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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
UK banks are behind the financial crime curve: how must they catch up?
Joe Biddle of Trapets has some ideas.
Online Published Date:
09 September 2024
Appeared in issue:
217 - 01 October 2014
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
India's banking expansion strengthens AML but still weak for non-financials - FATF
India's surging 7% economic growth has expanded its formal economy, enabling the country to strengthen its anti-money laundering and counter financing of terrorism (AML/CFT) regime, the Financial Action Task Force (FATF) has concluded in its latest mutual evaluation report, although some key weaknesses remain.
Online Published Date:
21 September 2024
Appeared in issue:
318 - 01 November 2024
Worse or no better - UK professional body AML supervision
The fifth annual report by OPBAS - the UK Office for Professional Body AML Supervision - describes a recalcitrance among those responsible for ensuring lawyers and accountants comply with their legal obligations to thwart money launderers that is almost incredible.
Online Published Date:
24 September 2024
Appeared in issue:
318 - 01 November 2024
Supply chains and tainted funds: applying the new law on money laundering
A controversial recent Court of Appeal judgment affects how UK businesses approach money-laundering issues. John Binns of BCL walks us through the new landscape.
Online Published Date:
28 September 2024
Appeared in issue:
318 - 01 November 2024
Capital International fined UK£119,596 for PEP control failings on Isle of Man
Asset manager Capital International Ltd has been issued with a civil penalty of £119,596 (US$160,164) by the Isle of Man Financial Services Authority after an inspection, part of a foreign politically exposed persons thematic project, in April 2022, found inadequacies in its anti-money laundering/counter financing of terrorism procedures and controls.
Online Published Date:
30 September 2024
Appeared in issue:
318 - 01 November 2024