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US extends scrutiny of Standard Chartered sanctions compliance
Standard Chartered Bank will undergo monitoring of its sanctions compliance programme for an additional three years, to 10 December 2017, following extension of two-year deferred prosecution agreements with the US Department of Justice and the New..
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02 February 2015
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220 - 02 February 2015
Specific risk: FinCEN & Justice Department join forces against ex-compliance officer
As US compliance professionals return to their desks for another year of policing internal conduct at their firms, they face a new risk themselves, say Reginald Brown and Jaclyn Moyer of WilmerHale, namely, individual liability that could result in..
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02 February 2015
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UK government launches anti-corruption strategy
The British government has announced its long awaited anti-corruption strategy, issuing a paper detailing a comprehensive list of reforms, including significant anti-money laundering (AML) and anti-fraud components. [1] The paper said the programme..
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02 February 2015
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Algorithms are way forward against trade-based money laundering, says report
Financial institutions will need to automate more of their transaction monitoring in trade finance in response to regulators’ growing interest in trade-based money laundering, say consultants PwC in a report published on 8 January...
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02 February 2015
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EU extends Crimea and Sevastopol sanctions, issues guidance on Russian restrictions
On 18 December, the Council of the European Union announced [1] that it would be imposing “substantial” additional sanctions on investment, services and trade with Crimea and Sevastopol to reinforce the EU’s policy of not..
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02 February 2015
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Islamic State – a model of modern terrorist financing
The most sophisticated terrorist force yet seen, Islamic State has built a varied funding infrastructure that is set to take easily as long to disable as its military assets. Paul Cochrane, based in Beirut, goes in search of the IS..
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02 February 2015
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Legacy issues - Afghanistan
British forces have already left Afghanistan and the US plans withdrawal of all combat troops by the end of 2016. President Ashraf Ghani must now divide his time between working to preserve security against the threat of Taliban resurgence and..
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02 February 2015
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US law sets framework for future Russian sanctions
On 13 December 2014, the US Congress passed the Ukraine Freedom Support Act of 2014 (H.R. 5859) seeking to impose new sanctions against Russia and in support of Ukraine. On 18 December, President Obama signed the Act into law, while stating that, at..
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02 February 2015
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The Spanish inquisition
Spain was the first Financial Action Task Force member to undergo mutual evaluation of its AML/CFT regime for effectiveness. Sue Grossey looks at how the pioneer scored.
One of the big boys of Europe, Spain has been a member of the Financial..
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02 February 2015
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220 - 02 February 2015
Blue horizons – a Caribbean outlook
The Caribbean floats midway between the major sources of illegal narcotics in Latin America and markets on the Eastern seaboard of the United States and beyond, in Europe and Africa. Serena Joseph-Harris of Sirius International, who has previously..
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02 February 2015
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220 - 02 February 2015
UK SARs total grows 12% but not evenly
The UK Financial Intelligence Unit received 354,186 suspicious activity reports (SARs) in the year to September 2014, an 11.90% rise on the 316,527 filed in 2012/13. In the SARs Annual Report 2014 [1], the National Crime Agency, which now houses the..
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02 February 2015
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In practice – a legal opinion
Life as a regulatory lawyer is fast-paced and never dull, certainly not in a City firm. Arun Srivastava, who heads the Financial Services Group at Baker & McKenzie in London, forces a space between meetings to share his thoughts on financial..
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02 February 2015
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Nearly there – the Fourth EU Directive final draft
Just shy of two years since the first Commission draft was published, the negotiated final text of the Fourth European Union Money Laundering Directive (4MLD) emerged from the Council presidency on 12 January. [1] Not bad going given the..
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02 February 2015
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220 - 02 February 2015