Money Laundering Bulletin

Timon Molloy

The latest version of the draft Joint Money Laundering Steering Group (JMLSG) Guidance Notes [1] incorporates for the first time not only money laundering but also terrorist financing in its title.The onus on firms to identify politically exposed..

Economic forecasting is a far from exact science as finance ministry officials know only too well. According to HM Treasury’s Regulatory Impact Assessment (RIA) the margin of error is evidently similarly wide when it comes to the estimation of..

The Court of Appeal judgment in Bowman v Fels (www.bailii.org/ew/cases.EWCA/Civ/2005/226.html) on 8 March this year [1] prompted a collective sigh of relief from UK lawyers in the immediate belief that the sanctity of legal professional privilege..

Antoni Gaudi’s gothic vision for the Expiatory Temple of Sagrada Familia, Barcelona remains unrealised well over a hundred years after the foundation stone was laid in 1882. As a monumental work in progress it formed a fitting backdrop for discussions, both aspirational and practical, at Money Laundering Alert’s Second Annual European Money Laundering Conference. Timon Molloy files his first report.

Does introduction into the Proceeds of Crime Act 2002 of reasonable expectation of belief that a suspicious activity report will lead to identification of a money launderer or the whereabouts of criminal property alter the objective test? Jonathan Fisher QC considers .

It may simply confirm what most people in the industry knew or strongly suspected but Matthew Fleming’s report “UK Law Enforcement Agency Use and Management of Suspicious Activity Reports: Towards Determining the Value of the..

Naura was removed from the Financial Action Task Force Non Cooperative Countries and Territories (NCCTs) list at the standard setter’s October plenary in Paris, following its abolition of 400 shell banks. Only Myanmar and Nigeria remain on the..

Technological advances - the Internet, mass storage of information on media such as CD-ROM and DVD and wireless communications – mean that it is now possible to have what seems like an infinite amount of information at one’s fingertips.The obvious advantage is that a quick search can yield results that might have required physical visits and examinations of large quantities of paper as little as ten years ago. A less obvious disadvantage is that the sheer quantity of information available can make it difficult to tell the good from the bad and the relevant from the irrelevant. Old proverbs still ring true, write Patrick Jost and Cliff Knuckey - the needle in the haystack is very much a reality – and never more so than when it comes to tracking terrorists and their financiers.

Nick Ridley works at Europol as an intelligence analyst in the Anti Terrorist Unit.