What will UK do to tackle ‘dirty money’ after leaked Pandora Papers?
Britain’s Conservative government is facing calls to tighten the country’s defences against “dirty money” after a massive leak of offshore data showed how London, in particular, is the destination of choice for some of the world’s richest and most powerful people to conceal their cash. The cache of almost 12 million files, which has been […]
Pandora Papers: Rich and powerful deny wrongdoing after dump of purported secrets
Files linked to more than 35 current, former leaders Kremlin sees no reason to make checks Pakistan opposition demands named ministers quit Jordan palace says nothing improper in disclosures WASHINGTON, Oct 4 (Reuters) – The Czech prime minister, the king of Jordan and the chairman of a well-known Indian conglomerate were among global figures denying […]
Vessel identity laundering: an emerging threat to maritime trade
Criminals are fraudulently obtaining vessel registration numbers to evade sanctions on maritime trade, researchers say, warning that illicit export operations are becoming “significantly more sophisticated”. C4ADS, a non-profit organisation focused on transnational security issues, says it has identified multiple cases where the International Maritime Organization (IMO) has been deceived into issuing “clean” identification numbers to […]
Two decades after 9/11, are British authorities allowing Taliban to launder money in the UK?
A National Security Council said Britain missed opportunities to prevent the militant group from using London as a money-laundering hub. It appears 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 […]
The next UK pandemic: financial fraud and firms increase in use of artificial intelligence to detect it
Finance firms are stepping up their investments in artificial intelligence (AI) and machine learning (ML) as part of their anti-money laundering (AML) investments. Covid-19 and the disruption it brought to the global economy has triggered a sudden increase in financial crime, with money laundering a threat to society. The UN estimates that up to $2tn is […]
TBML alarm raised as UK searches for trade with developing countries post Brexit
The UK’s courtship of trade with developing countries after Brexit risks exacerbating the country’s exposure to trade-based money laundering (TBML), according to new research. As part of the country’s trade strategy after departing the EU, the UK’s Department for International Trade (DIT) announced plans earlier this month for a Developing Countries Trading Scheme (DCTS), which […]
The Bribery Act has raised corporate standards
Legislation to streamline the UK’s anti-corruption laws and sweep away a myriad of disparate archaic offences was introduced by the coalition government in 2010. But in the week when fraud investigators have struck two more deferred prosecution agreements with corporations, views are mixed as to whether the Bribery Act has lived up to its billing as setting […]
Firms in the UAE must disclose ultimate beneficial owners
More than 500,000 firms in the United Arab Emirates (UAE) must disclose their ultimate owners from Wednesday or face penalties, as the Middle East financial hub tries to avoid inclusion on a dirty money watchlist. However, under legislation passed last year beneficial and legal ownership data will only be disclosed to the government and not […]
Cybercriminals Turn to Monero to Launder Illicit Gains
Investors are not the only ones with doubts about Bitcoin these days. Concerned about the ability of investigators to trace Bitcoin transactions through underlying blockchain data, cybercriminals are also becoming increasingly wary of their longstanding cryptocurrency of choice, according to the Financial Times. For criminal syndicates, the shift is due in part to the anonymity […]
The Impact of Digital Money on Sanctions
Almost every day it seems a new form of digital money emerges, often touted as the next hot idea. But with so many governments indicating interest in these developments, central bank digital currencies (CBDCs) might actually be a technology to change the world. WHAT IS A CBDC? A CBDC is a digital form of currency issued by […]