Articles
When we asked our readers last week to let us know how things were going amid the COVID-19 pandemic, we received hundreds of survey responses from career professionals working in financial services businesses, government agencies, technology companies, law firms and other AML-related occupations all around the world. The message by… Read More
With all of the terrible economic news that has followed the COVID-19 pandemic, it’s easy to miss the fact that at least one line of work is welcoming new job seekers: money laundering. As the FBI noted earlier this month, organized crime groups are increasingly turning to so-called “money… Read More
During his time as an undercover agent investigating Pablo Escobar and the Medellin Cartel, Robert Mazur kept two lessons from his training in mind: think like a bad guy, and remember, the bad guys are always smarter than the good guys. Mazur, who recently spoke to RiskScreen CEO Stephen Platt… Read More
Trade is the backbone of the global economy and all of us benefit from the trading of products and services across the continents. Global Trade Atlas (GTA) expected an increase in the real value of global trade in both 2020 and 2021 to respectively 188,70.58 and 197,94.77 USD billion. While… Read More
When the World Health Organization (WHO) designated COVID-19 a ‘pandemic’ earlier this month, it understandably left out another concern linked to the outbreak: how financial crooks might exploit it. Whether it is this virus or another in the future, the significant attention and panic that comes with such outbreaks can… Read More
The financial sector may yet see its own movement to hold institutions and individuals accountable for facilitating corruption, according to Mark Hays, anti-money laundering campaign leader at the advocacy group Global Witness. In a recent interview with AML Talk Show host Martin Woods, Hays said there is an… Read More
In a report published last month, the European Banking Authority (EBA) outlined its recent assessments of how EU nations are supervising and enforcing their anti-money laundering (AML) and counterterrorism financing (CTF) rules. Unsurprisingly, the results weren’t pretty. The authority slammed seven AML regulators from five, unnamed EU member-states for… Read More
Economic sanctions regulations generally are written to be applicable to “property or interests in property.” These terms are very broad ones; for example, the Office of Foreign Assets Control’s (OFAC) Venezuela Sanctions Regulations defines them in the following way: The terms property and property interest include, but are not limited… Read More
2019 was the year of clarifying guidance from law enforcement, regulators, and anti-financial crime organizations, even if the effects of new expectations haven’t quite appeared in the form of increased enforcement actions. Nonetheless, it is quite likely that the punitive tail of non-compliance may start to manifest in 2020 and… Read More
Trade-based money laundering (TBML) and tax evasion contributed to a nearly $9-trillion loss for developing countries between 2008 and 2017, according to a report published on Tuesday. Washington, DC-based Global Financial Integrity (GFI) analysed inconsistencies in import and export values between a developing economy and its developed economic partner. Adding… Read More