KYC360 Weekly Roundup

Published on Jan 14, 2022

UAEs potential FATF grey listing

In this week’s roundup: David Prosser investigates UAE’s potential FATF grey listing, Airbus faces lawsuit, Twitch money laundering investigation results in arrests, KYC360's how-to-guide to risk-based customer screening, UK to investigate dirty money from Russia, French arms deal threatened by corruption claims and Seychelles investigates missing aid money.

UAE in AML Spotlight: Will FATF add them to the ‘grey list’?

“After all, the UAE continues to vie with Saudi Arabia as the economic powerhouses of the region. And while the country’s wealth is founded on its oil sector, it has become a huge financial centre. Sovereign wealth funds based in Abu Dhabi run more than $1 trillion worth of assets; Dubai is home to the regional headquarters of a string of multinational banks.”

Despite being a financial powerhouse in the Middle East, the UAE could end up on FATF’s grey list. With a decision looming on the horizon, David Prosser investigates the impact being ‘grey listed’ could have on the country.

Airbus facing $339m class action lawsuit

Airbus is potentially facing a $339m class action lawsuit after the business allegedly withheld information about corruption at the company. Investors are claiming they have suffered at least €300m in damages due to company misconduct. In 2020, the company had agreed to a $4b fine in a deal with American, French and English authorities to settle an investigation into bribery and corruption.

40 Arrested as a result of Twitch money laundering investigation

Forty people have been arrested in Turkey in connection with a money laundering operation which took place on the popular streaming site, Twitch. The scheme is said to have used stolen credit cards to donate funds to streamers, with the total estimated amount laundered being around $10million.

Corruption Claim’s Threaten French Fighter Jet Deal

Thales, a French arms company is facing allegations that it used an illicit system to secure lucrative international contracts. The corruption claim stems from Indian defence consultant, Sanjay Bhandari, who says he was hired by Thales to secure a €2.4bn contract, which was signed in 2011.

UK Foreign Affairs Select Committee to Re-Examine Government Response to Dirty Money

A foreign affairs select committee has agreed to re-examine the UK’s inability to crack down on money laundering – in particular, the handling of Russian oligarchs in London. The government had recently released an update of its anti-corruption strategy which reported the UK topped the financial secrecy index.

Europol Brings Boost to Spain’s Fight Against Organized Crime

Spain has received financial support from Europol recently to bolster its investigative capabilities against organized crime activities such as drug smuggling and human trafficking. Spain is not the only country that is set to benefit from the financial support, all EU member states are set to receive the same support.

Seychelles: The island nation hunting for a missing £37million

Six prominent citizens from the Seychelles are facing charges in a corruption scandal involving £37m of missing foreign aid. The gift was given to the island nation twenty years ago by the UAE to help overcome a foreign exchange shortage and pay for necessities like rice and flour.

 

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