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Malta: Yorgen Fenech’s 61 connected companies under scrutiny

The Financial Intelligence Analysis Unit (FIAU) has launched a massive hunt for information regarding any possible financial transactions made by former Tumas Group CEO Yorgen Fenech or any of the 61 companies connected to him over the past years. In “strictly confidential” correspondence sent to all financial practitioners and financial… Read More

NCA Cites Record Number of SAR Filings, Far Fewer Investigations

UK financial institutions and other firms filed a record number of suspicious activity reports (SARs) between April 2018 and March of this year, but only a third of the reports citing potential money laundering prompted criminal investigations. In an annual report published Tuesday, the National Crime Agency (NCA) said… Read More

Malta: Financial services sector exposed to flows of funds from higher risk jurisdictions

Malta’s financial services sector is exposed to flows of funds from higher risk jurisdictions and customers, the Malta Financial Services Authority (MFSA) has indicated in a report. This is mainly due to the exposure to flows of funds from higher-risk jurisdictions and customers, Malta’s economic policy, as well as the… Read More

23rd October 2019

Whistle-Blowers Are the Last Defense Against Global Corruption

If anyone at Deutsche Bank—or at any of Europe’s other financial institutions, accounting firms, or tax offices—has evidence of wrongdoing by Donald Trump, now would be a good time to share it. Deutsche Bank, for example, has insisted that it doesn’t have copies of Trump’s tax returns. But employees of… Read More

22nd October 2019

A criminal asked to design our anti-money laundering laws would probably keep the ones we’ve got

By Ronald F Pol, La Trobe University Money laundering rarely gets as literal as the case in Thailand last week, where police raided homes of a ring suspected of laundering a billion baht (about A$48 million) of drug proceeds and found millions stashed in a washing machine. Stories… Read More

25th September 2019

How Brexit Has Already Cost London’s Financial Hub Billions

Whether the U.K. leaves the European Union with no deal or clinches a last-minute agreement in the coming weeks, Brexit has already taken a toll on London’s finance industry. Three years and three prime ministers since the vote, fraught negotiations and political turmoil have sapped confidence in the industry, putting… Read More

19th September 2019

Financial crime and the insurance industry

The insurance industry is open to abuse by criminals, including money launderers and terrorist financiers. Fraud and financial crime in the insurance space has risen sharply in recent years. According to PwC’s 2018 Global Economic Crime Survey, 62 percent of respondents from the global insurance community said their firms had… Read More

6th September 2019

Singapore Launches Trade-Data Platform for AML Compliance

Singaporean authorities disclosed the launch of a new e-service platform Thursday that is intended to help bank compliance teams identify discrepancies in trade-finance data. Banks can use the Trade Finance Compliance (TFC) service, which hosts data obtained from permits issued by Singapore Customs, to conduct anti-money laundering (AML) compliance… Read More

4th September 2019

FATF Dings Greece over DNFBP Compliance in Largely Positive Report

The Financial Action Task Force (FATF) on Tuesday said that Greece is compliant or largely compliant with 37 of its 40 recommendations to combat money laundering and terrorist financing. The Paris-based intergovernmental group separately deemed Greece to be substantially or moderately effective in preventing the crimes under the 11… Read More

21st August 2019

Corporate Transparency Advances in Three Nations, More Tortoise than Hare

Shell companies—specifically, of the illicit sort—have so long been entangled with the concept of money laundering that one term often evokes the other. But after decades of acknowledging the problems associated with anonymous corporate ownership, and with little to show in the way of preventing the misuse of shell… Read More

8th August 2019

SFO Tells Corporations How to Cooperate in Ongoing Investigations

Companies facing potential prosecutions by the UK’s Serious Fraud Office (SFO) should organize related financial records for investigators, identify relevant witnesses and waive pertinent legal privileges, according to new agency guidance. The recommendations, published Tuesday, outline how corporations can cooperate with the SFO ahead of any decision to prosecute… Read More

26th June 2019

Money Laundering in UK Professional Services Sectors Not Understood: RUSI

UK officials and professional services providers are failing to share sufficient information on the risks posed by money launderers seeking to the exploit firms in the country, according to research published Tuesday by the Royal United Services Institute (RUSI). The London-based think tank based its analysis on the findings of… Read More

7th June 2019

EU Recommends AML Measures for Six Countries

The European Commission on Wednesday called on six EU member-states to bolster their anti-money laundering (AML) supervisory and enforcement efforts in light of recent bank scandals and the risks of crypto-assets. The requests highlight recent efforts by Denmark, Estonia, Latvia, Bulgaria, Sweden and Malta… Read More

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