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Called to account
Colin Holder (+44 (0) 7970 938163, cholder@mliltd.co.uk) is managing director of Money Laundering Intelligence Ltd, www.mliltd.co.uk . Report by Timon Molloy.
Online Published Date:
04 December 2012
Appeared in issue:
198 - 04 December 2012
On the agenda – EU & UK
For more information about the Anti Money Laundering Professionals Forum, visit www.amlpforum.com Report by Timon Molloy.
Online Published Date:
04 December 2012
Appeared in issue:
198 - 04 December 2012
Deferred Prosecution Agreements in the UK: final proposals
On 23 October 2012, the Ministry of Justice (MoJ) issued its response to the deferred prosecution agreements (DPAs) consultation [1], along with legislative proposals, which feature as amendments to the Crime and Courts Bill currently before Parliament. DPAs may therefore be introduced in England and Wales as early as next year, write Omar Qureshi and Amy Smart of CMS Cameron McKenna, although they note that the Impact Assessment assumes they will not be in use before early 2014. DPAs will be available for wrongdoing that predates their enactment, so the first agreements could be reached fairly quickly after they come in.
Online Published Date:
04 December 2012
Appeared in issue:
198 - 04 December 2012
Value for money – AML assessed
The world has been fighting money laundering in more or less the same way for a quarter of a century now, writes Alan Osborn, and many of those in the thick of the battle are starting to wonder, frankly, whether the game is worth the candle any more.
Online Published Date:
04 December 2012
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198 - 04 December 2012
Sanctions compliance – a concerted effort
For further information about the SWIFT (www.swift.com) sanctions testing service, contact Nicolas Stuckens (nicolas. stuckens@swift.com) or Ian Horobin (ihorobin@omnicision. com, www.omnicision.com) Report by Timon Molloy.
Online Published Date:
04 December 2012
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198 - 04 December 2012
No flat-pack: Swedish strategy takes shape
A concerted effort by legislators, regulators and law enforcement to address criminal proceeds is beginning to yield results. Gerard O’Dwyer reports on Sweden’s progress.
Online Published Date:
04 December 2012
Appeared in issue:
198 - 04 December 2012
No freeze on property overseas: Perry & Ors v Serious Organised Crime Agency
In Perry and others v Serious Organised Crime Agency [2] and Perry and others No.2 v Serious Organised Crime Agency, write Charles Thomson and Ben Ko of Baker & McKenzie, the Supreme Court allowed the joint appeals brought by Mr Perry, some members of his family, and entities associated with them. The Supreme Court ruled that the High Court does not have the jurisdiction to make civil recovery orders in respect of property located outside of England and Wales. Similarly, notices under disclosure orders requesting information from Mr Perry and his daughters could not be served under the Proceeds of Crime Act 2002 (POCA) to individuals outside of the UK. This clarification of the extraterritorial effect of POCA has caused some controversy and has raised questions as to the purpose and efficacy of the civil recovery regime.
Online Published Date:
04 December 2012
Appeared in issue:
198 - 04 December 2012
Holy CDD
I am mightily grateful that both my gender and my creed bar me from his job, writes Sue Grossey, as I would not today be in the shoes of Pope Benedict XVI for all the sacred wine in Rome. Things are not going well for the Pontiff . His former butler Paolo Gabriele has been found guilty of stealing confidential documents and child abuse scandals continue to undermine faith in the church hierarchy. And that’s before we start thinking about the financial side.
Online Published Date:
04 December 2012
Appeared in issue:
198 - 04 December 2012
SAR Trek – looking to the next generation
Although the US enacted the first anti-money law in the world with the Bank Secrecy Act (BSA) in 1970, the AML compliance field really didn’t come into its own there until the late 1990s. After the events of 11 September 2001, the AML/BSA compliance industry appeared to begin in earnest with many new automatic transaction monitoring systems vendors entering the market, writes Ken Bryant. Here he draws on his experience to trace the evolution of AML compliance standards and best practice in transaction monitoring alongside developing regulatory expectations.
Online Published Date:
04 December 2012
Appeared in issue:
198 - 04 December 2012
In Scandinavia – three ways north
Reporting trends are uneven and the conviction picture mixed in Norway and Finland while Iceland is still dealing with the fallout from its banking collapse in 2008. Gerard O’Dwyer, files this profile of the region from Helsinki.
Online Published Date:
04 December 2012
Appeared in issue:
198 - 04 December 2012
Happy new year – then again…
Timon Molloy, Editor (timon.molloy@informa.com)
Online Published Date:
07 December 2012
Appeared in issue:
199 - 07 December 2012
A law of unintended consequences - the Proceeds of Crime Act
Asset recovery has come a long way in nearly ten years since the Proceeds of Crime Act 2002 took effect. Criminals are poorer by a billion pounds, writes Tristram Hicks, and cash remains their weakest link.
Online Published Date:
07 December 2012
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199 - 07 December 2012
Derrick ponders… Pepe’s PEP
A member of the House of Lords has been reported as saying “Taking dirty money from foreign despots is unacceptable behaviour…” whilst the Joint Money Laundering Steering Group’s guidance says, “Establishing whether individuals qualify as PEPs [politically exposed persons] is not always straightforward and present difficulties.” Derrick Paterson reflects on the problems that firms can face with foreign individuals.
Online Published Date:
07 December 2012
Appeared in issue:
199 - 07 December 2012
Self assurance
How do you demonstrate that your senior management are committed to AML? Denis O’Connor, managing director with the financial crime portfolio at the Association of Financial Markets in Europe has a strong personal view.
Online Published Date:
07 December 2012
Appeared in issue:
199 - 07 December 2012
A crisis of will: Greece
The Greek economic crisis may provide the perfect backdrop for money laundering, writes Michael Kosmides from Athens. Dr Ioannis Filos, professor of Auditing at Panteion University in Athens and director of the Greek chapter of the European Business Ethics Network (EBEN), has no doubts: “It is obvious... the financial stress is a big incentive for people to get involved in wrongdoing, fraud, corruption.”
Online Published Date:
07 December 2012
Appeared in issue:
199 - 07 December 2012
A well-roasted Turkey
The location of the opening sequence of a Bond film is traditionally a good indication of troubled jurisdictions, writes Sue Grossey. In “Dr No” (1962), Sean Connery tracked baddies and Ursula Andress around Jamaica. Roger Moore tackled space in “Moonraker” (1979). In “Die Another Day” (2002), Timothy Dalton surfed onto a beach in North Korea. Pierce Brosnan in “GoldenEye” (1995) infiltrated a Russian chemical weapons facility. And in “Skyfall” (2012), Daniel Craig rides a motorbike over the rooftops of the Grand Bazaar in Istanbul. Yes: Turkey has been promoted to the Bond list of dodgy countries.
Online Published Date:
07 December 2012
Appeared in issue:
199 - 07 December 2012
Set apart – the UK Crown Dependencies
Britain’s Crown Dependencies (CDs) - the Channel Islands and the Isle of Man - have always been tricky customers for the world’s anti-money laundering (AML) authorities to get a fix on. Alan Osborn takes the latest soundings.
Online Published Date:
07 December 2012
Appeared in issue:
199 - 07 December 2012
US Foreign Corrupt Practices Act 1977 Guidance – it’s official
After a long wait, writes Mark Dunn, the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have finally published guidance to help companies comply with the US anti-bribery & corruption legislation, the Foreign Corrupt Practices Act (FCPA). On its release on 14 November 2012, the two agencies enthusiastically proclaimed, “There may (be) no other area of the law where DOJ or SEC has provided the public with as much information about our enforcement approach and priorities.” Does the guidance meet expectations and provide clarity or is it simply a rehash of existing information from US regulators?
Online Published Date:
07 December 2012
Appeared in issue:
199 - 07 December 2012