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Freud & the anaconda – all in the cause of financial crime
On a soggy Tuesday morning, writes David Coates, the Law Society’s symposium on financial crime kicked off with an ambitious set of objectives from its Chief Executive, Desmond Hudson. In a script that could have been borrowed almost in toto from the British Bankers’ Association (BBA), he emphasised that combating fraud and financial crime was not just the job of the legal profession. Firms were committing substantial financial and legal resources. Burdens needed to be proportionate and effective. He hoped the meeting would consider effectiveness, challenge accepted wisdom and look at innovative ways of tackling the problem. Feet shifted in response.
Online Published Date:
01 July 2012
Appeared in issue:
195 - 29 June 2012
Derrick ponders… Nathan’s nappy
The Shah case [1] reiterated the requirement that suspicious activity reports (SARs) should be made on a timely basis. Some regulated businesses set a time limit for making a SAR – for example, five days – but how long do you have to make your report to the Serious Organised Crime Agency (SOCA)? Derrick Paterson ponders some of the factors that might slow down the process.
Online Published Date:
01 July 2012
Appeared in issue:
195 - 29 June 2012
It’s the criminal economy, stupid
For over 20 years a handful of criminal investigators and prosecutors have known the truth, politicians have suspected it and the recession is starting to reveal it, writes Tristram Hicks. The truth is that the pursuit of money is the root of all evil. This biblical reference (Timothy, since you ask), suggests that the truth has been about for some time, but recent statistics suggest that the pursuit of money may also be an effective treatment for some, if not all, evil. The Proceeds of Crime Act 2002 (POCA) is starting to reap substantial rewards and, at the same time the crime rate, specifically the one that applies to property crime, is at its lowest level for thirty years. Could the two be connected?
Online Published Date:
01 July 2012
Appeared in issue:
195 - 29 June 2012
ING pays high price for long-term OFAC circumvention
ING Bank has paid US$619m under a deferred prosecution agreement (DPA) for systematically violating US sanctions from the early 1990s to 2007. [1] The Dutch bank breached Office of Foreign Assets Control (OFAC) regulations and New York State law..
Online Published Date:
01 July 2012
Appeared in issue:
195 - 29 June 2012
Ultimate beneficial ownership – sine qua non
Timon Molloy (timon.molloy@informa.com)
Online Published Date:
01 July 2012
Appeared in issue:
195 - 29 June 2012
Top three – FIU heads compare notes
Outside of Egmont Group meetings the paths of the directors of national Financial Intelligence Units (FIUs) cross only infrequently, even less in public. ACAMS’ 8th Annual European Anti-Money Laundering & Counter-Terrorism Financing Conference in Amsterdam therefore offered a valuable chance to discover how those in overall charge of handling reports in Luxembourg, the Netherlands and Estonia are thinking.
Online Published Date:
01 July 2012
Appeared in issue:
195 - 29 June 2012
Cashing in (and out) – European currency controls
A 2010 report by the European Commission on the early operation of the European Union’s (EU) cash control regulation (1889/2005), which came into force in 2007, said implementation had been “generally satisfactory” but the jury is still out on its usefulness as an anti-money laundering (AML) tool, writes Alan Osborn.
Online Published Date:
01 July 2012
Appeared in issue:
195 - 29 June 2012
Anti-money laundering: equipping the NED
A non-executive director role is no longer the sinecure it once was: real duties are attended by personal legal liability. Sue Grossey considers the anti-money laundering demands on those who should be best placed to influence the CEO and the Board.
Online Published Date:
01 July 2012
Appeared in issue:
195 - 29 June 2012
The beneficial ownership headache – high time for a cure
Online Published Date:
06 July 2012
Appeared in issue:
195 - 29 June 2012
FATF speaks on new Recommendations
Online Published Date:
06 July 2012
Appeared in issue:
195 - 29 June 2012
One year on: what has the Bribery Act done for us?
Online Published Date:
06 July 2012
Appeared in issue:
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US prosecutor documents cite deep AML failings at HSBC
Online Published Date:
06 July 2012
Appeared in issue:
194 - 06 June 2012
India: of law and priorities
Online Published Date:
06 July 2012
Appeared in issue:
195 - 29 June 2012