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The Reality About Corrupt PEPs: They’re a Global Problem

At the request of the International Consortium of Investigative Journalists (ICIJ), I recently analyzed e-mails and other records documenting some of the communication between PwC auditors and representatives of Fidequity, a financial services company that managed several entities formed in Malta, British Virgin Islands (BVI) and the Netherlands. The… Read More

In Europe’s Dirty Money Scandals, Bill Browder Sees Wilful Blindness

Officials in the United Kingdom and bankers throughout Scandinavia turned a blind eye to the influx of illicit Russian funds linked to Europe’s biggest money laundering scandals, according to a British financier and anti-corruption activist. In a recent interview for KYC360’s AML Talk Show, Bill Browder spoke to host… Read More

Getting the Economic Crime Plan Done: Why Economic Crime Matters for Johnson’s ‘Global Britain’

The UK’s first ever cross-government, public-private Economic Crime Plan, a collection of policy, legislative and operational commitments, was published just days before the passing of the baton from Theresa May to Boris Johnson. In this respect, the plan could be viewed as a cuckoo in Prime Minister Johnson’s policy… Read More
Chaos theory is a branch of mathematics that says that random events actually follow patterns that are heavily dependent on the initial conditions. Simply put, how things behave chaotically depends on the initial shove to the otherwise-stable environment – but, ultimately, they are logical, not random. Sadly, this describes the… Read More
Diligent KYC360 readers should take note of the recent action by the US Department of Justice (DOJ) against HSBC Private Bank (Suisse) SA (HSBC) following the bank’s admission that it conspired with American customers to facilitate tax evasion. The bank entered into a Deferred Prosecution Agreement (DPA) with the… Read More
The recent proclamation in The Star that, “In Canada, nearly all accused money launderers get their charges dropped”, didn’t surprise me in the least. I’ve had the privilege of interacting with hundreds of Canadian law enforcement officers and prosecutors who specialize in the prosecution of mafia bosses and money… Read More
The Netflix TV show ‘Narcos’ has done a commendable job showing audiences the trials and tribulations of both drug traffickers and those tasked with catching them in the 1980’s and 1990’s. Yet the problem is not historical, nor have things improved over the last 40 years. Read More
As the fallout from Westpac’s massive money-laundering scandal continues, compliance officers would be well advised to spend some time reviewing how the bank’s troubles began. For that, we can turn to AUSTRAC’s recent civil action against the lender alleging over 23-million breaches of domestic AML/CTF legislation, each carrying a maximum fine… Read More
By Ronald F Pol, La Trobe University The charges surrounding Westpac’s alleged 23 million breaches of anti-money laundering laws have been called “about as serious as it gets”. They include, in the words of Home Affairs Minister Peter Dutton, giving “a free pass to paedophiles”. Read More
It is said that if you place a frog in water and slowly raise the temperature to boiling, it will fail to act until it is too late. I don’t know if this is true; I’d certainly never wish to test the theory. But the metaphor is apt for what… Read More
At times, we AML professionals in the private and public sectors that play by the rules have difficulty realizing that the “bad guys” at the highest levels of the criminal world have no rules. They have more resources and capabilities than we can conceptualize. Unless you’ve lived in that world,… Read More
“At the moment, money is still winning,” says Gerard Ryle, director of the International Consortium of Investigative Journalists (ICIJ) in response to a question on whether money or truth is more powerful. But that’s not to say financial crooks are particularly comfortable in the age of data leaks, or… Read More
Although economic sanctions are supposed to be universally adopted, they are only actively promulgated and enforced by a small handful of nations. The United States, in particular, has wielded the power of this tool of economic leverage the most extensively, and enforced its regulations the most aggressively. This is because… Read More