Slow and inadequate sharing of information between financial intelligence units worldwide is undermining money laundering investigations, said Donald Toon, head of the Economic Crime Command and the Cyber Crime Unit at the National Crime Agency. Toon said new powers contained in the Criminal Finances Bill would make it easier for …
Video evidence can be a powerful tool but banks have yet to acquire the technology to apply it to their anti-fraud systems, according to Facewatch. The company is using facial recognition software to help firms make better use of video and CCTV systems. Banks’ failure to centralise their CCTV systems …
The streets of the UK are paved in gold. Its fields are paved with rich pickings. These illusory images of life in Britain are sold to the citizens of some of China’s more remote parts in an effort to persuade them to part with unimaginably large sums of money. Some …
TINA Tina is a vivacious girl, with a charming habit of swinging her head from side to side, lightly balanced on her long slim neck. She has a smile that suggests innocence, indeed worldly ignorance. How cruel that she should harbour a dark secret. For Tina is not in her …
The subcontracted worker is as much a stakeholder of a corporation as its consumer or its shareholder. The integrity and background of a company’s workers need as much scrutiny as the goods they make. Companies in the food area use many low-paid workers and they are under particular pressure to …
Human trafficking is perpetrated by a carefully organised group of people with specific roles. This ring has been likened to that of a business operation, where communication is tight and hierarchy is defined. At the centre is somebody responsible for managing and organising the whole trafficking process. Other roles include …
Human trafficking is a modern form of slavery. Human trafficking is, by definition, the use of violence, threats, coercion or fraud to aid in the recruitment, transportation or harbouring of a person, with the intent of exploiting that person. Human trafficking is a growing global problem and is increasing at …
The term is as emotive as it is ominous. ‘Terrorist finance’ sends a shiver through any manager of a bank, any compliance officer, any police or customs official. The use of your bank by a terrorist to finance his activity is unthinkable. The opprobrium from the public and powers-that-be is …
Terrorist financing baffles banks and law enforcement. The fact that small sums of money are used to finance a bomb sends MLROs, police and intelligence running for cover. The fallacy in most thinking is that terrorist finance is a subset of money laundering. In fact, we need a new methodology. …
Money laundering practice is in confusion as banks struggle to understand terrorist financing and government fails to support the financial community with resources skills and systems. That is the conclusion of two years of frantic activity and expenditure by the world’s banking system, post September 11. The implications for global …
