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Industry Insight

How often is AML training required?

The recommended frequency of AML training organised by an MLRO (Money Laundering Report Officer) is dependent upon several factors that we will cover below – but it is recommended by the Academy that training takes part at least annually. The objective of AML Training The objective of AML tra...

What is tax evasion?

Tax evasion, tax avoidance, tax efficiency, tax arbitrage, tax rationalisation, tax management – these are all terms used to describe the various methods of reducing the tax bill of a legal or natural person. But how do you distinguish between them?  What is allowed and what is not allowed?  W...

What is money laundering?

Much has been written about money laundering and what it actually is – in terms of the concept itself and the offences of money laundering. It seems simple – it has been drilled into employees, in financial services particularly, that money laundering is placement, layering and integration, a ...

What is trade based money laundering

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Trade, the global economy of import/export, has been described as a ‘readymade vehicle for laundering’. So what is it and how does trade based laundering work? Trade based laundering aims to move value through the use of the financial sector.  It requires collusion by the parties to the tra...

What is Bribery and Corruption

Often spoken about as partners in crime (pun intended), bribery and corruption are not the same.   Corruption is the umbrella term for various activities conducted by those in positions of power, quite often those with political power, by abuse of those powers entrusted to them.  Bribery is, p...

What is Terrorist Financing?

What is terrorist financing? Terrorist financing, as a concept, is concerned with the provision of funding or resources to proscribed terrorist organisations.  The devil, however, is in the detail, e.g.: There is no internationally agreed upon definition of terrorism with different jurisd...

Happy Birthday to Bitcoin, but what will we see in the next ten years?

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“Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. What is needed...

A perfect regulatory storm is brewing

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The British are obsessed with the weather, it dominates our conversation, our lives and recently the news headlines. Apocalyptic weather has been reported in Central America, the Caribbean Islands and across the state of Florida, whilst in Asia devastating rains and flooding have killed and displ...

The fight against crime is too important to leave the status quo as it stands.

The elephant in the room! I have observed with increasing unease and frustration for some time now how despite the very honest and diligent efforts of the band of brothers and sisters in the financial crime compliance profession around the world we appear to be losing the war on illicit financ...

The Realistic Challenges of PEP Determination – Is It Time for a Change?

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At the moment, people in perceived positions of power and hence potentially vulnerable to corruption must be flagged as a PEP including their spouses, close associates and family members.  Okay, I get that.  Because you can have a public figure who abuses their power and co-opts friends and famil...

“Land Ahoy!”

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The unchartered and unregulated seas of virtual currencies have until now provided rich pickings for those peddling illicit goods, sanctions and tax evaders and money launderers. With the notable exception of the rulings provided by FinCEN and the ‘Bit Licensing’ of the NY DFS and a few other sta...

Pointing a finger of suspicion?

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When a piece of art sells for a world record fee of $430 million, and your first thought is that this represents a perfect case study for money laundering, you start to think that you may have been in the financial crime compliance profession for too long. When, having looked in to the matter ...

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