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12th December 2016

Switzerland: Solid marks for anti-money laundering efforts

“Since its previous FATF assessment in 2005, Switzerland has strengthened its AML/CFT (anti-money laundering and counter-terrorist financing) regime,” the Paris-based intergovernmental body said in a statement on Wednesday. Read More

12th December 2016

Taiwan: Change to money laundering controls passes legislature

An amendment to the Money Laundering Control Act (洗錢防制法) was passed by the Legislative Yuan on Friday, widening the scope of professions required to report any suspicious financial transaction by their clients to the authorities. Read More

12th December 2016

KYC360 Infographic: MONEY LAUNDERING WITH TRADE FINANCE

In our interconnected world international trade is integral to modern life. Thousands of ships flled with containers traverse the globe each day: microwaves leave a port in South Korea and arrive in Rotterdam, gold mined in Australia is utilized by jewellery manufactures in India, and oil from Venezuela is shipped to factories in China. 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

6th December 2016

US: “Bullsh*t and spin” – Autonomy founder mocks HP’s $5B fraud suit against him

How could Dr Michael Lynch raise a $1 billion venture capital fund while being sued for $5 billion over alleged fraud in the $11 billion sale of his company Autonomy to HP? Read More

5th December 2016

China regulator slams leveraged stock acquirers as ‘robbers’

China’s top securities regulator resorted to unusually harsh language to denounce leveraged acquisitions of shares in listed companies, as officials move to rein in financial risks associated with a surge in dealmaking. 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

India: Government tightens routes for trade based money laundering

The Indian government has tightened an oft-used route for trade-based money laundering. 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

Must Read

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China Tripled AML Penalties in 2020 Compared to 2019

Fines for UK firms buying goods linked to Chinese slave labour camps