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Switzerland urged to tighten its money laundering laws
(From Swissinfo.ch) Transparency International has called on Switzerland to tighten its anti-money laundering legislation to prevent foreign public officials and business people from hiding the proceeds of crime and corruption behind opaque structures on its soil. Executives of the anti-corruption organisation on Tuesday urged Switzerland to publicly register information on the beneficial ownership of limited […]
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 […]
Are the Basel AML index’s results a positive outcome for the EU?
On 13th August 2014, the Basel Institute on Governance published the 2014 Basel Anti-Money Laundering Index. This follows the other two previous releases issued since 2012. The Basel AML Index aims to assess the risk of money laundering in 162 countries across the world (Public version). To that end, the Index uses 14 indicators based on data from […]
Brazil: potential money-laundering allegations against major banks
A few days ago, Bloomberg revealed that: A $4.4 billion money-laundering probe linked to state-run Petroleo Brasileiro SA is spreading to financial institutions as prosecutors investigate whether they met compliance requirements. Court documents cite units of banks including New York-based Citigroup Inc. (C), Madrid-based Banco Santander SA (SAN) and London-based HSBC Holdings Plc (HSBA), as […]
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