Financial Crime

7th November 2019

Latvian government backs special economic crimes court

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 and Financial Crime – A Faustian Bargain?

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 deposits recorded since cash threshold rate lowered, says Bank Negara governor

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

Used to impunity, Bangladesh elite face corruption crackdown

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

Italy mafia networks are more complex and powerful, says minister

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

Member-owned Australian banks vulnerable to financial crimes: Austrac

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

25th October 2019

It’s Time to Reform and Refocus the Financial Action Task Force

The latest gathering of the global anti-financial crime standard-setter, the Financial Action Task Force (FATF) – the first under its Chinese presidency – included a number of eye-catching items reflecting the incoming president’s Objectives statement. The plenary considered long-ignored threats such as money laundering associated with the illegal… Read More

25th October 2019

Is There a Link Between the Dollarization of Venezuela and Organized Crime?

“Eat here for $1,” reads a large sign in red letters outside a fast food joint in the center of Caracas, the capital of Venezuela. Rayza Calaforra comes her to eat almost every day. For one dollar, she can buy an arepa (a traditional corncake) for breakfast. When the menu… Read More

24th October 2019

Protesters win key battle as Hong Kong abandons bill

Hong Kong has bowed to one of the protest movement’s key demands by withdrawing the extradition bill that caused months of demonstrations. There is now speculation about the future of Carrie Lam, the territory’s chief executive. The withdrawal of the bill, which would have allowed Hong Kong residents… Read More

24th October 2019

House Passes Bill to Expose Owners of Shell Companies

The U.S. House of Representatives passed a bill on Tuesday requiring shell companies to disclose their true owners, an effort to crack down on money-laundering and other crimes. Some limited liability companies, sometimes referred to as shell companies, are registered in the U.S. under the names of representatives who neither… Read More