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Bangladesh – law and practice
Extensive legislative remediation by Bangladesh may have strengthened its AML/CFT regime sufficiently for technical approval by the Financial Action Task Force but corruption and capital flight leave the real impact in doubt. A Z M Anas reports from..
Online Published Date:
01 October 2014
Appeared in issue:
217 - 01 October 2014
Failure to report
Unsure whether to go ahead with a transfer of funds for a high net worth client, something doesn’t feel right to the MLRO in London, who opts to file a consent SAR. A standard part of the reporter’s day job, maybe, but at the same time..
Online Published Date:
01 October 2014
Appeared in issue:
217 - 01 October 2014
Arab Bank found liable for terrorist financing
Arab Bank was liable for knowingly supporting terrorism in and around Israel which led to the deaths of US citizens, a federal jury found in New York on 22 September. The plaintiffs in the civil suit, some 300 individuals who either suffered..
Online Published Date:
01 October 2014
Appeared in issue:
217 - 01 October 2014
Alert service to focus banks on real-time financial crime
A new Financial Crime Alerts Service (FCAS), warning banks about the latest financial crime and cyber threats, is to be launched by the British Bankers Association. The content will draw on real-time intelligence from 12 government and law..
Online Published Date:
01 October 2014
Appeared in issue:
217 - 01 October 2014
North Korea, arms and Africa: three case studies
The Democratic People’s Republic of Korea (DPRK) works actively to promote trading links in Africa but its commercial agenda hides darker objectives that include the supply of dual-use goods in breach of international sanctions. Melissa..
Online Published Date:
01 October 2014
Appeared in issue:
217 - 01 October 2014
EU & US tighten sectoral sanctions on Russia
On 12 September the European Union and United States issued new sanctions against Russia over hostilities in Ukraine. The sectoral measures target named Russian banks as well as defence and energy companies and bar provision of dual-use goods and..
Online Published Date:
01 October 2014
Appeared in issue:
217 - 01 October 2014
National risk assessment on a small island
Aruba in the Caribbean began work on its money laundering and terrorist financing risk assessment even as the Financial Action Task Force’s revised Recommendations, which require it, were launched in early 2012. Bas Jennen, who managed the..
Online Published Date:
01 October 2014
Appeared in issue:
217 - 01 October 2014
Domestic PEPs – lessons from Russia
Debate over how to identify domestic Politically Exposed Persons (PEPs) seems never-ending, writes Oleg Zadalia of Accuity. Bankers, lawyers and assorted consultants all have an opinion, sharpened against the timetable for the Fourth EU Money..
Online Published Date:
01 October 2014
Appeared in issue:
217 - 01 October 2014
Warm hearts and cold crimes
Charities or non-profit organisations are often at work in conflict zones close to terrorist operations and open to direct attack. The threat of financial compromise by the same extremists, arising from NPOs’ extended communication lines,..
Online Published Date:
01 October 2014
Appeared in issue:
217 - 01 October 2014