Money Transfer

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Pakistan: FIA traces hoarders of $163 million

Federal Investigation Agency (FIA) on Tuesday traced those involved in hoarding of $163 million in a structured manner. In an attempt to curb rising dollar rate against local currency, the FIA launched a crackdown against those involved in hoarding of dollars. The traders of hawala/hundi have also come under the… Read More

AMLD5 and prepaid cards: what has changed?

The changes with regards to AMLD5 on prepaid card transactions represent key information for the payments ecosystem, especially on the way it could impact the payment acceptance rate. Using his expertise in the field of legal consulting, Timelex‘s Niels Vandezande sheds light on the new rules and exceptions around this law The directive… Read More

Two decades after 9/11, British authorities continue to allow Taliban to launder money in the UK

UK authorities are still allowing the Taliban to launder its money in the UK 20 years after 9/11 because of their inability to take on the City, a former White House intelligence chief has said. Robert Greenway, a senior director at the National Security Council, said Britain missed opportunities to… Read More
13th September 2021
An Auckland-based foreign exchange business has been slapped with a $770,000 fine for breaking anti-money laundering laws. “Given the scale, nature and circumstances of KVB’s (CLSA Premium’s) non-compliance, I am satisfied that this penalty accurately reflects the gravity of the breaches and reflects the principles of deterrence and denouncement,” said… Read More
3rd September 2021
The United States has told financial institutions that they may process personal remittances here to Afghanistan, a Treasury Department spokesperson said on Thursday, a move taken in tandem with steps to ensure the continued flow of humanitarian aid. The decision to allow money transfers could provide some relief for… Read More
2nd September 2021
Not even the most pessimistic predictions anticipated the speed with which the Taliban would overrun the incumbent regime in Afghanistan, but it was always certain that the US military withdrawal would leave the government and its military exposed. So, one would imagine that a range of contingencies across different dimensions… Read More
2nd September 2021
By Parker Asmann, InSight Crime, 1 September 2021 InSight Crime — The Mexican government is highlighting a record number of remittances sent back to the country by citizens living in the United States this year amid the COVID-19 pandemic, but organized crime groups have long exploited these transfers… Read More
2nd September 2021
The United States last week issued a license authorizing it and its partners to continue to facilitate humanitarian aid in Afghanistan, a Treasury Department official told Reuters, after the Taliban, which is blacklisted by Washington, seized control of the country this month. The specific license, issued by the Treasury Department… Read More
2nd September 2021
Australian banking customers may soon be able to attach a PDF or a hyperlink to a payment, with the Reserve Bank of Australia (RBA) signalling work is underway for such a feature. “The Australian banking industry is in the process of developing a service to enable large payers, such as… Read More
2nd September 2021
By Ashley Pechinski, InSight Crime, 1 September 2021 InSight Crime — The increasing use of an instant money transfer app is driving express kidnappings in the Brazilian city of São Paulo – a crime that now requires no more than a password and a push of a… Read More
31st August 2021
The horrific Aug. 26 complex attack against Afghan civilians and U.S. Marines at the Kabul airport has put international attention on the Islamic State in Khorasan (ISIS-K), a relatively small and obscure offshoot of the Islamic State of Iraq and Syria (ISIS-Core). The attack raised an important question about… Read More
30th August 2021
Sarah Peck arrived in Kabul as the US embassy’s anti-corruption officer in 2009. Having spent two years as a consular officer in Manila, she was already familiar with the relationship between tainted money and politicians. But Afghanistan was “vastly, vastly more terrible” than the Philippines. That year, as Barack Obama… Read More
27th August 2021
The United States is taking steps to allow humanitarian work to continue in Afghanistan despite U.S. sanctions on the Taliban, which seized power 11 days ago. A U.S. Treasury Department official said President Joe Biden’s administration has contacted humanitarian partners in Afghanistan in recent days about their continued ability to… Read More