7th September 2020
Only four boiler room scams were prosecuted by the City regulator over the past five years, despite its warning that people were losing their homes and savings to “sophisticated” frauds. The Financial Conduct Authority (FCA) also admitted that no boiler rooms had been shut down as a result of its… Read More
7th September 2020
The coronavirus pandemic is presenting companies with an opportunity to scrutinize due diligence processes, risk assessments and other routine tasks that help businesses avoid brushes with the law, compliance chiefs say. The effort to make compliance departments more cost-effective is happening as companies grapple with the economic fallout from the… Read More
7th September 2020
The Council of Europe’s Moneyval Committee published new findings Thursday on the emerging financial-crime risks stemming from the COVID-19 pandemic, including fraud schemes linked to medical and protective equipment. The report concluded that, while the overall level of criminality has remained stable since the beginning of the pandemic, countries are… Read More
4th September 2020
Federal police have seized properties and cash worth $1.6 million over an alleged scheme to use the Melbourne property market to funnel millions of dollars of funds from a Malaysian government entity to corrupt officials. The seized properties and funds in bank accounts were owned by Australian property developer Dennis… Read More
3rd September 2020
Sham litigation and out-of-court settlements, not an uncommon sight in the Maltese courts, have been identified by the Financial Intelligence Analysis Unit as a way of laundering criminal gains. The FIAU said that although litigation cases do not fall within anti-money laundering rules, lawyers and their clients can conspire to… Read More
25th August 2020
The UK Financial Conduct Authority (FCA) is seeking input on a plan that would impose new annual reporting requirements on electronic money institutions, cryptoasset exchange providers and other firms. In a consultation paper published on Monday, the authority said the businesses would be required to submit Annual Financial Crime Reports irrespective… Read More
24th August 2020
If financial institutions consider the global trade of physical commodities as a higher-risk product, that’s not without reason. The complexities that arise from the involvement of multiple jurisdictions and various stakeholders throughout several stages of a global trade transaction can be exploited by organised criminal networks to launder money, evade taxes,… Read More
21st August 2020
More than 100,000 companies in Belgium have still to come into line with a rule introduced in 2019 to fight money-laundering and the financing of terrorism. The new rule involves a register of what are known as UBOs – ultimate beneficial owners – or the people who have executive power… Read More
21st August 2020
About $50 billion in cryptocurrency assets have left China in the past year, a possible indication that investors are dodging rules that limit how much capital they’re allowed to transfer from the nation, according to new research by blockchain forensics firm Chainalysis. The controversial cryptocurrency Tether accounted for more than… Read More
19th August 2020
Countries have long fought financial crime by relying on banks to identify and report suspicious transactions. But the system is largely ineffective, financial crime experts say, because it rarely provides useful real-time feedback—a reality that is giving way to a more collaborative approach. For around the past five years, governments… Read More