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Iraqi banks take aim at money laundering
The Iraqi Private Banks League on Thursday (July 17th) announced new measures to prevent money laundering and terrorist financing attempts. “The new measures include creating an inter-bank database on...
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FBME Bank Ltd. Named As Primary Money Laundering Concern
The U.S. Treasury Department named FBME Bank Ltd. as a “financial institution of primary money laundering concern,” effectively shutting the bank off from the U.S. financial system. The agency’s...
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Australia: cash smuggling ex-banker jailed
A judge in Sydney has sentenced a former Bank of China employee to four months behind bars for attempting to shift AUD800,000 (USD751,000). The court used Australia‘s anti-money laundering laws to...
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Bitcoin foundation sues for common sense in Florida laundry sting trial
Back in February, Florida police officers posed as money launderers hoping to wash cash by buying bitcoin (BTC) from two men they found on an on-line bitcoin marketplace. Officers arrested the man and...
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Myanmar PEP bribery probe targets property investment
Property is, without doubt, one of the preferred tools for laundering the proceeds of crime. Where better to hide the bribe money given by the fixer of a foreign arms company, or the hoards of cash...
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Philippines: Regulator’s warning highlights gaps in AML
Anti-money laundering (AML) professionals in the Philippines are warning firms against a few tactical errors which could result in legal or regulatory failures. A speech given by a senior compliance...
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LA police force breaks USD100m laundry ring
The Los Angeles police force’s latest raid on a money laundering network hidden in the fashion business offers a few insights into the world of ML. Firstly, the old style laundry is still happening,...
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Sino-Spanish laundry brought down in Operation Snake
The combined efforts of Europol and the Spanish Guardia Civil dismantled a six year old money laundering operation earlier this week. Investigators estimate the group sluiced more than EUR300m in the...
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When Basic AML Training Just Isn’t Enough
Deutsche Bank is reportedly leading an internal investigation into an alleged USD6bn laundry, using ‘relatively simple transactions’ to clean cash. Simple transactions used to launder money should be...
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Papua New Guinea: How good AML is pushing placement back to the gatekeepers
Effective anti-money laundering programmes in banks are moving the gateposts for placing dirty cash into the financial system back a few steps, into the offices of lawyers, accountants and other...
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