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Westpac’s ties to Puerto Rico Bank Euro Pacific spark calls for financial crime reform

Westpac’s links to an offshore bank at the centre of a sweeping international money laundering and tax evasion probe have sparked fresh calls for reform of the financial sector’s approach to curbing crime. The nation’s second biggest bank, which was embroiled in a major money laundering scandal last year that… Read More

US-Sanctioned Hong Kong Shipping Lines Linked to Single Shanghai Resident

Four Hong Kong shipping companies sanctioned this week by the U.S. Department of State for doing business with an Iranian state shipping line have been traced to a single name, purportedly belonging to a person based in Shanghai, an RFA investigation has revealed. The U.S. on Monday named Reach Holding… Read More

Why India and Pakistan are wrangling over money launderer Altaf Khanani

Altaf Khanani was considered one of the world’s most-wanted money launderers. The Pakistani fraudster was involved in the illicit international movement of money between countries like Pakistan, the United Arab Emirates, the US, the UK, Canada and Australia. His organization also moved money for drug cartels and terrorist groups such as Hezbollah and al-Qaida. After a massive hunt… Read More
21st October 2020
By Simon Bowers, ICIJ, 20 October 2020 ICIJ — A trade group representing firms that specialize in corporate secrecy has been lobbying the British government to give its members a central role in efforts to counter the country’s reputation as a leading provider of front companies to organized crime… Read More
8th October 2020
The Office of the Comptroller of the Currency is hoping more regulatory guidance will help traditional banks warm up to cryptocurrency. The Treasury Department unit, which supervises national banks and federal savings associations, has issued interpretive letters in recent months to spell out its view of how traditional financial institutions… Read More
8th September 2020
A new investigation into companies trading in the Chinese city of Dandong, on the border with North Korea, has shed a spotlight on Pyongyang’s global money laundering networks and raised fresh questions about China’s complicity in bypassing United Nations sanctions against Kim Jong-un’s regime. “The Billion Dollar Border Town,” a… 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
15th June 2020
As the UK and the EU exchange expressions of disappointment with each other’s alleged inflexibility after every round of Brexit trade negotiations, the usual areas of disagreement are raised: access to Britain’s fishing grounds, the requirements of a level playing field agreement, regulations over state aid and other issues that… Read More
9th June 2020
The Global Coalition to Fight Financial Crime (GCFFC) has announced its public launch, bringing together 13 key players from the anti-financial crime ecosystem to raise awareness, promote information sharing between public and private entities, and enhance the effectiveness of controls against money laundering. The GCFFC was first unveiled in 2018,… Read More
2nd June 2020
We all like to kill a goblin or two online, but most people would agree multiplayer games are not the place for real-world crime. With lockdowns continuing around the globe and people staying at home, it is no wonder that the popularity of online gaming has skyrocketed. And as in-game… Read More
19th May 2020
The suspicious activity reporting regime is in need of a “wholesale revolution” that would allow financial institutions to deliver more actionable intelligence to investigators, according to Tom Keatinge, director of the Centre for Financial Crime and Security Studies at RUSI. In a recent episode of KYC360’s AML Talk Show,… Read More
16th April 2020
In mid-March, the US Financial Intelligence Unit (FinCEN) posted a short news release encouraging financial institutions to remain alert to COVID-19-related illicit financial activity, listing a series of potential scams and the steps FinCEN expects banks to take in response. In the UK, law enforcement agencies have likewise… Read More
10th April 2020
Experts looking at how North Korea continues to import and export goods despite numerous sanctions agree the country’s $1.5 billion cryptocurrency war chest is used to fund an illicit web of trade networks and supply chains. Blockchain analytics company Chainalysis said it is “comfortable” with the $1.5 billion figure stated… Read More