03.01.17

Italian Senator Claims Mafia Uses Bitcoin for Gambling, Money Laundering

Of course, all the money received from those illegal activities has to be laundered and it seems that the mafia has started to use Bitcoin for this task. At least this is what was suggested by the Italian Senator from the Democratic Party (Pd), Lucrezia Ricchiuti.



03.01.17

Repeal Of Anti-Corruption Rule May Hurt National Security, Critics Warn

One of the very first bills President Trump signed into law this month killed a Securities and Exchange Commission rule meant to promote transparency in countries riddled with corruption. Trump said getting rid of the rule, which required oil, gas and mining companies to disclose overseas royalties and other payments, would bring back jobs and save extraction companies many hours of paperwork and, potentially, hundreds of millions of dollars.



03.01.17

British Political Aide Faces Sentencing in US Criminal Case

A former campaign worker for Britain's right-wing U.K. Independence Party will be sentenced in U.S. federal court on Wednesday after pleading guilty to wire fraud in a scheme to steal money by posing as a money launderer.



03.01.17

Samsung heir faces trial after indictment on corruption charges

Prosecutors on Tuesday indicted Lee Jae-yong, the de facto chief of the giant South Korean conglomerate, on bribery and other charges. Four other Samsung executives were also charged with bribery and other crimes under the investigation into a huge political corruption scandal that has shaken the country.



03.01.17

War on black money: Govt likely to shut down 6-7 lakh shell companies, says report

Broadening the scope of investigation to unearth hidden black money from the system post the demonetisation exercise in November last year, the government has decided to crack the whip on the institutional money laundering which is rampant in the system.



02.28.17

Bank fined $1.15M for violating anti-money laundering reporting rules

The head of Canada's financial crime watchdog agency is second-guessing his decision last year to withhold the name of a bank — which CBC Investigates has identified as Manulife Bank of Canada — fined $1.15 million for not reporting hundreds of transactions it was obligated to report under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.



02.28.17

BMA slaps $1.5m fine on Sun Life

Bermuda financial watchdogs have slapped a $1.5 million fine on financial services firm Sun Life Financial Investments for failing to comply with anti-money laundering and antiterrorist financing laws.



02.28.17

What sort of remittance disruption can Amazon cause in Africa?

The answer is, of course, Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations, which are all aimed at impeding money laundering, terrorist funding, and who knows what else. However, these implementations have created more friction in the process of sending money back home to loved ones.



02.28.17

China renews fight on money laundering

China's foreign exchange market watchdog on Monday renewed its commitment to fight money laundering, improving policy transparency and further opening the domestic foreign exchange market.



02.28.17

Corruption: Promises, But Not Enough Progress from G20 Countries

Open data is a pretty simple concept: governments should publish information about what they do to fight corruption– data that can be freely used, modified and shared by anyone for any purpose, according to two major international anti-corruption watchdogs. This is particularly important in the fight against corruption.



02.27.17

PEP's and their impact on risk

In efforts made to increase financial security both domestically and internationally, as well as to avoid reputational risk and financial penalties, anti-money laundering (AML) and counter-terrorism financing (CTF) regulations now require financial institutions to constantly monitor for sanctioned individuals and entities, including politically exposed persons (PEP’s).



02.27.17

Trending: Should the proposed AML reforms be enacted? Weekly Roundup

Last week, Global RADAR’s feature story discussed recent developments in the financial services sector that centered on United States banks pushing for easier money laundering rules. A group of U.S. banks, which includes prominent names such as Goldman Sachs, JP Morgan Chase, and others, have called for a complete overhaul of how financial institutions investigate and report potential criminal activity.



02.27.17

Capital One eyed in anti-money-laundering probe

Here's what's in Capital One Financial's wallet: Federal and state investigators' requests for information about the U.S. banking giant's anti-money-laundering program.



02.27.17

Cash is no longer king

The idea of a cashless society is one of the topics that stirs up a heated debate when it comes to the digitalization of banking and society. On one hand, physical cash is the common denominator for corruption, tax evasion, money laundering and other various illegal activities.



02.27.17

Police seize £1m found in back of black cab as part of £73m haul of crime proceeds

The Met said the total was the largest confiscated in London in a single year since the Proceeds of Crime Act came into force in 2002. The largest single cash seizure came when officers stopped a taxi in east London and found a black holdall in the passenger section containing £943,000 in notes.



02.24.17

Sanctions on the rise

With the global movement towards increased financial security that arisen in recent years, limiting the risks facing respective clients and institutions has become a top priority for all individuals working within the financial services industry. This development has also resulted in the evolution of compliance programs into an area of utmost importance for financial institutions around the world in the crusade against financial crime.



02.24.17

Combating Money Laundering and Terrorist Financing with a Distributed Ledger

Despite the staggering $8 billion figure estimated to be spent on global compliance in 2017, U.S.-based rules regarding Anti-Money Laundering (“AML”) and Combating the Financing of Terrorism (“CFT”) remain anchored in their 1970s design.



02.24.17

U.S. Crackdown on Money Laundering in Luxury Real Estate Set to End

Federal regulations meant to catch illicit money flooding into luxury real estate are set to expire on Thursday, leaving the future of the so-far successful initiative in limbo. The federal government launched the program a year ago in two municipalities—Manhattan and Miami-Dade County, luxury real estate hubs where all-cash buyers of multimillion-dollar homes commonly hide their identities behind obscure limited liability companies, known as “shell companies.”



02.24.17

West Virginia legislators seek to criminalize bitcoin money laundering

Legislators in West Virginia have introduced a new bill aiming to create criminal offenses relating to money laundering. West Virginia House Bill 2585 specifies two new felonies relating to: (i) Laundering criminal proceeds through financial transaction; and (ii) transportation, transmission, or transfer of criminal proceeds. The bill also provides for the forfeiture of proceeds involved or traceable to the laundering.



02.24.17

President Trump Invites Trinidad PM to Washington

Trinidad and Tobago’s Prime Minister Dr Keith Rowley got a surprise calls from American President Donald Trump during which the leader of the twin-island republic was invited to Washington.