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Advisory on Imposter Scams and Money Mule Schemes Related to Coronavirus Disease 2019 (COVID-19)

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European Commission Steps Up Fight Against Money Laundering and Terrorist Financing

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FATF COVID-19-related Money Laundering and Terrorist Financing Risks and Policy Responses

The Financial Action Task Force (FATF) has published COVID-19-related Money Laundering and Terrorist Financing Risks and Policy Responses.  This document identifies challenges, good practices and policy responses to new money laundering and terrorist financing threats and vulnerabilities arising from the COVID-19 crisis. [fusion_button link=”https://complianceinstitute.org.ng/wp-content/uploads/2020/05/COVID-19-AML-CFT.pdf” text_transform=”” title=”” target=”_self” link_attributes=”” alignment=”” modal=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” color=”default” button_gradient_top_color=”” […]

FinCEN Launches “FinCEN Exchange” to Enhance Public-Private Information Sharing

The Financial Crimes Enforcement Network (FinCEN) launched the FinCEN Exchange program today to enhance  information sharing with financial institutions. As part of this program, FinCEN, in close coordination with law enforcement, will convene regular briefings with financial institutions to exchange information on priority illicit finance threats, including targeted information and broader typologies. This will enable financial institutions […]

Senator Wyden Submits Letter To FinCEN On Cryptocurrency Monitoring

On December 14, 2017, Senator Ron Wyden sent a letter to the US Treasury Department’s Financial Crimes Enforcement Network to inquire about its oversight and regulation of cryptocurrency transactions. “I believe that we should look to support financial innovation, but that we should ensure new technology companies comply with existing laws,” wrote Senator Ron Wyden (OR-D) […]

Banned Over Terror Clients, FBME Has Added Woe: U.S. Probe

U.S. prosecutors in Brooklyn are examining whether FBME Bank Ltd., a small international bank already barred from the U.S. financial system over suspected terror financing, also aided fraudulent activities by online pornography and gambling companies, according to people familiar with the matter. The previously unreported investigation of FBME’s credit-card unit is one of two federal […]

China hints it can rename CPEC if India joins OBOR initiative

HIGHLIGHTS Chinese foreign ministry suggested that it was encouraging its ambassador in India to negotiate with New Delhi over the issue, while ensuring that it did not upset Pakistan either. The ambassador had last week said that China “can change the name of CPEC” & “create an alternative corridor through J&K, Nathu La pass to […]

Arab countries blockading Qatar expand blacklist

Two Islamic entities, 11 individuals added to ‘terror list’ as countries blockading Qatar claim they are backed by Doha. The Saudi-led bloc, which have imposed a blockade on Qatar, accuses Doha of supporting ‘terrorism' [File: Reuters] Two Islamic organisations and 11 individuals have been added to an existing “terror list” drawn up by four Arab countries that […]

China slams “Wrong” US Sanctions against North Korea- linked trading

A day after China’s state-run airline closed its last remaining routes to North Korea – a decision the airline’s executives blamed on a sharp decline in business travelers due to restrictive UN Security Council sanctions – Communist Party spokespeople slammed new US sanctions targeting Chinese traders doing business with North Korean businessmen, calling them “wrong” while […]

The Ablyazov – Kytheriotis Hidden Beneficial Owners Case Study

The identity of the real owners – the ‘beneficial owners’ – of the companies that have obtained rights to extract oil, gas and minerals is often unknown, hidden by a chain of unaccountable corporate entities. This problem also affects other sectors and often helps to feed corruption and tax evasion. People who live in resource-rich […]