Stefan Cassella of Asset Forfeiture Law, LLC, considers the application of the merger rule to concealment money laundering. In this case, the Defendant acted as a middleman for the sale of a prostitution business, but was unaware that both the buyer and seller were police informants. What happened when he… Read More
Banks and other financial services firms are investing heavily to improve their compliance operations in the face of increasing regulatory pressure and fears of hefty penalties for misconduct or negligence. On offer are a wide range of training courses to help compliance officers navigate and better understand their work… Read More
Snakes and monkeys are getting the blame for corruption in Nigeria Tolu Olarewaju, Staffordshire University There is something strange afoot in Nigeria, Africa’s largest economy. Animals have been making away with huge sums of money. No, this is not a euphemism. When a team of auditors recently… Read More
The European Council has added three states to the Annex 1 list of non-cooperative jurisdictions, dubbed the EU tax blacklist, saying they have failed to make commitments at ‘a high political level’ to address issues raised. The Bahamas, Saint Kitts and Nevis and the US Virgin Islands were added on… Read More
A London-based compliance officer is amused at what bank workers reveal to him about their knowledge of their firms and he tells KYC360 the issues are common even at the top. He does not wish to disclose his name and details. I recently went into a local branch of a… Read More
Chancellor Philip Hammond’s Spring Statement on Tuesday addressed the usual topics of housing, the cost of living and business rates, and also mentioned measures to address financial crime pertaining to tax and money laundering. Of interest was tax compliance, he said the government will look into a new VAT… Read More
The government of the Isle of Man (IoM) has spent the last several months in damage control mode, as revelations from the Panama and Paradise Papers continue to expose the Island’s role in the complex web of offshore finance. The Island featured prominently in both the Panama and Paradise Papers,… Read More
Australia has had criminal laws prohibiting the bribery of foreign public officials in place for many years, however, to date, it has successfully convicted individuals in connection with foreign bribery only on two occasions. Stung by criticism by the Organisation for Economic Co-operation and Development in 2015, Australia’s federal… Read More
It was a development that bordered on the ridiculous. In December, after long discussion and some fanfare, the EU finalised its new ‘blacklist’ of states with a ‘non-cooperative’ record on taxation. Yet just a month later, eight countries were removed from the original 17, with the EU Council citing commitments… Read More
By Natasha Reurts The United Kingdom’s anti-money laundering ‘supervisor of supervisors’ unit is now open for business. The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) is mandated to provide consistency across 22 money laundering professional body supervisors. Unfortunately, its initial proposal and now commencement has failed to forge unity,… Read More
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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