More new speakers have joined the Euro AFC Summit
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FINANCIAL crime featured strongly in the US Congress on Thursday, with US lawmakers and a former #DEA agent accusing China banks of laundering for Mexico’s fentanyl cartels.?“What makes this so effective and hard to detect is that it minimises the movement of funds — dollars stay in the US, pesos stay in Mexico and renminbi stays in China,” said Chris Urben.
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Republican Congress member Lisa McClain was even stronger, alleging “criminal organisations based in the People’s Republic of China have captured the money-laundering business for the cartels.”
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“These Chinese money-laundering organisations have developed an incredibly efficient system that is increasingly difficult for our law enforcement to detect. Quite frankly, they’re really smart on how they do it.”
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#FinCEN acting director Himamauli Das meanwhile was telling another committee that the agency?is considering how and whether to verify entries in a beneficial ownership database - and may be limited in what it can do.
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“We heard loud and clear the importance of validation and we agree with the importance of validation,” Das told the House Financial Services Committee panel. “There are legal considerations, cost considerations, and then a number of questions with respect to how to implement validation as well.”
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In Europe, we’re gearing up for the May Day bank holiday weekend with record-high temperatures in Spain and some unseasonably cold weather in Britain and Ireland.
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It’s just another reminder of the growing links between compliance and ESG in the financial sector and financial crime compliance. Indeed former #FATF president Dr Marcus Pleyer will address the issue at the forthcoming ‘European Anti-Financial Crime Summit 2023’ in Dublin on May 25 next. He has previously highlighted environmental crime and illegal deforestation with climate change and the role of the AFC community in battling the issue.
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Another area that will be coming under scope are the dangers of financial crime and money laundering in the aviation finance industry. Interestingly, Ireland is the world capital of aviation leasing and finance so that should be a very interesting topic which will be covered by contributor?Siobhan Connolly,?Head of Aviation Advisory, #Interpath.
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We’ll also be discussing the important subject of Personal Accountability regimes in the financial sector in a conversation led out by?Caroline Costello, Financial Crime Leader, #Deloitte. So much to discuss.
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More new speakers have joined the Euro AFC Summit, including:
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Meanwhile, Indonesia’s financial crime community is celebrating getting a pretty good scorecard from FATF in its mutual evaluation report on Thursday.
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The Asian economic powerhouse was found to have a?particularly strong legal, regulatory and institutional framework, resulting in robust technical compliance in a number of areas.
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However, notably, it was found significant improvements were needed in areas such as the implementation of TFS to terrorism/TF without delay, risk-based approach for NPOs and supervision of the DNFBP sector.
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Indonesia has taken steps to strengthen its AML/CFT framework since its last APG evaluation, particularly in relation to stronger risk assessment tools and processes and ensuring transparency and beneficial ownership information of legal persons. One important issue which is outstanding from the previous assessment is the need to enhance the targeted outreach and oversight activity for the NPOs identified as most vulnerable to terrorist financing abuse and the implementation of targeted financial sanctions.
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Elsewhere, the dirty money trail to the UAE out of Europe was further exposed by a series of criminal convictions in the UK. While in the US a top regulator has called for an end to anonymity in crypto transactions, citing its use in so much cybercrime.
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Here’s your weekend newsfeed:
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FinCEN CHIEF EXPLAINS BO PROBLEMS:?FinCEN is considering how and whether to?verify?entries in a beneficial ownership database, but may be limited in what it can do, acting director Himamauli Das, told lawmakers Thursday. "We heard loud and clear the importance of validation and we agree with the importance of validation," Das told a House Financial Services Committee panel during a hearing Thursday. "There are legal considerations, cost considerations, and then a number of questions with respect to how to implement validation as well." Das' comments come as Republican lawmakers, some of the loudest critics of Fincen's beneficial ownership "access" rule, voiced ongoing concern with Fincen's implementation of a 2020 money laundering law — the Corporate Transparency Act — that requires banks to disclose the true owners of shell companies. Read the full story here:?FinCEN looking at how to verify entries in new Beneficial Ownership registry, acting director tells lawmakers
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CHINA BANKS ACCUSED OF LAUNDERING FOR FENTANYL CARTELS:?A?growing?network of Chinese money launderers are fuelling an addiction epidemic that has become the biggest killer of young Americans, the United States Congress has been warned. Chinese criminals are helping Mexican drug cartels bypass banking and regulatory crackdowns in the US and Mexico with the help of Chinese banks and expatriates keen to buy illicit dollars, expert witnesses told a congressional hearing. A breakdown in relations between the US and China is complicating efforts to tackle the money-laundering schemes, as is a refusal by Beijing to admit any Chinese role in America’s drugs crisis. Find the story here:?Chinese banks laundering money for cartels fuelling America’s opioid epidemic, US Congress told
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REGULATOR CALLS FOR END CRYPTO ANONYMITY:?Anonymity is?allowing?crypto assets to finance illegal activities, a top U.S. regulatory official said on Tuesday, posing national security risks that must be addressed. Christy Goldsmith Romero, a commissioner at the U.S. Commodity Futures Trading Commission, said cryptocurrencies were being used to finance cybercrime with victims including individuals, companies, hospitals and critical infrastructure. "Fraud is a hallmark of digital asset markets, the human toll of which may be overlooked," Romero told a conference in London, adding that the lack of visibility in crypto markets must be addressed. Read this here:?Crypto enables cybercrime and fraud; U.S. regulator demands end to anonymity?
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LONDON BATTLES DIRTY MONEY REPUTATION:?A LONDON council today?launched?a fresh bid to tackle the city’s reputation as a money laundering hotspot. The upmarket Westminster area of London has long been characterised “as a haven for oligarch investors,” the local council admitted today. Now Westminster City Council has unveiled a charter that aims to fight back against the capital’s “London Laundromat” reputation by encouraging organisations to support fair taxation with a series of commitments. Find the story here:?London’s Westminster tackles its dirty money reputation; criticises Companies House ‘being played like a fiddle’
NCA DISMANTLES?UAE?DIRTY MONEY ROUTE:?The UK’s National Crime Agency (NCA) has?dismantled?a network of criminal cash couriers linked to laundering more than ￡100M (€113M) by smuggling it out of the United Kingdom into the United Arab Emirates (UAE). As a result of yesterday's guilty verdicts delivered at Isleworth Crown Court in the trial of Beatrice Auty, Jonathan Johnson, Jo Emma Larvin, and Amy Harrison, eleven couriers have now been convicted. According to reports, the network smuggled more than ￡104M (€117M) between November 2019 and October 2020, led by Abdullah Alfalsi, who was jailed last July for more than nine years. Find this on:??Dirty money route between UK and UAE dismantled by NCA
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MASSIVE FINE FOR NORTH KOREAN TOBACCO SALES:?British American Tobacco (BAT) has been?fined?$635M (€574M) plus interest for allowing the sale of cigarettes to North Korea in violation of sanctions. According to US authorities, the settlement involves BAT's activities in North Korea between 2007 and 2017. BAT's head, Jack Bowles said "We deeply regret the misconduct". Find the full story here:?North Korea sanctions breach costs British America Tobacco $635M (€574M)
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MAJOR OVERHAUL IN UK GAMBLING LAWS:?A major overhaul of UK betting laws will require?gamblers?to disclose their financial background if they lose more than ￡125 (€141) a day.?The UK government published its long-awaited white paper today recommending a levy on gambling companies, setting maximum stakes for online slot machines, and ensuring affordability.?Culture Secretary Lucy Frazer said gambling apps had become “a trapdoor to despair and isolation” for some. Addicts were exploited by gambling companies, she wrote in an op-ed for The Times. Read the full story here:?UK Government to publish white paper including finance checks??
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1 年A note for nerds to dig deeper into the fentanyl trade. It's a fascinating mix of trade-based money laundering, black markets, wildlife trading and corporate structures abuse. Some interesting dynamics, too. For example, it's not (entirely) run by the Chinese triads, unlike other forms of illegal trade. It overlaps and shadows some legal industries in almost their entirety...