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Mary Munford

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    21 September 2016

    Fraud in Switzerland - an update on high profile fraud related stories

    We don’t know who originally had the idea for committing financial crime, although what is said to be the first recorded incident of fraud – involving a Greek merchant called Hegestratos, an upfront payment for transporting a cargo of corn and a failed plan to scuttle the ship carrying it – dates back to around 300 BC.....More

    Words by Mary Munford

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    1 September 2016

    Fraud in the Netherlands: the financial crime that needs a 21st century fraud response plan

    We don’t know who originally had the idea for committing financial crime, although what is said to be the first recorded incident of fraud – involving a Greek merchant called Hegestratos, an upfront payment for transporting a cargo of corn and a failed plan to scuttle the ship carrying it – dates back to around 300 BC.....More

    Words by Mary Munford

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    26 July 2016

    The FCA Anti-money laundering annual report 2015/16: progress – and challenges

    The UK’s Financial Conduct Authority (FCA) has published a small library of reports this month, including its Anti-money laundering annual report 2015/16, which provides some interesting insights into its work, and some themes emerging from this, over the last year.....More

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    21 July 2016

    The FCA Annual Report: taking a closer look

    Here in the UK, after weeks of blanket media coverage around Brexit, a change of Prime Minister and the legal complexities involved in the Labour leadership election, we could be forgiven for wanting a change of subject matter. So the Financial Conduct Authority’s (FCA) Annual Report for 2015/16 could provide a welcome respite for financial services professionals, though it’s not exactly what you might call light reading.....More

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    18 July 2016

    Football, mobile phones and money laundering

    Bright ideas are the lifeblood of any business or organisation. The same applies to money launderers, who always seem to be coming up with new techniques of their own, or abusing entirely legitimate systems and technologies, in order to stay a step ahead of law enforcement and other authorities.....More

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    12 July 2016

    Corruption: perception and reality in the Netherlands

    Corruption can be defined as ‘Dishonest or fraudulent conduct by those in power’ and usually falls into three main categories: grand corruption, petty corruption and political corruption, which the anti-corruption campaign organisation Transparency International defines more specifically.....More

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    6 July 2016

    Life after the referendum: terrorist financing high on FATF agenda

    Here in the UK, there’s not much on our news agenda apart from the EU referendum outcome and the resulting fall-out, so significant developments elsewhere in the world since 23 June have perhaps been slipping under our radar.....More

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    28 June 2016

    Panama in the spotlight: making progress on money laundering?

    There’s a saying about there being no such thing as bad publicity, though anyone who has been on the receiving end of negative media reports would probably not agree. Panama has attracted global attention as a result of the April 2016 publication by the International Consortium of Investigative Journalists of the Panama Papers.......More

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    14 June 2016

    Reporting Suspicions of Money Laundering and Terrorist Financing: Spotlight on the Netherlands

    At the International Compliance Association, we regularly find ourselves discussing money laundering and related issues. The reporting of suspicious transactions is a topic that often crops up and we’ve recently done some work around different reporting regimes around the world, how figures from different countries compare, whether national challenges are similar and if there are similarities in the entities submitting the highest number of reports. As a result, I took a closer look at the Netherlands.....More

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    10 June 2016

    Tone from the top: back in the spotlight

    Ethics is high on corporate agendas these days. The financial crisis of almost a decade ago has had far-reaching implications, not least in encouraging the leaders of companies in all sectors to take a long, hard look at how their organisations do business and whether they are doing it in the right way.....More

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    26 May 2016

    Beneficial ownership: A new era of openness? (The Netherlands)

    Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept that seems guaranteed to attract a great deal of international interest over the coming months and years, not least because of the European Union’s Fourth Anti-Money Laundering Directive (4th AMLD) and the central registers of beneficial owners that it will introduce.....More

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    10 May 2016

    Panama Papers: Offshore Leaks Database

    The international Consortium of Investigative Journalists has now released an Offshore Leaks Database, further lifting the secrecy from thousands of offshore entities from its Panama Papers investigation and its 2013 Offshore Leaks expose. Here's some of what it reveals.......More

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    6 May 2016

    All change on cash? Tackling money laundering through cash transaction limits in France

    A good way to get an eye-catching headline these days is to carry out some research predicting the death of cash, now that we are all abandoning notes and coins in favour of smartphone apps, contactless cards and mobile payments.....More

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    8 April 2016

    From the Panama Papers to people with significant control

    ​The Panama Papers have truly put the cat among the global pigeons. What the rich, powerful and famous from around the world have been secretly getting up to offshore makes fascinating reading and the revelations have already toppled one prime minister.....More

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    24 March 2016

    Corruption: is perception reality? (France)

    ‘All power tends to corrupt, and absolute power corrupts absolutely.’ – Lord Acton....More

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    15 March 2016

    Beneficial ownership: A new era of openness? (France)

    Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept set to attract much more interest over the coming months and years, thanks to the Fourth Anti-Money Laundering Directive, and the central registers of beneficial owners that it will introduce.....More

    Words by Mary Munford

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    9 March 2016

    Reporting Suspicions of Money Laundering and Terrorist Financing: Spotlight on France

    We started discussing suspicious transaction reporting regimes around the world, wondering how the UK's figures compared to other countries, whether the challenges were similar and if there were similarities in the entities submitting the highest number of reports. This led to my taking a closer look at what was happening in France.....More

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    24 November 2015

    US SAR stats turns spotlight on crowdfunding

    If there’s a gap in the market, you can guarantee that some bright spark will fill it. The same ingenuity also thrives in financial crime. The high-tech world we live in is the perfect breeding ground for new types of threat to emerge. As in the classic Whac-A-Mole game, as soon as one threat is knocked on the head, another is almost certain to pop up somewhere else.....More

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    29 October 2015

    OECD: tax and anti money laundering bodies need to step up joint working

    Joined-up thinking is something it’s hard to argue against. But while it’s a great idea in theory, co-operation, communication and collaboration don’t always materialise on an in-house basis, let alone where different organisations are involved, even if they are pursuing similar aims.....More

    Words by Mary Munford

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