Tweet UAE debates tougher AML laws The United Arab Emirates is proposing amendments to its anti-money laundering legislation that, if approved, may be one of the most stringent anywhere. That’ s because it will allow the incarceration of officers for failures to report transactions suspected of involving money laundering or terrorist financing without a due […]
Tweet How correspondent banking relationships are used to launder funds My favorite resource for correspond banking is the US Senate Report on Correspondent Banking published several years ago. Despite its age, it remains timely because it deals specifically with how the US financial system is used by correspondent banks in, mainly offshore tax havens to, […]
Tweet US Treasury Undersecretary for Terrorism on Bitcoin, Banks, AML and Regulation The US Treasury Undersecretary for Terrorism and Financial Intelligence, David S. Cohen, discussed the risks of digital currencies and Bitcoin in a Bloomberg talk in New York City today. Mr. Cohen said the regulation of Bitcoin coming down the pipe may require financial […]
Tweet Private jets of cash According to an article in La Presse, Martin Grenier, a Canadian from Repentigny, Quebec, was arrested in Detroit and charged on February 13, 2014, with money laundering along with two Americans, including a lawyer. Grenier is alleged to have facilitated the laundering of so much cash, that private jets were used to […]
Tweet Federal government to regulate bitcoin and other digital currencies As was widely anticipated, the federal government announced today that it will amend federal legislation to require the regulation of digital currencies like bitcoin in order to eliminate the potential risks of digital currencies being used for terrorist financing and money laundering. Interestingly, the proposed […]
Tweet Canada is among a handful of countries where the diamond industry is being used for money laundering and terrorist financing, according to a report by a global financial crime body. The report by the Financial Action Task Force, a Paris-based global body that sets standards to combat money laundering and terrorist financing, says that […]
Tweet One of Bitcoin’s earliest enthusiasts, Charlie Shrem who ran BitInstant, a New York based Bitcoin exchange, was arrested today and charged with money laundering conspiracy, operating an unlicensed money transmitting business and failure to file suspicious activity reports to FinCEN. The complaint was filed by U.S. Attorney for the Southern District of New York, […]
Tweet Summary of OFAC sanctions Until FACTA comes in force, the Office of Foreign Assets Control (“OFAC“) remains the singularly most important agency in the U.S. in respect of financial crime for multinational and foreign companies and yet surprisingly, the OFAC regime appears to be relatively ignored from a compliance perspective. OFAC yields enormous power […]
Tweet According to a 2013 Financial Crime survey, 2014 is expected to be an expensive one for regulatory compliance , with more than 20% more being spent for each of anti-money laundering compliance and compliance with the U.S. Foreign Account Tax Compliance Act (“FATCA“), for a total of a 40% increase. Cybersecurity The financial crime […]
Tweet The EU investigation into the use of wind farms to launder proceeds of crime widened today with several police raids in Austria and Germany, including a raid on the offices of the state-owned bank, HSH Nordbank. The Nordbank financed several wind farms, including one in Calabria, Italy, alleged to have been erected and operated […]