Equivalence may no longer be in the AML lexicon but EU member states’ desire for a collective position on non-EU jurisdictions is clear in their latest comments on the Fourth Money Laundering Directive draft.
The effectiveness agenda espoused by the Financial Action Task Force (FATF) may have prompted HM Treasury to spray statistics across its latest AML/CFT supervision report, for 2012/13, but without more granularity they add oddly little except disquiet, says Timon Molloy.
After months of delicate diplomacy, there are signs that Iran may be prepared to give ground on its nuclear ambitions in return for a loosening of the knot of sanctions that bind its economy and financial sector. Susannah Cogman and Rod Fletcher of Herbert Smith Freehills examine the planned relaxations and the sanctions that will remain in place, based on current information.
The regulated sector would have access to a list of domestic politically exposed persons in EU member states if European Parliament amendments to the draft text of the Fourth Money Laundering Directive are accepted.
Inability to spot suspicious transactions, cash-based economies, porous borders and weak inter-state cooperation leave West Africa open to terrorist financiers, the Financial Action Task Force (FATF) warns in a typologies report published yesterday [12 November 2013].
European Union (EU) economy and finance ministers (ECOFIN) said at their meeting on Friday (15 November) in Brussels that they wanted to agree the text of the proposed Fourth EU Money Laundering Directive with the European Parliament before May 2014.
Another thematic review, more dismal findings: the UK Financial Conduct Authority’s examination of AML and anti-bribery and corruption (ABC) controls at 22 asset management and platform firms, including some from major groups, is true to form.
Law enforcement are at the door with a production order in hand; how should you react? In the second of two articles based on an Institute of Money Laundering Prevention Officers workshop, John Horan of Maze Investigations, Compliance & Training Ltd and Bill Price of Ladbrokes, both long-time MLROs and former serving detectives, share their experience.
Risks and Controls
Not backed by a central bank, Bitcoin is a libertarian act of faith that has already passed some difficult tests but can it be made safe from criminals? Sue Grossey explores the risky financial frontier.
Lebanon’s hard-won, always precarious reputation as a comparatively clean banking location in the Levant was dealt a severe blow with the Lebanese Canadian Bank case in 2011 but it has restored confidence overseas, notably in Washington, in time to confront the financial fallout of war in neighbouring Syria. Paul Cochrane reports from Beirut.
Syria, mired in bloody civil war, is also fighting multilateral sanctions. Although notionally cut off from the international banking system, Damascus is evading the restrictions through use of Russian banks and receiving assistance from Iran, reports Paul Cochrane from Beirut. Neighbouring Lebanon is caught in the crossfire, despite not serving the Syrian regime as a major conduit for flight capital.
What image is conjured up when you think of a terrorist? An Islamic fundamentalist? A dissident Republican? A neo-Nazi? All may fall within the definition – many others do as well, says Sean Larkin QC.
AML laws yet to be passed, airports that afford special treatment to PEPs, predominance of hawala and an unassailable position in opium production, Rahimullah Yusufzai, in Peshawar, reports on how the funds flow from Afghanistan.
Legal / Regulatory
The paper mill wheels just keep on turning in Paris. October’s Financial Action Task Force (FATF) plenary announced a batch of best practices and typologies alongside review of the grey and ‘charcoal’ lists of countries with AML/CTF deficiencies. Elsewhere, the focus is on beneficial owners and individual liability for AML breaches.
Multiple laws now mesh to contain Iran’s nuclear ambitions and penalise the Syrian regime: how effective they are in persuading the countries’ leaders to negotiate is moot but the impact on firms’ business policy around the world is not as two sanctions professionals elucidated during C5’s Economic Sanctions & AML for Financial Institutions conference in London.
EMAIL NEWSLETTER SIGN UP
FINANCIAL CRIME NEWS
07 十二月 2013, 21:42:55
07 十二月 2013, 21:34:40
07 十二月 2013, 21:03:35
AE - Gulf Today - India
07 十二月 2013, 20:44:11
US - The Washington Post
07 十二月 2013, 20:41:34
SA - ArabNews - Middle East
07 十二月 2013, 20:40:17