Quietly ticking in the corner, the control of proliferation finance may not be at the top of every risk register but with international standards in place it cannot be disregarded, says Paul Cochrane.
MLROs at a quarter of small banks had a “detrimental effect” on AML and sanctions systems and controls, the Financial Conduct Authority reports from its latest thematic review. Other findings, if not quite so dramatically negative, are“disappointing” – a favoured regulator euphemism – Timon Molloy discovers.
The Financial Action Task Force (FATF) approved two sets of guidance at its October 2014 plenary: one, on transparency and beneficial ownership, is aimed primarily at policymakers but the other, on application of the risk based approach to banking, is directed, as well, at the industry.
The Financial Action Task Force (FATF) has warned Iran it faces tighter international scrutiny of its financial services and dealings, should it fail to criminalise terrorist financing and boost its suspicious transaction reporting (STR) requirements.
Risks and Controls
China’s full-scale anti-corruption drive is having measurable impact on the casino economy of Macau, and Hong Kong, too, may feel the dragon’s breath. Jens Kastner reports.
Public officials are caught directing state funds to their own accounts offshore while the Chinese government seeks to clamp down on corruption even as it strives to loosen control over the country’s currency. Gao Fu Mao, in Beijing, asks if the policy objectives are compatible with the containment of illicit capital.
Four years ago Ghana was far off the anti-money laundering pace but it has staged a remarkable recovery as John Dyson reports.
Expansion and overlap of financial crime risks is driving integration of teams and systems as firms seek to improve their response and contain costs. Mark Dunn examines the trend.
Internationally-agreed documents often read as unsatisfactory high-level compromise but the Financial Action Task Force guidance on application of a risk-based approach for the banking sector both manages to offer direction and, on occasion, even surprise, Sue Grossey finds.
The demand for charcoal in Africa has never been higher, while weak or absent controls over production and export make it an irresistible and lucrative source of funds for terrorists, armed political factions and criminals alike. David Carlisle investigates the scale of illegal deforestation, who is responsible and countermeasures that might prove effective.
A new Financial Crime Alerts Service (FCAS), warning banks about the latest financial crime and cyber threats, is to be launched by the British Bankers Association.
Legal / Regulatory
If it is necessary to implement transaction monitoring and sanctions screening systems, it is no longer sufficient without understanding how they work and how effective they are. Kitty So talks to leading testing service providers.
Singapore seized SG$115million (US$92million) of suspected criminal funds in 2013 - the highest amount in five years, as against SG$5million (US$51million) seized in 2012, a national police official has confirmed to MLB.
Negotiations at the end of November on whether limited relaxation of sanctions on Iran should be extended into 2015 will be coloured not only by evidence of the country’s non-military nuclear intentions but also its role as a potential ally in the fight against Islamic State. Paul Cochrane reports from Beirut on compliance and politics.
The Democratic People’s Republic of Korea (DPRK) works actively to promote trading links in Africa but its commercial agenda hides darker objectives that include the supply of dual-use goods in breach of international sanctions. Melissa Hanham, Leslie Wukstich and Stephanie Lieggi examine the risk that Pyongyang’s subterfuge presents to institutions with connections to the continent through a set of clear, documented cases.
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