FinCEN Files sparks fresh UK inquiry into laundering of dirty billions
23rd October 2020
FinCEN Files sparks fresh UK inquiry into laundering of dirty billions
Prompted by the FinCEN Files, a powerful U.K. parliamentary committee has launched a fresh anti-money laundering inquiry 19-months after it outlined findings that the nation’s response to billions of pounds in money-laundering was “fragmented.” In light of the International Consortium of Investigative Journalists’ recent investigation, the U.K. Treasury Committee… Read More
200 law firms suspended in UAE for failing to comply with AML procedures
23rd October 2020
200 law firms suspended in UAE for failing to comply with AML procedures
A total of 200 law firms in the UAE that had failed to comply with anti-money laundering procedures have been suspended from practicing for one month. The Ministry of Justice has also called upon law firms to take necessary measures against money laundering and terrorist financing, Wam reported. The necessary… Read More
Westpac’s ties to Puerto Rico Bank Euro Pacific spark calls for financial crime reform
22nd October 2020
Westpac’s ties to Puerto Rico Bank Euro Pacific spark calls for financial crime reform
Westpac’s links to an offshore bank at the centre of a sweeping international money laundering and tax evasion probe have sparked fresh calls for reform of the financial sector’s approach to curbing crime. The nation’s second biggest bank, which was embroiled in a major money laundering scandal last year that… Read More
Crown overlooked ‘suspicious’ reports: AUSTRAC
22nd October 2020
Crown overlooked ‘suspicious’ reports: AUSTRAC
In her first public remarks on the investigation into Crown, Australian Transaction Reports and Analysis Centre chief executive Nicole Rose told a Senate hearing that the financial intelligence agency had “serious concerns” about the casino operator’s conduct. Crown’s Melbourne casino filed almost 50,000 reports to AUSTRAC in 2019, primarily because… Read More
SoW/SoF checks: what does good look like?
22nd October 2020
SoW/SoF checks: what does good look like?
Last month, the Monetary Authority of Singapore (MAS) released new guidance on strengthening AML/CFT controls in private banking, based on inspections the regulator conducted over 2019 and 2020. Among the key areas of concern, MAS called for “robust corroboration” of source of wealth (SoW) and source of funds (SoF),… Read More
‘It’s a New Day’: Sudan Exults to Be Taken Off List of Terror States
21st October 2020
‘It’s a New Day’: Sudan Exults to Be Taken Off List of Terror States
Sudanese people and their government officials are celebrating the news that after 27 years the United States plans to remove the country from its list of state sponsors of terrorism — a move that could help Sudan revive its ailing economy and bolster its transition to democratic rule. President… Read More
Controversial shell-company ‘factories’ seek a role cleaning up UK’s reputation
21st October 2020
Controversial shell-company ‘factories’ seek a role cleaning up UK’s reputation
By Simon Bowers, ICIJ, 20 October 2020 ICIJ — A trade group representing firms that specialize in corporate secrecy has been lobbying the British government to give its members a central role in efforts to counter the country’s reputation as a leading provider of front companies to organized crime… Read More
National security law: Hong Kong banks told by HKMA to report suspicious transactions
21st October 2020
National security law: Hong Kong banks told by HKMA to report suspicious transactions
Banks operating in Hong Kong have been told to report financial transactions believed to violate the city’s controversial national security law (NSL) as they would suspected incidents of money laundering or terrorism financing, according to the city’s top financial regulator. In a document posted on its website, the Hong Kong… Read More
The AML System: A Failure of Statecraft?
20th October 2020
The AML System: A Failure of Statecraft?
Consider the current state of anti-money laundering efforts across the globe. Around 2% of global GDP is laundered annually, amounting to between $800B – $2T. Banks spend around $8B annually fighting it but affect only 0.1% of criminal finance. What we know then is that the ROI of… Read More
How ING bank in Poland helped Russians launder money
20th October 2020
How ING bank in Poland helped Russians launder money
The Polish unit of the Dutch bank ING, ING Bank Slaski, for years allegedly helped Russian and Ukrainian oligarchs move huge sums of money out of ex-Soviet Union countries, according to the US Treasury’s fraud investigation department, FinCen. FinCen files were leaked to and published by the International Consortium… Read More
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