The Global Laundromat

Transparency campaigners dismayed at clean bill of health for UK government On Friday, 7 December the Financial Action Task Force (FATF), a G7 initiative to combat money laundering and terrorist financing awarded the UK the highest rating it has ever given. The move...

CRYPTOCURRENCIES IN AFRICA: THE GHANAIAN SITUATION

Cryptocurrency use is still in its infancy. Cryptocurrencies have been in use around the world, especially in the developed world (Africa) ever since they came onto the scene after the end of the global financial crisis in 2009. In Europe, the US and industrialized...

Effective staff training is vital to ensuring a successful AML framework but regional inconsistencies exisit.

The financial services industry worldwide is challenged to respond to increased and a changing regulatory AML landscape. AML as a standalone entity under compliance, to a complex and much broader function cutting across many entities as legal, risk, operations, sales...

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)....

Ten thousand fake credit cards seized from money laundering syndicate

A suspicious matter report (SMR) was the catalyst for a law enforcement operation which resulted in the arrest of three foreign nationals. The operation revealed a multi-million dollar money laundering syndicate which was laundering illicit proceeds derived from...