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AMERICA has long been the global policeman of international sanctions, including breaches of AML rules, but evidence suggests that the US dollar’s use in international transactions could be weakening and is having to compete with the rising power of crypto currencies.…

THE EUROPEAN Commission in June (2021) signalled it was running out of patience with Malta and Cyprus over their ‘golden passport’ schemes which allow people investing in these small island nations to effectively buy citizenship. The European Union (EU) executive has long warned that such policies contain significant ML risks, releasing a detailed report in 2019 that highlighted concerns that governments failed to properly screen the source of funds used to gain golden passports.…

EUROPEAN dairy experts say that the European Union (EU) climate law’s target to cut carbon emissions at least 55% by 2030 compared to 1990 levels, compared to “between 50% and 55%” in the original proposal (1) and just 32.5% by 2030 in the 2018 law (2), will be a challenge, but one they can meet.…

The narcotics trade was a prime motivator to enact global anti-money laundering regulations to curb dirty money flows. Over 30 years later, drug trafficking is still considered the largest transnational crime by international law enforcement agencies. It is worth an estimated USD344 billion-a-year, according to Interpol, followed by counterfeiting crimes (USD288 billion) and human trafficking (USD157 billion).…

THE GROWING popularity of cryptocurrencies has stoked concerns that they offer a haven for money launderers. The concern focuses on the risk that crypto can be used anonymously to buy goods and services, without them being converted into fiat currencies through exchanges that are a key focus of emerging AML/CFT controls.…

Lie detection is an emerging science, with technology being developed to help companies and law enforcement seek to detect fraudsters and other criminals. Artificial intelligence is a potential key development in enabling machines to screen subjects physical and audible response to questions to detect lies.…

The world’s anti-money laundering/combating the financing of terrorism (AML/CFT) system has come a long way since the G7 group of nations decided to launch the Financial Action Task Force (FATF) in July 1989. But Australian researchers have claimed AML/CFT compliance costs USD300 billion and only nets USD3 billion of an estimated USD3 trillion in criminal funds generated annually (a 0.1% success rate).…

THE WIDE diversity of AML laws worldwide can complicate the enforcement of AML/CFT extradition proceedings.

Financial Action Task Force (FATF) recommendations 37 and 39 say that governments should be prepared to extradite money launderers (and terrorist financiers) to another country if they both criminalise the underlying predicate offence.…

After a three-year trial, judge Marco Tremolada acquitted energy companies Eni and Shell and 13 executives from both companies, including Eni CEO Claudio Descalzi, of being associated with graft in Nigeria. In a Milan court March 17, the judge ruled there was no case to answer over the companies’ USD1.3 billion acquisition of Nigeria’s OPL 245 offshore oilfield, amidst allegations that USD1.1 billion of that was pocketed by politicians and middlemen.…

CYPRUS is under pressure to appoint a full-time prosecutor working with the European Public Prosecutor’s Office (EPPO), with the EPPO’s chief prosecutor Laura Kövesi claiming 10% of the office’s 3,000 anticipated initial cases will involve this small island country.

Kövesi was addressing a joint meeting of the European Parliament’s committees on civil liberties, justice and home affairs and budgetary control, saying the claim was based on data received from the 22 European Union (EU) member states participating in the EPPO, which includes offshore banking centre Cyprus.…