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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

21st August 2020

Over 100,000 Belgian businesses are still not in line with company register rules

More than 100,000 companies in Belgium have still to come into line with a rule introduced in 2019 to fight money-laundering and the financing of terrorism. The new rule involves a register of what are known as UBOs – ultimate beneficial owners – or the people who have executive power… Read More

19th August 2020

Partnerships to Fight Financial Crime Gain Momentum

Countries have long fought financial crime by relying on banks to identify and report suspicious transactions. But the system is largely ineffective, financial crime experts say, because it rarely provides useful real-time feedback—a reality that is giving way to a more collaborative approach. For around the past five years, governments… Read More

19th August 2020

Germany sees record spike in money laundering cases

Germany’s federal anti-money laundering unit registered a record 114,914 suspected cases of money laundering and financing of terrorism last year, Berlin’s Tagesspiegel newspaper reported Tuesday. That amounts to a jump of almost 50% compared to the previous year. According to an advance copy of the Financial Intelligence Unit’s (FIU) 2019… Read More

18th August 2020

Ireland: Anti-money laundering rules to be made law after State fined €2m for delays

The Government is to transpose regulations aimed at preventing money laundering and terrorist financing, just over a month after the State was fined €2 million fine for delays in implementing the new EU rules. Minister for Justice Helen McEntee earlier this week received approval from Cabinet for the publication of… Read More

17th August 2020

U.S. seizes millions in cryptocurrency meant for terror groups

The Justice Department announced Thursday it had seized millions of dollars’ worth of cryptocurrency meant to fund terrorist groups such as al-Qaeda and the Islamic State, in what law enforcement officials called an unprecedented crackdown against terrorist fundraising on social media. In addition to seizing funds, U.S. officials said they… Read More

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