The FinCEN Files: Asking the Right Questions
15th October 2020
The FinCEN Files: Asking the Right Questions
The FinCEN Files, as they have been dubbed by the good folks over at BuzzFeed News and the International Consortium of Investigative Journalists (ICIJ), are certainly headline-grabbing stories and they raise a lot of questions about the efficacy of anti-money laundering (AML) compliance around the globe. Seeing that the Suspicious… Read More
Afterpay escapes further AUSTRAC action but regulatory clouds linger
15th October 2020
Afterpay escapes further AUSTRAC action but regulatory clouds linger
Afterpay has received an all-clear from the Australian financial crimes watchdog AUSTRAC over its breaches of anti-money laundering laws, but the buy now, pay later (BNPL) heavyweight isn’t entirely out of the woods when it comes to regulatory scrutiny. The $27 billion listed fintech said on Wednesday that AUSTRAC would… Read More
Improving governance and tackling crime in free-trade zones
14th October 2020
Improving governance and tackling crime in free-trade zones
Free-trade zones (FTZs) are designed to attract trade by suspending the collection of customs duties. These incentives are frequently coupled with advantages such as simplified customs inspection procedures, liberalised incorporation regimes and physical infrastructure superior to that available elsewhere in the same country. These features can be attractive to legitimate… Read More
HSBC: Dirty money and white collars
13th October 2020
HSBC: Dirty money and white collars
By Ignacio Rodríguez Reyna, Zorayda Gallegos and Silber Meza, Quinto Elemento Lab and CONNECTAS via OCCRP, 9 October 2020 Insight Crime – As drug traffickers’ bank of choice for many years, HSBC allowed its services to be used as a conduit for money laundering. The US and Mexican governments… Read More
Asia-Pacific Group keeps Pakistan on enhanced follow-up list
13th October 2020
Asia-Pacific Group keeps Pakistan on enhanced follow-up list
The Asia-Pacific Group (APG) on Money Laundering has retained Pakistan on its “Enhanced Follow-Up” list for a meagre progress on technical recommendations of the Financial Action Task Force (FATF) to fight money laundering and terror financing. The first Follow-Up Report (FUR) on Mutual Evaluation of Pakistan released by APG… Read More
Feared Shabab Exploit Somali Banking and Invest in Real Estate, U.N. Says
12th October 2020
Feared Shabab Exploit Somali Banking and Invest in Real Estate, U.N. Says
The Shabab, the Somalia-based militant group that is Al Qaeda’s most powerful ally in Africa, is not only collecting millions of dollars in tariffs and payoffs but moving the money through local banks and even investing it in real estate and businesses, according to a new United Nations Security Council… Read More
Australian casino regulator takes action against Crown Resorts over high-roller junkets
12th October 2020
Australian casino regulator takes action against Crown Resorts over high-roller junkets
Victoria’s gambling regulator is taking action against James Packer’s Crown Resorts group, accusing it of failing to properly control junket operators who bring high-rollers to its Melbourne casino. The Victorian Commission for Gambling and Liquor Regulation on Friday told Guardian Australia it made the move after wrapping up… Read More
Malta: Opposition urges introduction of unexplained wealth orders
12th October 2020
Malta: Opposition urges introduction of unexplained wealth orders
Opposition MP Claudio Grech has urged the government to introduce unexplained wealth orders to give the authorities more powers to seize assets potentially financed by criminal activities. While offering its support to the proceeds-of-crime bill being discussed in parliament, Grech told Times of Malta that the bill missed a… Read More
European Lawmakers Are Looking For New Ways To Fight Money Laundering In The Wake Of The FinCEN Files Investigation
9th October 2020
European Lawmakers Are Looking For New Ways To Fight Money Laundering In The Wake Of The FinCEN Files Investigation
Powerful European lawmakers are calling for significant reform to anti–money laundering controls across the continent in reaction to the “scandal” of the FinCEN Files, a global investigation from BuzzFeed News and the International Consortium of Investigative Journalists. The investigation revealed how the giants of Western banking move trillions… Read More
Malta: Five remittance agents investigated for money laundering
9th October 2020
Malta: Five remittance agents investigated for money laundering
Five cases of suspected money laundering using remittance agents were referred to the police for investigation by the Financial Intelligence Analysis Unit over the past four years. An FIAU analysis released recently shows that between January 2017 and May 2020, remittance agents submitted 98 suspicious transaction reports. Just over a… Read More
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