Money Laundering Bulletin

Last month James Phillips, Group Marketing Director of compliance and regulatory specialists STB Systems (www.stbsystems.com), reviewed the use of anti-money laundering software to manage verification documentation, detect suspicious activities, name match against control lists, flag data problems and spot internal collusion. Automation may have its advantages but they come at a price and AML system installation costs are not an end of the matter. How can ownership expense be kept down? In this article Mr Phillips provides a system purchaser’s checklist. He also reviews management outputs from automation and its impact on procedure enforcement.

French banks are on notice that money laundering is a serious threat and they are beginning to look for software solutions. Fabien Buliard reports from Paris.

Russia may no longer be on the FATF blacklist, it has new laws and a financial intelligence unit in place, but the jury remains out on the efficacy of its new anti-money laundering regime. Mark Rowe reports.

Permanent home to the European Commission and the Council of Europe and one residence of the European Parliament, Brussels is firmly at the forefront of the European Union project. It is not surprising therefore that Belgium took the lead in the continental fight against money laundering and implemented measures that went beyond the provisions of the first EU money laundering directive. However, says Sue Grossey, it will need to revisit its legislation if it is to comply with the second directive and secure this leadership.

Enactment of the Law of Ukraine on Prevention and Counteraction of the Legalisation (Laundering) of the Proceeds from Crime failed to forestall imposition of countermeasures by the Financial Action Task Force on 20 December. In addition to enhanced..

What began as a money laundering trial of four employees of Eurobank has ended with the disgrace of Brian Gibbs, director of Cayfin, the Cayman Islands’ Financial Reporting Unit (FRU). Voir dire proceedings into the evidence of witness..

How do Police at the frontline interpret the suspicious transaction reports that money laundering reporting officers send through to the National Criminal Intelligence Service (NCIS) Economic Crime Branch? What do they look for and exactly how helpful to solving crime are the disclosures that firms make? These questions were explored during the Metropolitan Police Service Financial Intelligence Development Unit’s fifth annual feedback forum at New Scotland Yard last November.The event, sponsored by Carratu International, the investigations company, attracted more than a hundred money laundering specialists, from banks, financial advisers, casinos and bureaux de change, who came to learn from and share their experiences – ‘expectations, limitations and disappointments’ – with the Metropolitan Police officers who receive and handle 25% of the STRs filed in England and Wales. Timon Molloy reports on the highly instructive proceedings.