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 …
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 …
