AML Corner
Archive for August, 2014
Corruption amongst members of parliament, judges and prosecutors: Belgium must step up its action regarding integrity and transparency
In a report on Belgium published on 28 August 2014, the Council of Europe Anti-Corruption Group (GRECO) calls for a reinforcement of its preventive measures concerning corruption within parliamentary and judicial institutions. GRECO has noted the recent establishment of codes of deontology and a Federal Ethics Committee, as well as the introduction of preventive measures for federal […]
Myanmar: What Progress In Combating Money Laundering
( From Radio Free Asia) Government authorities in Myanmar are zooming in on potential money laundering in the booming real estate industry as they investigate the investments of a former prime minister’s grandson linked in a deal with a business tycoon subject to U.S. financial sanctions. After parliament passed an anti-money laundering law in March, […]
Israel Joins FATF In Fighting Terrorist Financing, Money Laundering
(From Globe.co.il) Israel is set to take a significant step in the international war against money laundering and black capital. Israel has been invited to join the Financial Action Task Force (FATF), an inter-governmental body that develops and promotes policies to combat money laundering and terrorist financing. Membership would be subject to an international audit […]
Banks learn about the difference in US and HK money-laundering rules
On 25th August 2014, following the latest US fine on Standard Chartered, South China Morning Post published an article pointing out the differences between US and HK anti-money laundering approaches. Whilst the US authorities have imposed numerous and significant fines against banks, the Hong Kong Monetary Authority has never fined any banks for such breaches. Is there any difference […]
What can be learnt from the latest fine on Standard Chartered over money laundering failures?
On 19th August 2014, Standard Chartered Bank was fined $300m (£181m) and agreed to cut off dealings with certain customers for failings that could have seen the bank process illegal transactions from sanctioned states. Notably, the New York State Department of Financial Services (NYDFS) in carrying out its supervisory role through its independent monitor, which the Department installed at […]
Mozambique: Government Approves Rules Against Money Laundering
(From allAfrica.com) Maputo — The Mozambican government on Thursday approved a set of regulations, incorporated into the 2013 law against money laundering, intended to combat organised crime, and particularly any financing of terrorist activities. Briefing reporters after a meeting of the Council of Ministers (Cabinet), the government spokesperson, Deputy Justice Minister Alberto Nkutumula, said that […]
UN warns of the need to control money laundering in Panama.
From 20 to 22 August 2014 in Panama City, Panama, UNODC ROPAN and the Regional Anticorruption Academy for Central America and the Caribbean (ARAC), hosted in collaboration with the Panama Banking Association, as well as other institutions in the public and private sectors, the XVIII Hemispheric Conference for the Prevention of Money Laundering and Combating […]
Ebola – Perfect ingredients: lack of governance and accountability, and rampant corruption!
(From Foreign Policy) – There was a tragic irony to the discussions in Washington last week between President Obama and African leaders. The meeting took place even as the Ebola virus was brutally exposing the lack of capacity, antiquated health systems, and dearth of governance in one corner of the continent. The outbreak is gathering […]
Chinese rail official gets death sentence in corruption case
(From Reuters) – A Beijing court on Wednesday sentenced a former railway official to death for corruption, but promised a reprieve after two years of good behaviour, state media reported, in the latest graft case to hit China’s sprawling rail network. Wen Qingliang was sacked as head of the rail bureau in the southwestern city […]
Does China’s latest corruption purge have any real teeth?
On 17th August 2014, Willen van Kemenade, an Al Jazeera’s foreign correspondent, published an interesting article on the Chinese anti-corruption campaign which has recently involved several important officials, including China’s former head of domestic security and state oil, chief Zhou Yongkang. As van Kemenade highlighted in his article, “corruption in China is omnipresent, and it runs from […]
© 2024 AML Corner. All Rights Reserved.
Powered by WordPress. Wordpress Theme designed by 