crime in the region, but such talent is hard to find, according to international headhunter DHR International. Demand for professionals with experience in handling… Read More