In this exclusive interview with KYC360, Kulachenkov reveals the logistics of creating Don’t call him Dimon and just what it took to unravel what Navalny has called a “grandiose, tangled snarl of figureheads and dummy corporations.”
Alone among the four states the Treasury named, Oregon did little to address those concerns. Its lack of a sales tax and streamlined, cheap methods of incorporation kept it a prime destination for shell company operators for years afterward.
As traditional financial institutions have undertaken de-risking efforts in recent years, other avenues of lending and banking have emerged as a necessity for various regions to maintain financial freedom. One of those growing avenues is peer-to-peer lending, also known as microlending.
Put very simply – and I am sure a lawyer or asset recovery specialist could elaborate enormously – when decisions are being made in sentencing and confiscation hearings, what matters is not the amount of money the criminal originally stole or made illegally, but what benefit he has accrued from that money.
The SARs regime as it currently operates in the UK is barely fit for purpose. This is not a controversial point. The number of SARs filed each year is ballooning: in 2014-15, for example, the National Crime Agency received more than 380,000 SARs, an 8% increase on the previous year.
In a concerning development, the Financial Times reported yesterday that according to official statistics, prosecutions for financial crime in the UK have fallen 26% over the last five years, from 11,261 prosecutions in 2011 to 8,304 in 2016. Over the same period, the number of reported offences has risen 350%, from 142,991 to 641,539.
Corruption is effectively a by-product of the success of Park Chung-hee’s development strategy for South Korea. With sectors encompassing the whole economy under the control of just a few families, it was easy for President Park Chung-hee to strong-arm them into following his agenda—a restless push to consistently produce and invest more, force their products into developed markets and export the country’s way to growth.
The UK’s Financial Conduct Authority (“FCA”) recently published the final version of guidance on how financial services firms should treat politically exposed customers in order to meet AML obligations.
I admit it, several of my friends launder money, and yours do to. The four cases below show just how easy it is for “innocent” people to assist in money laundering.
Stefan Cassella of Asset Forfeiture Law, LLC summarises a recent case in which a drug dealer’s wife, though entitled to an equitable distribution of the marital property upon her separation from her husband, had no present legal interest in his drug proceeds, and therefore lacked standing to contest their forfeiture.
A gambling firm which failed to conduct important anti-money laundering checks on a customer whose deposits eventually reached £750,000 has been fined £2 million by the Gambling Commission. The watchdog said 32Red should have reviewed the ...
Sanctions, whether targeted or comprehensive, are designed to restrict and influence governments from supporting bad actors. Yet with every expansion to these programs, sanctioned entities appear bolder in their efforts and creativity to evade. In 2017, OFAC ...
The dramatic events surrounding the fraudulent transfer of hundreds of millions of dollars from Angola to London involving top British banks have the elements of a gripping movie. There’s news of VIP meetings, midnight flights on ...
By Rachel Crabtree, senior associate, and Michael Carter, director, Alvarez & Marsal Disputes & Investigations With cryptocurrency vastly on the rise, crypto proponents are pushing for more open financial systems to, in part, serve the ...
Susan has been making her living from crime for over twenty years. She provides anti-money laundering training and advice to
For most people looking to land a job in the Nigerian Police Force, the chances are high that a polygraph
The tenants in buildings 6-9 of the prestigious Europort complex in Gibraltar might be surprised to learn that, until recently,
With the rise and rise of e-commerce comes the rise and rise of the e-criminal. Cybercrime is now the world’s