By Robert Mazur Testimony in the ongoing New York federal trial of “El Chapo” Guzman offered a repeat of facts heard in hundreds of similar trials since the prosecution of Al Capone. Despite that blaring reminder, governments, including the one now prosecuting El Chapo, appear to turn a deaf… Read More
Have you ever worked with a ‘spoilt rotten’ star trader before, watched him feted by bosses and get his or her own way – yes, even with compliance matters! What ever becomes of such an individual? A London-based compliance officer looks back, aghast, at the time he worked with… Read More
A key element in the application of the risk-based approach (RBA) to financial crime is the identification by a firm of those countries with which its customers are closely linked and which are also adjudged to be high risk in financial crime terms. There are many lists of such high-risk… Read More
The European Union has enforced new rules designed to further combat tax avoidance across the bloc, effective from 1 January 2019. Under the Anti-Tax Abuse Directive (ATAD), authorities will tax profits moved to low-tax countries where the company does not have any genuine economic activity, and member states will also… Read More
2019 has arrived, and with it staff will be well aware that the one ongoing factor within the world of compliance is the constant change. This state of flux manifests itself in many forms, such as new proposals, new regulations, new guidance, enforcement decisions and legal judgments. Here are some… Read More
As the year comes to a close and the holiday season gets into full swing, anti-money laundering (AML) professionals may well be left dumbstruck, very worried or somewhat giddy after a year that has thrown up some striking developments in enforcement and regulation, a stunning AML catch (drumroll please!) and… Read More

HM Treasury Minister John Glen, commenting on the recently published Financial Action Task Force’s (FATF) evaluation of the UK’s anti-money laundering (AML) and counter terrorist financing (CTF) systems, said: “The report recognises that the UK’s AML/CTF regime is the strongest of the over sixty countries assessed by FATF and its regional bodies.”

However, within a few days of the report’s publication, FATF’s conclusions have attracted criticism, such as that raised by the Bond Group, and raised some important questions, rather than answered them.

Are the points justified?

The Royal Court in Jersey has ruled that a trust for a convicted fraudster should be allowed to open a bank account on the Isle, despite being denied banking services in other jurisdictions. The case put before the Jersey court is linked to another infamous scam, unrelated to the trust… Read More
In an extract from her new book, senior US lawyer Elise J. Bean hits on some pretty hot issues concerning money laundering, just one aspect of her rich and entertaining story. Duffle bags of cash. Corrupt dictators and their money-grubbing relatives. Sleazy offshore banks. Shell companies. Drug… Read More
If it seems like an odd recipe for financial oversight, it’s also a surprisingly effective one: take five to ten congressional staffers, exile them to a squalid basement office with “hard-boiled” charm in the U.S. Senate’s oldest building, give them access to subpoena powers and a seemingly endless series of… Read More