- Home/Publications/Money Laundering Bulletin
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
Power-broking: Iranian sanctions and conflict in the Middle East
Negotiations at the end of November on whether limited relaxation of sanctions on Iran should be extended into 2015 will be coloured not only by evidence of the country’s non-military nuclear intentions but also its role as a potential ally in..
Online Published Date:
28 October 2014
Appeared in issue:
218 - 28 October 2014
Getting their hands dirty – the illegal charcoal trade
The demand for charcoal in Africa has never been higher, while weak or absent controls over production and export make it an irresistible and lucrative source of funds for terrorists, armed political factions and criminals alike. David Carlisle..
Online Published Date:
28 October 2014
Appeared in issue:
218 - 28 October 2014
Penalty points
Fines for AML breaches may be rising on both sides of the Atlantic but real interest lies in the variations. Timon Molloy reads between the numbers.
If we look first at the US, the Financial Crimes Enforcement Network (FinCEN) took six..
Online Published Date:
28 October 2014
Appeared in issue:
218 - 28 October 2014
Rocky relations – Gibraltar and Spain
Spain’s historic claim to Gibraltar may make it quick to criticise the British overseas territory but allegations that ‘The Rock’ is a centre for handling illicit funds are hotly disputed, Pacifica Goddard finds.
Taxing..
Online Published Date:
28 October 2014
Appeared in issue:
218 - 28 October 2014
All in the price – the hidden cost of trade-based money laundering
The chance that a discrepancy between contract price and value of goods delivered in any single open account transaction will be picked up from the massive volume of daily business of financial institutions, whether by the authorities or AML..
Online Published Date:
28 October 2014
Appeared in issue:
218 - 28 October 2014
Systems switch – a technology tour
The pace of regulatory change may be rapid and continuous but AML technology providers are working hard to keep pace, both with it and each other. Kitty So reports.
As anti-money laundering (AML) regulations become more complex and..
Online Published Date:
28 October 2014
Appeared in issue:
218 - 28 October 2014
Making a Korea in AML
South Korea has worked hard to address the long list of deficiencies identified by the Financial Action Task Force in its 2009 mutual evaluation. Sue Grossey examines the changes that earned it removal from the follow-up process in June this..
Online Published Date:
28 October 2014
Appeared in issue:
218 - 28 October 2014