On 8 May 2019, the Central Bank of Ireland found Campbell O’Connor & Company, a private client stockbrokers....More
Guy Fawkes Night celebrates the failure of the Gunpowder Plot to kill King James I at the Palace of Westminster on November 5, 1605. There’s something modern, and therefore something we recognise, in the Gunpower Plot: it featured a small group of fanatics, whose plan was wildly ambitious, violent, and spectacular in its execution
In August this year, the Financial Action Task Force (FATF) published a new report that aims to raise awareness and provide an updated and more precise understanding of the financial flows related to human trafficking.....More
French firm Lafarge, a major producer of cement, construction aggregates and concrete, is the subject of a formal investigation by French authorities over allegations of terrorist financing, violating international sanctions and committing crimes against humanity.
As technological innovation sweeps the financial sector, the compliance professional faces developments of huge consequence.....More
How many of us, if we were then asked to think of terrorism and the Caribbean, would think back to the bygone era of piracy; of Calico Jack and mutiny on the seas? This era ended around the 1830s so surely terrorism is something that now happens outside of the Caribbean, doesn’t it?
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
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
At the International Compliance Association we find ourselves discussing money laundering issues almost constantly. One of the reasons that I love my job is that I get to discuss the finer points of anti money laundering regulations with other like-minded people.
Yesterday the Financial Conduct Authority in the UK released a statement of their expectations of Banks’ management of money laundering risk:
An investigation published by the New York Times recently provided a fascinating read for anyone involved in countering the financing of terrorism (CFT). While it has long been believed that counterfeiting provides the primary source of financing for terrorists, the Times report suggests that ransom payments have now surpassed it.
This month’s APAC bulletin from the ICA looks at the massive and sudden resurgence of terrorist financing threat from the Middle East, we glimpse inside the Singaporean financial sector and comment on how APAC financial institutions could get the jump on compliance culture changes spearheaded in Europe and the US.....More
I was delighted to represent the International Compliance Association at the Compliance Officer conference in Warsaw recently which focussed on the subject of new payment technologies and emerging money laundering and terrorist financing risk management.