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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

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

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

15th May 2019

Citing Rise in Serious Crime, UK Agency Seeks 50 Percent Budget Increase

Facing unprecedented pressure to clamp down on criminal groups, UK law enforcement officials are in need of an additional £2.7 billion in funding over the next three years, the head of the National Crime Agency (NCA) said Monday. The agency is seeking a 54-percent increase in its annual budget, which… Read More

29th April 2019

Zurich Life Insurance Co. to Pay $5 Million for Client Tax Dodging

Zurich Life Insurance Company and its Isle of Man-based affiliate will pay the US Justice Department $5.1 million for failing to stop clients from evading American tax obligations through their services. From January 2008 through June 2014, the companies maintained approximately 420 US-linked policies, worth an aggregate $102 million, for… Read More

29th April 2019

Uptick in Trump white collar prosecutions may ease lawyers’ pain

An uptick in white-collar prosecutions by the Trump administration could bring relief to high-end defense lawyers, who have been searching for work after years of declining federal prosecutions. Many white-collar lawyers have been fretting about their caseloads since the Trump administration took charge of the U.S. Department of Justice, worrying… Read More

18th April 2019

Two UK Agencies Outline Plans to Fight Financial Crime in 2020

The UK in the coming year will seek to extend a senior management accountability program to new firms, toughen its oversight of professional bodies and reform how it processes suspicious activity reports, two agencies disclosed. The Financial Conduct Authority (FCA) said in a 2019/2020 business plan published Wednesday that… Read More

23rd January 2019

China banking regulator strengthens banks’ overseas compliance management

China’s banking and insurance regulator issued guidelines on Tuesday to strengthen banks’ overseas compliance management. It will pay special attention to country risk, anti-money laundering and counter terrorism risks, the China’s Banking and Insurance Regulatory Commission said in a statement on its website. (Reporting by Shu Zhang and Beijing Monitoring… Read More

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