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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

KYC360 Exclusive: How Hezbollah’s Terrorist Financing Roots Grew into the Drug World

Understanding why Hezbollah has deep roots in the drug trade requires a historical view of Lebanon. Businessmen from the area of the world now known as Lebanon have been superior merchants for thousands of years. From the time that the Canaanites and Phoenicians controlled this region in 1550 BC, they… Read More

UK Free Ports Plan Risks Influx of Dirty Money, Say Experts

In his first speech as the UK’s new prime minister in July, Boris Johnson slipped in a passing reference to free ports that sent alarm bells ringing across the nation’s anti-money laundering (AML) community. Speaking outside of 10 Downing Street, Johnson had called on the country to “look not at… Read More
In this exclusive interview KYC360 talks to one of the world’s leading AML commentators Martin Woods. Best known as the ‘Wachovia Whistleblower’ Martin was formerly a Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters. Read More
While covertly operating within the underworld as a money launderer, I had the occasion to deal with some of the most notorious money launderers in the world. I’ll never forget a particular steamy evening in Panama when I was having dinner with an old friend of Panamanian General Manuel Noriega. Read More
Professional football clubs and players’ agents will be required to report suspicious transactions to the police or face criminal sanctions, just like banks, if radical measures proposed by the European Commission are adopted. These measures are recommended in the Staff Working Document that accompanied the Commission’s recently published Supranational Risk… Read More
In guidance published earlier this year (“Framework document”), the US Treasury Department’s Office of Foreign Assets Control (OFAC) lists 10 “root causes” of inadequate sanctions compliance programs (SCPs) derived from historical enforcement actions it has taken: Lack of a formal OFAC SCP Misinterpreting, or failing to understand the applicability… Read More
By Naomi Roht-Arriaza, University of California, Hastings Guatemala’s next leader will be Alejandro Giammattei, a right-wing former national prison director. With 58% of votes, Giammettei beat former first lady Sandra Torres by 16 points in the second round of Guatemala’s election on Aug. 11. It was his… Read More
The UK’s HM Treasury recently (and belatedly) published its Anti-Money Laundering and Counterterrorist Financing Supervision Report for the year ended 31 March 2018. With publication of the findings coming some fifteen months after the end of the review period, regulators and supervisors have no excuses for failing to address the… Read More
By Charles Livingstone, Monash University Regulatory failure has been a hot topic in Australia recently. Royal commissions into the financial and aged care sectors have revealed major regulatory failures. The harm done by these oversights has been significant. Regulation is not just red tape. It protects… Read More
By Ofer Raban, University of Oregon The scope of financial crimes unearthed so far by state and federal authorities investigating President Trump and his associates is remarkable. Paul Manafort was found guilty of bank and tax fraud, and faces another trial involving charges of money laundering. Former… Read More
A recent update to the US Justice Department’s guidance on assessing corporate compliance programmes is intended to help federal prosecutors determine when to pursue criminal indictments or prosecution agreements with companies, but that shouldn’t deter compliance professionals from reviewing the document. There are lessons within for heads of compliance and… Read More
In May, the US Office of Foreign Assets Control (OFAC) published “A Framework for OFAC Compliance Commitments” (“Framework document”). This document consists of two separable parts, the first of which lays out five “essential components of compliance” that OFAC believes should form the basis for a sanctions compliance program… Read More