i-law

Money Laundering Bulletin

Russian transactions: more to report

Suspicious or not, an EU regulation now requires a swathe of transactions from Russian-owned entities to be reported. Nicola Passariello of Moody's explains the new demands and points to some challenges.
Online Published Date:  20 August 2024
Appeared in issue:  317 - 01 October 2024

Inhuman trade - mapping the economy of modern slavery [Video]

The Dutch model of collaboration between its national Financial Intelligence Unit and the banking sector is yielding valuable insights into the money flows around human trafficking and modern slavery. Hennie Verbeek-Kusters, Head of FIU-the Netherlands and former Head of the Egmont Group, spoke to Paul Cochrane about overcoming obstacles and sharing gains from information exchange.
Online Published Date:  21 August 2024
Appeared in issue:  317 - 01 October 2024

Free-for-all? - Free Trade Zones

Offshore advantages ring-fenced onshore - FTZs are synonymous with low tax, less bureaucracy, their own ways of operating but does the business-friendly laissez-faire extend too far; what of financial crime control and oversight? Keith Nuthall investigates.
Online Published Date:  23 August 2024
Appeared in issue:  317 - 01 October 2024

Nordea Bank fined US$35m in New York over correspondent banking AML failings

Finland's Nordea Bank, the largest in the Nordics, and its New York branch must pay US$35m after the New York Department of Financial Services found gaps and flaws in its anti-money laundering controls stretching back to 2009.
Online Published Date:  28 August 2024
Appeared in issue:  317 - 01 October 2024

TD Bank braced for fines north of US$3 billion after AML breaches

Canada's Toronto-Dominion Bank (TD) is preparing for fines topping US$3 billion in the United States over major failings in its anti-money laundering (AML) controls at several branches.
Online Published Date:  28 August 2024
Appeared in issue:  317 - 01 October 2024

US issues final rules for investment advisers and residential real estate transfers

Certain investment advisers will be subject to USA Bank Secrecy Act anti-money laundering/counter financing of terrorism (AML/CFT) requirements, from 1 January 2026, and transfers of residential property will be reportable, from 1 December 2025, after FinCEN published final rules for the sectors on 28 August.
Online Published Date:  29 August 2024
Appeared in issue:  317 - 01 October 2024

Political reforms: AML in Hong Kong

Strengthening anti-money laundering controls in line with international standards, Hong Kong now faces criticism that it could abuse the regime to restrict freedom of speech and assembly. Keith Nuthallconsiders the new powers and how they might be deployed.
Online Published Date:  30 August 2024
Appeared in issue:  317 - 01 October 2024

FATF round five - the effectiveness agenda

Technical compliance with global anti-money laundering standards - through passage of black letter law, writing regulation and building supervision and law enforcement capability - is advancing steadily worldwide, the achievement of four rounds of mutual evaluation by the Financial Action Task Force and regional monitoring bodies. If the machinery is largely in place, how well is it working? Keith Nuthallchecks on scope, focus and timetable for the fifth round of assessments.
Online Published Date:  07 September 2024
Appeared in issue:  317 - 01 October 2024

Money laundering and supply chains (redux): the 'wrecking ball' of the World Uyghur Congress appeal

The recent UK judgment of the Court of Appeal in R (World Uyghur Congress) v National Crime Agency (NCA) has important effects on the law of money laundering in supply chains and for law firms. John Binns of BCL, a specialist in the Proceeds of Crime Act 2002 (POCA), digs into the detail.
Online Published Date:  10 September 2024
Appeared in issue:  317 - 01 October 2024

Turning the tables in Macao

Autonomous Chinese gambling centre Macao is under pressure from Beijing to tighten controls on gaming, amidst ongoing concerns that the special administrative region (SAR) is a hub for criminal money, washing through its casinos.Keith Nuthall & Andreia Nogueirareport on the response.
Online Published Date:  14 September 2024
Appeared in issue:  317 - 01 October 2024

The start of better - Uganda

February 2024 was a milestone for Uganda, coming off the grey list of countries with anti-money laundering/counter terrorist financing deficiencies, but compliance gaps and serious resourcing and capacity challenges must still be met, even before mention of the real criminal and terrorist threats. Godfrey Olukya, in Kampala, and Keith Nuthallreview progress made and needed.
Online Published Date:  14 September 2024
Appeared in issue:  317 - 01 October 2024

Swedbank ex-CEO faces jail over misleading statements on ML concerns

Birgitte Bonnesen, former chief executive of Swedbank, faces 15 months in jail after a Swedish court found she had "disseminated misleading statements", in interviews on the third quarter 2018 results, about suspected money laundering links to the Estonian operations of another bank.
Online Published Date:  14 September 2024
Appeared in issue:  317 - 01 October 2024

Wells Fargo agrees to major AML & sanctions programs upgrade

Wells Fargo Bank, headquartered in South Dakota, has promised the US banking regulator to improve its financial crimes risk management and AML internal controls.
Online Published Date:  14 September 2024
Appeared in issue:  317 - 01 October 2024

Going south - Venezuela

An unsafe, quite possibly rigged, election result in July [2024] means that President Nicolas Maduro remains in charge of Venezuela, oil-rich even while much of the population is impoverished and corruption in government is rife. The United States has responded with sanctions, balancing the risk of further illegal immigration through its southern border. With the country now also on the Financial Action Task Force grey list, Paul Cochranefinds little cause for optimism.
Online Published Date:  16 September 2024
Appeared in issue:  317 - 01 October 2024

Australian AML reforms work their way towards law

The Australian government has proposed a comprehensive set of anti-money laundering and counter financing of terrorism (AML/CFT) reforms in draft legislation that is now under discussion in the country's House of Representatives and Senate.
Online Published Date:  16 September 2024
Appeared in issue:  317 - 01 October 2024

Track and trace - crypto intelligence for investigations

Growing use and acceptance of cryptocurrency - Russia recently legalised it for international payments, albeit driven by a need to bypass sanctions - strengthens the case for anti-money laundering professionals to learn how to follow the money onto, along, across and off blockchains. Keith Nuthall and Andreia Nogueiratake some lessons.
Online Published Date:  17 September 2024
Appeared in issue:  317 - 01 October 2024

Mirabaud barred from new high ML risk business, with CHF12.7m confiscation

Mirabaud & Cie SA, the Geneva-based private bank, must strengthen its anti-money laundering controls to the satisfaction of FINMA, the Swiss Financial Market Supervisory Authority, before it will be permitted to take on further clients "with increased money laundering risks".
Online Published Date:  18 September 2024
Appeared in issue:  317 - 01 October 2024

Danske pays €6.3m in France over laundering of tax fraud proceeds

Danske Bank has accepted a public interest fine of €6.03m (US$6.73m) and will pay damages of €300,000 (US$334,580) to the French state for assisting clients to shift the proceeds of organized tax fraud through accounts in France and abroad, notably in its Estonian branch, now closed, and in other credit institutions in Luxembourg.
Online Published Date:  18 September 2024
Appeared in issue:  317 - 01 October 2024

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