Money laundering: Trade patents, a new tool for bringing back unaccounted wealth

"People who own patents in India are suddenly in demand - in many cases not because of the value of their inventions that may be worthless, but as a conduit to launder money. There have been many cases in recent months where patent owners made millions by selling...

European Commission strengthens rules to tackle terrorism financing, tax avoidance and money laundering

On 5 July 2016, the European Commission (the “Commission”), adopted proposals to further reinforce EU rules on anti-money laundering, counter terrorist financing and increase transparency of ownership for both companies and trusts. According to the Commission, this...

New AML Challenges from Cash Intensive Activities

"Cash intensive businesses are the primary target of money launderers from all over the world. Legislators, consequently, understood the importance of assessing an activity’s beneficial ownership and took appropriate steps (e.g. EU AML Directive of 2015)....

Judge rules Bitcoin is not money…Does this ruling open Pandora’s Box for Money Launders?

A recently-issued ruling by a South Florida judge that Bitcoin is not money, but equates more to property, has law enforcement puzzled, they feel the legal ramifications of this ruling could make it much more difficult to bring charges against future money laundering...

Money Laundering in a Digital Age – The Perfect Storm

The new Black With the rapid advancement of mobile technologies, the internet is now accessible from any- and everywhere. Open banking (PSD2) in the European Union, together with mobile wallets, instance payment initiatives and cryptocurrencies offer...