13th April 2020
InSight Crime — In October 2019, InSight Crime conducted a telephone interview with Álvaro Rincón, the husband of Vice President Marta Lucía Ramírez. The topic was Guillermo León Acevedo Giraldo, alias “Memo Fantasma” or “Sebastián Colmenares,” the elusive drug trafficker, turned-paramilitary commander, turned-money launderer. By then, InSight Crime had pieced together… Read More
10th April 2020
Exclusion from international financial markets is the greatest fear for any bank. In the Middle East it is a daily concern, as instances of compliance failures continue to make headlines. Last year, a group of US citizens sued 11 Lebanese banks for aiding Hezbollah, despite its terrorist classification by the… Read More
9th April 2020
An international crime ring that conned hundreds of people out of millions of pounds has been broken up in police raids across Bulgaria and Serbia. Nine people were arrested in an operation co-ordinated by Europol and conducted by police in the two countries, as well as in Germany and Austria. Read More
9th April 2020
Global banking giant HSBC has quietly outed itself to Australia’s financial crime agency for potential breaches of anti-money laundering laws by failing to report transfers to foreign banks and institutions. The disclosure by HSBC’s Australian arm makes it the latest bank embroiled in money laundering scandals after Westpac was implicated… Read More
8th April 2020
As emergency coronavirus medical and social programs lay bare economic and social deficiencies around the world, experts are calling for a more forceful tax response to the crisis. They said the dramatic spike in jobless claims combined with the vast additional burden on health systems should be a… Read More
8th April 2020
The HKMA (Hong Kong Monetary Authority) has issued circulars to authorised institutions and SVF (stored value facility) licensees encouraging the use of technology to enable remote onboarding and account opening services. “We believe the use of FinTech will provide significant opportunities to manage some of the challenges presented by the… Read More
6th April 2020
Criminals are increasingly trying to profit from the turmoil unleashed by the coronavirus pandemic, posing a new challenge to bankers who are expected to continue guarding against illicit financial flows. Austria’s financial regulator on Thursday became the latest authority to warn of a jump in criminal activity as the drastic… Read More
3rd April 2020
Europe’s top banking regulator is instructing financial institutions to pay closer attention to transactions linked to international trade, as the effects of Covid-19 prompt criminal groups to seek new ways of moving illicit funds and goods across borders. In a series of statements issued on Tuesday evening, the European Banking… Read More
2nd April 2020
“Give us our money!”, demands a group of home buyers, standing on land that should by now be finished condos — one of many fictitious projects that together comprise what is described as Morocco’s biggest-ever property scam. Adverts on state television had promised dream homes at three for the price… Read More
30th March 2020
It is a sad fact that, even today, enforcement action against the illegal wildlife trade (IWT) usually begins and ends with a seizure of illegal wildlife products. Financial investigations – routine for other serious crimes – are seldom undertaken for IWT. In recent years, however, a growing consensus has… Read More