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 …
Casinos are a dream vehicle for the money launderer with dirty notes to absorb into the system. Money goes in and out of casinos with such speed and in such quantities that regulators and cashier struggle to track it efficiently. That is why the law places great reporting burdens on …
Singapore is set to beef up its guidelines against money laundering and terrorist finance. The country’s regulator has announced plans to revise its guidelines regulating financial institutions and the fight money laundering and the funding of terrorism. These will complement the government’s latest laws, passed in 2002, to combat criminal …
Money transfer to war-torn and desperately poor parts of Africa and Asia is booming on the streets of London. Local immigrants from poor countries use a myriad of tiny shops, restaurants, internet cafes and grocery stores to send back money to their home countries in a form of self-help aid …
China is in the sway of a regulatory and compliance clampdown which is set to stiffen standards for banks operating in the region. At the same time, it will give foreign investors placing their money in China and Hong Kong greater confidence in the region’s integrity and in the standards …
Private bankers need to know as much as possible about the customers that pass through their doors, and the wealth that they carry. So each customer who wants to open an account is subjected to considerable processes of due diligence. If the customer is a businessman who has made his …
Banks encountering suspicious transactions will soon be able to file a collective SuperSAR to the financial intelligence unit at the National Crime Agency. The provisions of the recently published Criminal Finances Bill will give banks greater legal protection when they work together to investigate money trails and to accumulate and …
Hong Kong and Singapore face a money laundering clampdown in the next few months as local banking organisations and regulatory authorities launch rulebooks bringing local rules in line with international standards. These standards are recommended by the Financial Action Task Force (FATF) and the Basel Committee. Some Asian financial institutions …
Private bankers need to know as much as possible about the customers that pass through their doors, and the wealth that they carry. So each customer who wants to open an account is subjected to considerable processes of due diligence. If the customer is a businessman who has made his …
