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Fallout: the FinCEN Files
Timon Molloy (timon.molloy@informa.com), Editor
Online Published Date:
06 October 2020
Appeared in issue:
278 - 28 September 2020
UK unexplained wealth order yields £10m in property and cash
The UK National Crime Agency has recovered nearly UK£10m in assets from a suspected money launderer in its first successful use of an unexplained wealth order (UWO) solely for alleged involvement in serious organised crime.Mansoor ‘Manni’ Mahmood..
Online Published Date:
07 October 2020
Appeared in issue:
278 - 28 September 2020
Informa Law to resume printing & distribution of Money Laundering Bulletin
Followingthe temporary halt to our normal printing and distribution of Money LaunderingBulletin due to the Coronavirus pandemic, Informa Law is pleased to confirmthat the hardcopy publication will begin to be distributed again from 1 January2021...
Online Published Date:
09 October 2020
Appeared in issue:
278 - 28 September 2020
Companies House reform: what will it achieve?
John Binns (+44 (0)20 7430 2277, jbinns@bcl.com) is a partner at BCL Solicitors LLP, specialising in financial crime and money laundering.
Online Published Date:
13 October 2020
Appeared in issue:
278 - 28 September 2020
Deutsche Bank fined €13.5m in Germany for late SARs
DeutscheBank has been fined €13.5million by Frankfurt prosecutors for late reporting of suspicious transactionsthat it processed for the Estonian branch of Danske Bank.A criminal investigation into Deutsche’s activity ascorrespondent bank to the..
Online Published Date:
13 October 2020
Appeared in issue:
278 - 28 September 2020
System check - some proposals for reforming US AML inspired by the FinCEN Files
Matthew Stephenson (+1 (617) 495-9863, mstephen@law.harvard.edu) is Professor of Law at Harvard Law School, where he teaches administrative law, legislation and regulation, anti-corruption law, and political economy of public law.
Online Published Date:
19 October 2020
Appeared in issue:
278 - 28 September 2020
First Bitcoin ‘mixer’ & darknet operator fined US$60m by FinCEN
Larry Dean Harmon has become the first person in the US to be fined for running a Bitcoin mixer that serviced criminals on the darknet.FinCEN levied a US$60 million civil penalty [1] on Mr Harmon, who founded and operated Helix and Coin Ninja as..
Online Published Date:
20 October 2020
Appeared in issue:
278 - 28 September 2020
Give and ye shall receive
Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:
21 October 2020
Appeared in issue:
278 - 28 September 2020
Needs must… - organised crime ‘assistance’ under Covid-19
One, among many negative impacts of thecoronavirus pandemic is an undermining of legitimate trade. In countries withstrong organised crime traditions, money launderers are seizing the opportunityto subvert or take over hard-pressed businesses then..
Online Published Date:
21 October 2020
Appeared in issue:
278 - 28 September 2020
Home front
A shift towards home-based working duringthe Covid-19 pandemic has raised multiple challenges for AML/CFT compliance,from digitally onboarding new customers to changes in consumer behaviour thatimpact transaction monitoring results, and the..
Online Published Date:
21 October 2020
Appeared in issue:
278 - 28 September 2020
Difficult choices for UK law enforcement: follow the money or punish the launderer?
Jessica Parker (+44 (0)20 7353 6000, jp@corkerbinning.com) is a partner at Corker Binning.
Online Published Date:
21 October 2020
Appeared in issue:
278 - 28 September 2020
Goldman Sachs fined US$350m in Hong Kong over 1MDB bond compliance failures
Risk and compliance failures, including anti-moneylaundering, around three bond offerings for the 1Malaysia Development Berhad(1MDB) sovereign fund, have cost Goldman Sachs (Asia) LLC a US$350 million(HK$2.71 billion) fine by the Hong Kong..
Online Published Date:
22 October 2020
Appeared in issue:
279 - 22 October 2020
Goldman Sachs to pay over US$2.9 billion for 1MDB bribery and compliance failures
Goldman Sachs has reached a US$2.9 billion-plus global settlement with prosecutors and regulators in five jurisdictions over its role in bribing public officials and in the alleged embezzlement of more than US$2.7 billion from the proceeds of bond..
Online Published Date:
22 October 2020
Appeared in issue:
279 - 22 October 2020
FinCEN Files: is the UK Government’s response enough to fix a failing system?
Caroline Harbord (+44 020 7399 4791, caroline.harbord@forsters.co.uk)is a Senior associatein the Commercial Dispute Resolution team at Forsters.
Online Published Date:
26 October 2020
Appeared in issue:
279 - 22 October 2020
UAE fines two exchange houses for lax AML/CFT compliance
Two unnamed exchange houses have been fined AED950,000 (US$258,640) and AED500,000 (US$136,125), respectively, by the Central Bank of the United Arab Emirates for weak anti-money laundering and counter terrorist financing controls.The CBUAE, which..
Online Published Date:
28 October 2020
Appeared in issue:
279 - 22 October 2020