In a 2012 Ernst & Young report, Ukraine was classed as one of the world’s three most corrupt countries. In 2001, during the administration of Leonid Kuchma, post-Soviet Ukraine’s second President, 80% of voters agreed with the statement that the government had no real interest in punishing corruption. Read More
Secondary Sanctions are the third tool in OFAC’s sanctions arsenal, which also include the traditional country-based and list-based sanctions. But are they effective and are they appropriate? Michael Carter investigates. Read More
Analysis of HMRC statistics from tax consultancy RSM shows that while tax avoidance is at its lowest level on record, the amount of tax revenue lost through evasion and the hidden economy is rising, amounting to £11.4bn per year. So what’s gone wrong - and right - for HMRC? Read More
The basics of AML – knowing who your client is and where his money is from, so that you are satisfied that neither is criminal – are part of a moral code and not done just because the law says so. Read More
Last year Russia’s oligarchs saw their collective wealth grow to an impressive $460 billion and the number of billionaires in their ranks rise from 77 to 96. This occurred despite the fact that several of these individuals, amongst them another Novatek stakeholder Gennady Timchenko and Stroygazmontazh owner Arkady Rotenberg, have been subjected to US and European sanctions since the Crimean referendum in March 2014. Read More
North Korea is already the subject of stringent economic sanctions imposed by the UN, the EU and numerous individual states. Yet despite this, the country has managed to continue its nuclear programme and keep its economy, whilst far from thriving, more or less afloat. Read More
Stefan Cassella of Asset Forfeiture Law, LLC comments on US v. Rivera-Izquierdo, which affirms that proceeds remain proceeds as they change form; when fraud proceeds are used to gamble, the gambling winnings become “proceeds” for purposes of money laundering under Section 1957. Read More
In the first of a new series of audio interviews, Amos Wittenberg speaks to Viv Jones of Eversheds Sutherland solicitors about international anti-bribery regimes. Viv wrote recently for KYC360 on Kenya's latest piece of anti-bribery legislation. Read More
The register would be the first of its kind in the world. It would detail the name, nationality, country of residence, year and month of birth, contact address, and nature and dates of control of beneficial owners; although if owners were able to show that making particular details public would put them at risk of harm then they could ask to have them omitted. Read More
The most popular driver – by a whisker, with 173 of 2015 respondents selecting it – was “I think that criminals should not be able to profit from their crimes, and AML is one weapon we can use against them”. Read More
Must Read

Bearing witness to financial crime, across party lines

If it seems like an odd recipe for financial oversight, it’s also a surprisingly effective one: take five to ten congressional staffers, exile them to a squalid basement office with “hard-boiled” charm in the U.S. Senate’s oldest building, give them access to subpoena powers and a seemingly endless series of… Read More

Anti-money laundering analysis: UK FCA and EU blacklists update

A key element in the application of the risk-based approach (RBA) to financial crime is the identification by a firm of those countries with which its customers are closely linked and which are also adjudged to be high risk in financial crime terms. There are many lists of such high-risk… Read More