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National Bank of Pakistan fined U$55m in US for years of AML failures
By Keith Nuthall
Online Published Date:
26 February 2022
Appeared in issue:
292 - 01 April 2022
EU and UK sanction Putin over Russian invasion of Ukraine
By Keith Nuthall
Online Published Date:
26 February 2022
Appeared in issue:
292 - 01 April 2022
Ukraine-Russia crisis [2] – sanctions: ratchet up
25/2/22: Nato members are broadening and deepening their sanctions against Russia as its military push on through Ukraine. Herbert Smith Freehills lawyers review the latest measures announced by the United States, United Kingdom and European..
Online Published Date:
26 February 2022
Appeared in issue:
292 - 01 April 2022
Shell shock
War changes everything. The Economic Crime Bill, just a few weeks ago not important enough to be debated, catapulted to the front of the UK legislative agenda at the start of March [2022], as the Economic Crime (Transparency and Enforcement) Bill,..
Online Published Date:
28 February 2022
Appeared in issue:
292 - 01 April 2022
Russian central bank funds frozen in USA, EU and UK
By Keith Nuthall
Online Published Date:
01 March 2022
Appeared in issue:
292 - 01 April 2022
Ukraine-Russia crisis [3] – sanctions on Putin and central bank
28/2/22: Western powers are hardening their sanctions stance, with sights now set on the highest profile Russian targets. Herbert Smith Freehills lawyers review the latest measures taken by the United States United Kingdom, European Union and..
Online Published Date:
01 March 2022
Appeared in issue:
292 - 01 April 2022
AUSTRAC brings civil case against Crown Resorts casino operator over 'extensive' AML failures
Australia's largest casino business, Crown Resorts, faces civil proceedings in Federal Court over alleged "serious and systemic non-compliance" with anti-money laundering and counter-terrorist financing laws.AUSTRAC, the country's financial..
Online Published Date:
01 March 2022
Appeared in issue:
292 - 01 April 2022
Ukraine-Russia crisis [4] – sanctions on finance and trade expand
1/3/22: Russia’s continued aggression in Ukraine is drawing further retaliatory economic action. Herbert Smith Freehills lawyers work through the next measures introduced by the United Kingdom and European Union.Last updated on 1 March 2022United..
Online Published Date:
02 March 2022
Appeared in issue:
292 - 01 April 2022
Financial hitman
Susan Grossey is an author, specialising in real-life financial crime (http://www.thinkingaboutcrime.com/publications.htm) and the fictional kind (https://susangrossey.wordpress.com/purchase/).Robert Mazur may be contacted via www.robertmazur.com.
Online Published Date:
02 March 2022
Appeared in issue:
292 - 01 April 2022
888.com strikes unlucky with UK£9.4m fine for social harm & AML failures
Online casino firm 888 UK Limited, which operates 888.com and another 77 sites, must pay UK£9.4 million after the UK Gambling Commission (UKGC) found it had failed to meet social responsibility obligations and breached anti-money laundering..
Online Published Date:
02 March 2022
Appeared in issue:
292 - 01 April 2022
Ukraine-Russia crisis [6] – sanctions: flights, exports and currency controls
3/3/22: The United States bans Russian planes from its airspace and puts controls on oil refining and defence exports. Russia, meanwhile, seeks to restrict outflows of foreign currency and investment. Herbert Smith Freehills lawyers track the..
Online Published Date:
04 March 2022
Appeared in issue:
292 - 01 April 2022
FATF to insist on beneficial ownership registers; plenary condemns Russian invasion of Ukraine
The Financial Action Task Force (FATF) has agreed reforms to its Recommendation 24 on beneficial ownership, under which governments will need to ensure data on ultimate beneficial ownership (UBO) of legal entities is henceforth held by a public..
Online Published Date:
07 March 2022
Appeared in issue:
292 - 01 April 2022
Quality control: UK regulator reviews MLRO applications and competence
Denis O’Connor, a Fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment, was a member of the British Bankers’ Association Money Laundering Committee from 2003-10 and a member of the Joint Money Laundering Steering Group’s Board and Editorial Panel between 2010 and 2016. He has been a frequent speaker at industry conferences on financial crime issues, both in the UK and abroad.
Online Published Date:
08 March 2022
Appeared in issue:
292 - 01 April 2022
Ex-Mishcon partner fined UK£17,500 over poor CDD, use of client account as banking facility
Michael Nouril, a former partner with London law firm Mishcon de Reya, will pay a UK£17,500 penalty, plus investigation costs of UK£3,500, after the Solicitors Regulation Authority (SRA) found breaches of anti-money laundering rules around work he..
Online Published Date:
09 March 2022
Appeared in issue:
292 - 01 April 2022
UK businessman yields UK£500,000 in alleged criminal property
The arm of the law is long and patient: an investigation openedby Leicestershire Police in 2009 has concluded with a UK£500,000 transfer of suspectedcriminal assets to the UK National Crime Agency. Law enforcement started looking into flows of money..
Online Published Date:
09 March 2022
Appeared in issue:
292 - 01 April 2022
Ukraine-Russia crisis [7] – sanctions: private planes, yachts, & oil, gas, coal
Jonathan Cross (+1 917 542 7824, jonathan.cross@hsf.com), counsel
Online Published Date:
09 March 2022
Appeared in issue:
292 - 01 April 2022
European Parliament formally calls for end to EU golden visa laws
By Sara Lewis, in Brussels
Online Published Date:
10 March 2022
Appeared in issue:
292 - 01 April 2022
Ukraine’s crowdfunding shows one avenue for financial relief, but can regulators stand by it?
Chris DePow (https://www.linkedin.com/in/chris-depow-25684912/) is Senior Adviser – Financial Institution Regulation & Compliance, Elliptic.
Online Published Date:
10 March 2022
Appeared in issue:
292 - 01 April 2022
EU and UK escalate sanctions on Russia and Belarus as war wages in Ukraine
By Keith Nuthall
Online Published Date:
10 March 2022
Appeared in issue:
292 - 01 April 2022
Shell shock
War changes everything. The Economic Crime Bill, just a few weeks ago not important enough to be debated, catapulted to the front of the UK legislative agenda at the start of March [2022], as the Economic Crime (Transparency and Enforcement) Bill,..
Online Published Date:
15 March 2022
Appeared in issue:
292 - 01 April 2022
Liquid dynamics – laundering trends
War in Ukraine is catalysing urgent exploration of new
ways to shift money, not least by hugely wealthy Russians under sanctions. Keith
Nuthall finds some emerging patterns in illicit financial flows. Escape route – via crypto?The invasion of..
Online Published Date:
18 March 2022
Appeared in issue:
292 - 01 April 2022
Ukraine-Russia crisis [9] – sanctions: Russian Duma, crypto, luxury goods
14/3/22: Western governments continue to turn the economic screws against the Russian regime. Herbert Smith Freehills track developments in London, Brussels, Washington, D.C. and Canberra.Last updated on 14 March 2022UKOn Friday, 11 March [2022],..
Online Published Date:
18 March 2022
Appeared in issue:
292 - 01 April 2022
Ukraine-Russia crisis [8] – sanctions: insurance for aviation, space; crypto-assets
Susannah Cogman (+44 (0)20 7466 2580, susannah.cogman@hsf.com), partner and Elizabeth Head (+44 (0)20 7466 6443, elizabeth.head@hsf.com), counsel.
Online Published Date:
18 March 2022
Appeared in issue:
292 - 01 April 2022
EU imposes fourth round of sanctions on Russian targets
By Keith Nuthall
Online Published Date:
18 March 2022
Appeared in issue:
292 - 01 April 2022
MoneyGram fined US$8.25m in New York for failings in AML around agents
MoneyGram International Inc., the global money transmission
business, has agreed to pay US$8.25m after the New York Department of Financial
Services (DFS) found “significant compliance weaknesses”, notably in the..
Online Published Date:
18 March 2022
Appeared in issue:
292 - 01 April 2022
Ukraine-Russia crisis [10] – sanctions: SDNs, SOEs, credit ratings and dual-use goods
16/3/22: The conflict in Ukraine is now in its third week and with no breakthrough in negotiations for a cessation, political leaders in the USA, European Union and UK are expanding and tuning their sanctions against the elites in both Russia and..
Online Published Date:
18 March 2022
Appeared in issue:
292 - 01 April 2022
USAA Federal Savings Bank fined US$140m for wide range and years of AML failings
Over more than five years, a bank serving around 13 million US military personnel and their families operated an ineffective anti-money laundering compliance program as mandated by the Bank Secrecy Act. FinCEN has imposed a civil penalty of US$140..
Online Published Date:
24 March 2022
Appeared in issue:
292 - 01 April 2022
Off target: AML today
‘There’s anti-money laundering and then
there’s tackling money laundering,’ a source once told MLB. The dichotomy
between regulatory bureaucracy and effective action against illicit finance is
an ongoing frustration for..
Online Published Date:
24 March 2022
Appeared in issue:
292 - 01 April 2022
Step change – how to make AML work
Billions spent on regulatory
compliance but almost nothing to show for it in terms of criminal proceeds recovered,
some hard thinking is clearly needed. Paul Cochrane talks to law
enforcement veterans about the way forward.A huge prizeTo go after..
Online Published Date:
24 March 2022
Appeared in issue:
292 - 01 April 2022
MoneyGram fined US$8.25m in New York for failings in AML around agents
MoneyGram International Inc., the global money transmission business, has agreed to pay US$8.25m after the New York Department of Financial Services (DFS) found “significant compliance weaknesses”, notably in the firm’s supervision of six New York..
Online Published Date:
25 March 2022
Appeared in issue:
292 - 01 April 2022
Off target: AML today
‘There’s anti-money laundering and thenthere’s tackling money laundering,’ a source once told MLB. The dichotomybetween regulatory bureaucracy and effective action against illicit finance isan ongoing frustration for experienced practitioners, finds..
Online Published Date:
25 March 2022
Appeared in issue:
292 - 01 April 2022
EU imposes fourth round of sanctions on Russian targets
By Keith Nuthall
Online Published Date:
25 March 2022
Appeared in issue:
292 - 01 April 2022
Ukraine-Russia crisis [8] – sanctions: insurance for aviation, space; crypto-assets
Susannah Cogman (+44 (0)20 7466 2580, susannah.cogman@hsf.com), partner and Elizabeth Head (+44 (0)20 7466 6443, elizabeth.head@hsf.com), counsel.
Online Published Date:
25 March 2022
Appeared in issue:
292 - 01 April 2022
Step change – how to make AML work
Billions spent on regulatory compliance but almost nothing to show for it in terms of criminal proceeds recovered, some hard thinking is clearly needed. Paul Cochrane talks to law enforcement veterans about the way forward.A huge prizeTo go after..
Online Published Date:
25 March 2022
Appeared in issue:
292 - 01 April 2022
USAA Federal Savings Bank fined US$140m for wide range and years of AML failings
Over more than five years, a bank serving around 13 million US military personnel and their families operated an ineffective anti-money laundering compliance program as mandated by the Bank Secrecy Act. FinCEN has imposed a civil penalty of US$140..
Online Published Date:
25 March 2022
Appeared in issue:
292 - 01 April 2022
Liquid dynamics – laundering trends
War in Ukraine is catalysing urgent exploration of new ways to shift money, not least by hugely wealthy Russians under sanctions. Keith Nuthall finds some emerging patterns in illicit financial flows.Escape route – via crypto?The invasion of Ukraine..
Online Published Date:
25 March 2022
Appeared in issue:
292 - 01 April 2022
Ukraine-Russia crisis [10] – sanctions: SDNs, SOEs, credit ratings and dual-use goods
17/3/22: The conflict in Ukraine is now in its third week and with no breakthrough in negotiations for a cessation, political leaders in the USA, European Union and UK are expanding and tuning their sanctions against the elites in both Russia and..
Online Published Date:
25 March 2022
Appeared in issue:
292 - 01 April 2022
Ukraine-Russia crisis [9] – sanctions: Russian Duma, crypto, luxury goods
14/3/22: Western governments continue to turn the economic screws against the Russian regime. Herbert Smith Freehills track developments in London, Brussels, Washington, D.C. and Canberra.Last updated on 14 March 2022UKOn Friday, 11 March [2022],..
Online Published Date:
25 March 2022
Appeared in issue:
292 - 01 April 2022
Ensure you receive the latest updates from Money Laundering Bulletin
Did you know you can receive our email alerts to keep you fully informed of the latest developments brought to you by Money Laundering Bulletin? Make sure you are signed up and be the first to know about our new content.If you use..
Online Published Date:
15 April 2022
Appeared in issue:
292 - 01 April 2022