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4th September 2020

AMLC, DOF anti-corruption unit boost info sharing links to deter laundering

Manila, Philippines — The country’s top financial intelligence unit is beefing up ties with other government agencies, especially in terms of information sharing, in a bid to strengthen efforts against money laundering and terrorist financing. In a statement, the Anti-Money Laundering Council said it is improving linkages with the Department… Read More

3rd September 2020

UAE makes it mandatory for hawala service providers to register

The UAE has made it mandatory for Hawala service providers in the country to register, as the country strengthens its anti-money laundering and counter terrorist financing (AML/CFT) framework, the Central Bank said in a statement on Monday. The announcement was made following the sixth meeting of the National Committee for… Read More

2nd September 2020

How China plans to catch up to money launderers

Chinese authorities are getting more serious about fighting money laundering. Regulators in the country received a wake-up call in 2019 when the international Financial Action Task Force on money laundering highlighted flaws in China’s system. Later that year, several Chinese lawmakers submitted proposals to amend the nation’s 13-year-old anti-money laundering… Read More

1st September 2020

Egypt: FRA receives proposals for controls on electronic crowdfunding platforms

A committee has been formed to prepare a law regulating and developing the use of financial technology (fintech) in non-banking financial activities, according to Chairperson of the Financial Regulatory Authority (FRA) Mohamed Omran. The FRA has received a number of proposals regarding the rules and controls for establishing, operating, and… Read More

31st August 2020

Iran says to fight U.S. suit to seize $1.7 billion held by Deutsche Boerse unit

Iran’s central bank said on Saturday it was taking legal steps to counter a lawsuit filed in a U.S. court by creditors seeking to seize $1.7 billion of its assets held by Deutsche Boerse’s (DB1Gn.DE) Clearstream unit. The German stock exchange operator said earlier the creditors had filed the… Read More

28th August 2020

South Asian banks need to overhaul AML mechanism: Deloitte

Banks and financial institutions across South Asia need to redesign their processes to deal with cases of money laundering even as they are facing increased challenges in meeting heightened regulatory expectations, consultancy firm Deloitte said in its latest South Asia Anti-Money Laundering Preparedness Survey. The survey will be… Read More

24th August 2020

Cyprus sold passports to criminals and fugitives, leak shows

Convicted fraudsters, money launderers and political figures accused of corruption are among dozens of people from more than 70 countries who have bought so-called “golden passports” from Cyprus, according to a large cache of official documents obtained by Al Jazeera’s Investigative Unit. The Cyprus Papers is a leak of more… Read More

24th August 2020

A hidden tycoon, African explosives, and a loan from a notorious bank: questionable connections surround Beirut explosion shipment

OCCRP – Since the devastating explosion of a store of ammonium nitrate in Beirut’s port on August 4, Lebanese citizens have taken to the streets in shock, outrage, and grief. Above all, they have demanded answers: Where did the nearly 3,000 tons of explosive chemicals come from, and who… Read More

24th August 2020

Pakistan issues orders enforcing UN sanctions on Taliban

AP – Pakistan has issued sweeping orders enforcing financial sanctions against Afghanistan’s Taliban, just as the militant group is in the midst of a U.S.-led peace process in the neighboring country. Pakistan’s foreign ministry in a statement late on Saturday said the sanctions are not new but rather are… Read More

24th August 2020

Fighting Trade-Based Financial Crime in a Global Pandemic

If financial institutions consider the global trade of physical commodities as a higher-risk product, that’s not without reason. The complexities that arise from the involvement of multiple jurisdictions and various stakeholders throughout several stages of a global trade transaction can be exploited by organised criminal networks to launder money, evade taxes,… Read More

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