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Singapore: new cash transactions report threshold soon implemented for Precious Stones and Metals Dealers
Precious stones and metals dealers will have to report cash transactions exceeding S$20,000 or its equivalent from Oct 15, as part of new rules aimed at preventing money laundering, the Government said on Wednesday (Oct 8). “Precious stones and metals are portable, highly valuable, and can be easily bought and sold. These characteristics make it […]
Guyana must toughen law against money laundering, bank group says
The Caribbean Association of Banks is urging Guyana’s legislature to approve an amendment to the country’s 2009 Anti-Money Laundering and Combating the Financing of Terrorism Act. “The passage of the AML bill is not only about Guyana, but also about the international financial sector as a whole in order to protect all financial systems, within […]
Commerzbank in U.S. probe over money-laundering allegations
On the 29th September, Market Watch reported that the Manhattan U.S. attorney is investigating Commerzbank AG for alleged violations of money-laundering laws, potentially throwing a wrench in efforts by Germany’s second-largest bank to settle separate allegations that it violated sanctions by doing business with Iran and Sudan. The sanctions probe is more advanced, and Commerzbank had […]
Bosnia and Herzegovina: continued lack of progress in anti-money laundering / counter-terrorist financing legislation
MONEYVAL issued a revised public statement on Bosnia and Herzegovina On 19th September 2014, the Council of Europe’s anti-money laundering body MONEYVAL adopted, at its 45th plenary meeting (15-19 September), a public statement under Step 3 of its Compliance Enhancing Procedures in the light of continued lack of progress on legislation to address MONEYVAL’s concerns. MONEYVAL […]
Solicitors: NCA consent request guidelines
On 23rd September 2014, the Law Society of England and Wales has published general guidelines for completing a NCA consent request. As reported, the guidelines were drafted as a result of discussions held between the Law Society’s Money Laundering Task Force (MLTF) and the NCA regarding common reporting errors and the complexity of NCA guidance in […]
China: Anti-money laundering changes for banks
On 15th September 2014, South China Morning Post published an article in which it is reported that the People’s Bank of China has begun to assign more responsibility to banks in flagging suspicious transactions. To that end, the journal’s article confirms that: …In January last year, the anti-money-laundering division of the PBOC issued a new set of […]
Remarkable seizure of drug money in LA
On 10 September 2014, New York Post reported that police in Los Angeles have arrested nine people and seized around $70m (£43m) in cash during mass raids on a series of businesses. Officers said they suspected the money was being laundered on behalf of Mexican drug cartels. In the dawn operation, dubbed Fashion Police, about […]
Solicitors Regulation Authority: scrutinising law firms for complying with AML rules
The Solicitors Regulation Authority (SRA) is stepping up its efforts to ensure solicitors firms do not become embroiled in money laundering activity and are compliant with the various regulations and legislation associated with anti money laundering compliance. The legal sector is one of a number of areas of work that attracts organised criminals seeking to […]
Government proposals: companies face the risk of prosecutions for fraud and money laundering
On 4th September 2014, Solicitors Journal reported that companies face the risk of prosecution for failing to prevent white collar crimes such as fraud and money laundering, under new government proposals. The Journal also added that the recently appointed attorney general, Jeremy Wight, confirmed this week that proposals were being assessed to widen criminal liability […]
The Russian Laundromat
On 21st August 2014, the Organized Crime and Corrupting Reporting Project (OCCRP) published a reportage highlighting a sophisticated system for laundering money occurred through different jurisdictions including the UK, Russia, Moldova and Latvia. It has been estimated that more than $20 billion in Russian money stolen from the government by corrupt politicians or earned through organized crime […]
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