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Regulatory Update

9th December 2016

Rethinking the way we do anti-corruption

Exactly one year ago US Vice President Joe Biden spoke at the Verkhovna Rada, Ukraine’s Parliament. He talked about the historic chance offered by the Maidan revolution, the conflict with Russia and the desperate need for the country to reform. During his speech, one topic came up again and… Read More

9th December 2016

Permanent Subcommittee on Investigations retrospective – correspondent banking: a gateway for money laundering

In an exclusive series of four webinars Elise Bean, former Staff Director and Chief Counsel of the U.S. Senate Permanent Subcommittee on Investigations, analyses seminal Committee investigations, the key findings and considers what lessons can still be learnt by industry. In the third Webinar Elise analyses the Subcommittee report ‘Correspondent Banking:… Read More

8th December 2016

Financial Action Task Force report: is the United States guilty of double standards?

In contrast to the general tone of the report, which points to significant progress since the previous assessment in 2006, that concern is raised about “Lack of timely access to adequate, accurate and current beneficial ownership information” which “remains one of the fundamental gaps in the U.S. context.” Read More

8th December 2016

Money-laundering monitor says Switzerland has work to do

Switzerland has achieved "good results" in fighting money laundering and terrorism financing, but should strengthen its compliance controls, boost scrutiny on the use of cash and share information more with foreign authorities, a leading watchdog said Wednesday. Read More

7th December 2016

Jersey: processes should be reviewed ahead of new UK financial crime law coming in 2017

Financial services providers must start adapting and expanding compliance procedures to deal with the new UK failure to prevent the facilitation of tax evasion offence that is set to come into force next year, says Ogier's Head of Regulatory Services. Read More

2nd December 2016

U.S. anti-money laundering regulations well-developed, analysis finds

U.S. anti-money laundering regulations are well-developed, and domestic coordination to prevent money laundering and terrorist financing is sophisticated and has improved over the past 10 years, according to a Financial Action Task Force (FATF) evaluation issued Thursday. Read More

2nd December 2016

Money from Nigeria laundered in UK ‘should go to helping starving children’

Save the Children say £950m is needed by those affected by Boko Haram, with tens of thousands of children at risk of death in areas held by the group. Read More

1st December 2016

Philippines: Money laundering amendment targets casinos, developers, traders

Casinos, real estate developers and dealers of high-value items will have to report any cash transaction exceeding P500,000 or $10,000 to the Anti-Money Laundering Council (AMLC) to help stop any illegal fund transfers in the Philippines. Read More

30th November 2016

UK: financial crime checklist

On 21 November 2016 the FCA issued a booklet aimed at consumer credit firms setting out good and bad practice on compliance with obligations under the Money Laundering Regulations 2007 (MLR). Read More

30th November 2016

Don’t doubt the value of money laundering prevention

Due to conveyancing transactions usually being of high value as well as their ability to take place without raising suspicion, they are a favoured method of laundering money. Read More

Must Read

Govt backs imposition of sanctions on 13 Russian airlines with total ban on flights over Ukraine

Biden Administration Looking Into Reviewing Sanctions Against Huawei

New York construction executive sentenced to 38 months for bribery and tax evasion

Ottawa must crack down on Toronto underground banks, community leaders say

U.N. report accuses Yemen government of money-laundering