This week, a joint campaign developed by the Home Office, the Accountancy Affinity Group, the Law Society and the Solicitors’ Regulation Authority was launched to raise accountancy and legal professionals’ awareness of the warning signs of money laundering. Named ‘Flag it Up!’, … Read More
This week, Ernst & Young Fraud Investigation & Dispute Services (FIDS) announced their list of anticipated trends in fraud and corruption for 2016. FIDS noted that anti-bribery/anti-corruption enforcement has increased on a global scale, with companies feeling additional pressure from geopolitical instability and persistent cyber… Read More
The regulation of the online lending industry has come under heavy scrutiny following news that a loan issued by San Francisco-based online peer-to-peer lender, Prosper Marketplace, could have been instrumental in funding the recent San Bernardino terrorist attack. A loan of $28,500 was… Read More
Corporate scandals and continued political pressure over the past two years have resulted in UK regulators demonstrating a stricter approach and willingness to crack down on financial institutions. Accountancy firm EY recently released the Investigations Index, which examined data collected between 2013–2015 to provide insights and statistics into the penalties that UK regulators have… Read More
British multinational bank, Barclays, received a damning review from the Financial Conduct Authority (FCA) last week, which has resulted in one of the biggest fines for AML failings in UK history. The £72 million penalty was issued to the bank following the FCA review, which highlighted Barclays’ incompetence and poor handling of financial… Read More
 Following the regular meeting this week of EU finance ministers, delegates have expressed widespread support for the measures proposed by the French government to target terrorism financing. The French have identified non-banking forms of payment as a commonly used way of transferring funds for terrorism, alongside the… Read More
Vladimir Putin has announced an extension to the amnesty begun earlier this year for Russians re-shoring assets. The amnesty will be granted to Russians who have illegally kept money in offshore jurisdictions, on the proviso that they either repatriate the assets or pay taxes on them. The law… Read More
The government of Kenya has announced a raft of new policies in a bid to target and eradicate corruption, money laundering and international crime operating within its borders. This has included the announcement that banks breaking anti-money laundering laws will, at a minimum, lose their licence, as will… Read More
Earlier this month, the FT’s Lex column discussed the New York Department of Financial Services’ findings that Promontory Financial, like PwC and Deloitte before it, had agreed to the request of a bank to tone down some of the conclusions of an investigation it… Read More
Europol has released a new report entitled: “Why is cash still king? – A strategic report on the use of cash by criminal groups as a facilitator for money laundering”. The report notes that in the EU, “the use of cash is the main reason triggering suspicious transaction reports within… Read More