Recently, Brazil’s state energy company, Petrobras, was investigated by the Department of Justice (DOJ) and the Securities Exchange Commision (SEC) for FCPA violations related to political bribes in Brazil. According to the SEC’s Steven Peikin, Petrobras fraudulently facilitated money through… Read more >
New Zealand introduced new amendments to its Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Act 2017 (Phase 2) in an effort to prevent money laundering, terrorist financing and increase the difficulty for criminals to profit from illicit activities. … Read more >
In the past few years, Ireland’s technology and financial sectors have soared, with the country’s economy and job markets growing as well. However, with the increase in activity also comes an increase in the risk for money laundering. In 2017,… Read more >
An Amsterdam-based bank, ING Group NV, became involved in a U.S. Securities and Exchange Commission (SEC) investigation for having shortcomings in the execution of preventative measures against financial crimes. This includes requirements for client on-boarding, anti-money laundering (AML) regulations, and… Read more >
Real estate is often used to aid money launderers in the Integration stage of a money laundering scheme. Criminals are able to invest their illicit gains into property, which provides stability in prices that usually appreciate over time and functionality… Read more >
At the Legal System and Cryptocurrency Crime seminar held in Bangkok last month, officials of Thailand’s Anti-Money Laundering Office (AMLO) revealed their plans to create a cryptocurrency wallet that will have the ability to seize digital currencies from criminals accused… Read more >
In an attempt to protect Britain’s overseas territories from money laundering, the UK has introduced the Sanctions and Anti-Money Laundering Act (SAMLA) which requires the territories to establish public registries of beneficial corporate ownership by December 31, 2020. SAMLA was… Read more >
Zanzibar, which is known for being a haven for money launderers, has introduced a new anti-money laundering (AML) law that requires anyone moving more than USD $10,000 out of the country to first state their intentions with the Tanzanian Revenue… Read more >
A year after Deutsche Bank, Germany’s biggest lender, was fined $700 million for money laundering, recent confidential reviews that the bank conducted internally on June 5th and July 9th revealed deficiencies in its initial know-your-customer (KYC) screening procedures and its… Read more >
Understanding Blockchain technology and the encrypted information within it could potentially help regulators find the powerhouses behind money laundering, trafficking, and terrorism. Illicit activities can be pursued through cryptocurrency transactions involving Bitcoin, Ether, and other digital currencies, and blockchain technology… Read more >