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Russian security services used Estonia to fund activities abroad: Estonian minister

Russia’s security services moved money through Estonia to finance operations overseas, the Baltic country’s finance minister, who is leading a clean up after a money laundering scandal, told Reuters. Martin Helme said that Estonian authorities are also investigating whether individuals under U.S. sanctions benefited from the movement of money through… Read More

NAB faces ‘significant’ penalties for money laundering breaches

NAB is facing a significant financial penalty from the financial intelligence regulator after self reporting a large number of breaches of anti-money laundering and counter-terrorism laws and says there may be more to come. The bank is still working on fixing shortcomings within its anti-money laundering and counter-terrorism financing systems… Read More

Greece’s New Penal Law is Likely to Return Riches to Money Launderers: FT

Legislation approved by Greece’s parliament late Wednesday night appears to put the nation at odds with international anti-money laundering standards, the Financial Times reported Thursday.  The measure, which was backed by the government of Prime Minister Kyriakos Mitsotakis, amends Greece’s penal code to permit individuals suspected of money… Read More
15th November 2019
NAB is facing a significant financial penalty from the financial intelligence regulator after self reporting a large number of breaches of anti-money laundering and counter-terrorism laws and says there may be more to come. The bank is still working on fixing shortcomings within its anti-money laundering and counter-terrorism financing systems… Read More
15th November 2019
About seven years ago, the U.K. agency set up to prosecute errant executives and publicly traded companies started taking on some meaty cases. The Serious Fraud Office investigated everything from derivative traders to top brass at blue-chip darlings Barclays Plc and engine maker Rolls-Royce Holdings Plc. Now some academics,… Read More
11th November 2019
The Bank of England has warned HSBC Holdings Plc for two years in a row that it hasn’t done enough to tackle concerns about how the bank handles risks including financial crime and staff conduct. Samir Assaf, HSBC’s top investment banker, told executives on a conference call this week… Read More
8th November 2019
Despite significant regulatory attention on emerging financial crime risks related to crypto assets, one of the oldest and most sought-after physical assets — gold — remains a prevalent money laundering risk. A recent Thomson Reuters Regulatory Intelligence article detailed how gold bars fraudulently stamped with logos of major refineries were being inserted… Read More
7th November 2019
The Latvian government on November 5 supported a Justice Ministry plan to establish a specialized economic affairs court that will start operating as of January 1, 2021. However, Interior Minister Sandis Ģirģens (KPV LV) spoke against the legislative amendments and minister also called for an audit of the judicial sector before… Read More
6th November 2019
Free trade zones (FTZs) present both opportunities and challenges for globalised trade. At their best, they facilitate frictionless trade and manufacturing, creating jobs and economic growth for local communities. At their worst, they enable illicit trade and the laundering of criminal proceeds. In this article, the authors examine how the… Read More
6th November 2019
Over five million suspicious cash deposits were reported up to September after Bank Negara Malaysia (BNM) lowered the daily cash threshold to RM25,000 starting this year, Datuk Nor Shamsiah Md Yunus said today. The cash transactions were valued at RM483 billion, the BNM governor said, saying it was still too… Read More
5th November 2019
AP — As gamblers called out bets around craps and roulette tables at a sports club in Bangladesh’s capital, dozens of black-clad security forces burst inside. Gamblers were ordered to the floor as police and members of Bangladesh’s Rapid Action Battalion, which normally handles major counterterrorism operations, cracked open iron… Read More
31st October 2019
Italian mafia networks have become less high profile in recent years as they spread their activities into new sectors, but they are just as dangerous, the interior minister, Luciana Lamorgese, has said. Citing new data, Lamorgese said that organised crime groups “have made extensive transformations” while adopting “increasingly complex” models… Read More
30th October 2019
A wave of mergers among member-owned financial institutions is leaving the  sector more exposed to criminals attempting to launder money, the financial intelligence agency Austrac says. The watchdog on Wednesday published a risk assessment of the $113.6 billion mutual banking sector, concluding it is at “medium”  risk of being used… Read More