The Anti-Money Laundering (AML) Whistleblower Improvement Act, which the author’s firm actively supported, will have a direct impact on the ability of US law enforcement agencies to track down assets held by Russian oligarchs and sanctioned entities.
Although the AML Whistleblower Improvement Act broadly covers violations of both money laundering and sanctions requirements, the ability to use this law immediately to enforce all of the financial restrictions placed on Russia after the invasion of Ukraine was the driving force behind its passage.
INCREASED EARNINGS: ALMOST 2,000 bankers are earning more than €1M per annum across the EU, it was revealed today.
The number of senior bankers earning more than €1M increased by 41.5%, from 1,383 in 2020 to 1,957 in 2021.
The figures were released today by the European Banking Authority (EBA) which said the “increase is linked to the overall good performance of institutions, in particular in the area of investment banking and trading and sales, continuing relocations of staff from the UK to the EU and a general increase in salaries.”
CONSULTANT ARREST: THE TAX consultant of a former MEP at the centre of a cash-for-influence corruption scandal at the European Parliament has been arrested in Italy.
Monica Rossana Bellini, who worked for former centre-left parliamentarian Pier Antonio Panzeri, was arrested by the Guardia di Finanza tax police in Milan, after a request from Belgium through a European warrant.
She faces charges of criminal association, corruption and money laundering.
MESSAGE FROM Seneca College: Seneca, one of Canada’s leading postsecondary institutions has unveiled an AML Governance executive certificate, it’s been announced.
Offered through flexible delivery, this course is designed for leaders and managers in the AML and Compliance space, who want to enhance and develop their skills and executive presence.
Learners will be taught by expert faculty and guest speakers working in the industry and will also gain hands-on experience in the sector.
Courses are scheduled for Wednesday evenings, allowing students to continue to work full time. More details on this exciting development here: CLICK HERE
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Anatoly Legkodymov, a Russian living in China, was arrested in Miami on Tuesday on charges that he operated the exchange as a “high-tech financial hub that, in his own words catered to ‘known crooks'”, a top Justice Department official said.
It was part of an international operation after FinCEN said it has identified virtual currency exchange Bitzlato Ltd as a “money laundering concern” related to Russian illicit finance.
FUNNELLING FUNDS: FIVE men including a now former solicitor were on Wednesday jailed for money laundering which involved hacking a football club owner’s bank account.
Almost £1.5M of “dirty money” was channelled through Ian Robertson’s law firm in Paisley, Scotland. Robertson was responsible for AML at his practice.
The sum included nearly £1M from the account of an unnamed multi-millionaire football boss.
RISE IN FINCRIME: A SURVEY of 800 C-suite and senior compliance decision-makers shows fintech and digital banks expect the global economic downturn to drive a rise in financial crime.
The survey for ComplyAdvantage found that two-thirds (65%) surveyed predicted a rise in financial crime and despite pressure on bottom lines 56% are hiring more compliance personnel.
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MONEYVAL REPORT: Lithuania has “enhanced” its coordination mechanisms in the fight against money laundering, according to in a follow-up report published today by the Council of Europe’s AML experts (MONEYVAL).
As part of its efforts to combat money laundering and terrorism financing, the country has “improved” its measures in line with the Financial Action Task Force (FATF) standards.
Lithuania has addressed a significant shortcoming identified earlier, however the report highlighted “some minor shortcomings” remain regarding a declaration requirement for transportation of cash by mail/cargo and restraining currency for a reasonable period of time.
Read the story here: Improvements in Lithuania’s AML abilities says MONEYVAL report
CALL ON THE US DOJ: US Senator Ron Wyden on Wednesday called for the Justice Department inspector general to investigate federal, state and local law enforcement access to a database of more than 150 million money transfers, citing concerns it disproportionately affects minorities and low-income individuals.
Law enforcement agencies have routinely accessed the vast trove of money transfer records without court oversight, Wyden said.
Find the story here: Senator calls for probe of mass surveillance tool used by US law enforcement
RECORD BUST: Chinese customs officials have arrested nine people in the biggest money-laundering case in the customs’ 114-year history, including a housewife who allegedly ran the criminal syndicate using dozens of bank accounts to launder HK$6BN (€708M).
The woman was detained following the raid on a Hung Hom flat on January 5, The South China Morning Post said on Wednesday.
Read the story here: Hong Kong Customs arrest nine in record HK$6BN (€708M) money laundering inquiry
WOMEN IN FINCRIME: The award-winning Women In FinCrime Summit takes place on February 22nd (2pm-5pm GMT).
Have you registered your place for the stand-out Anti-Financial Crime (AFC) summit of the year. We will be joined by:
– Elżbieta Franków-Jaśkiewicz, Chair of MONEYVAL & Vice Chair, Egmont Group of Financial Intelligence Units
– Alexandra Jour-Schroeder, Deputy Director General, DG FISMA, European Commission
– Brenda Lucki, Commissioner, Royal Canadian Mounted Police | Gendarmerie royale du Canada Police (RCMP)
– Dr. Shlomit Wagman, former DG Israel Money Laundering & Terrorism Prohibition Authority (IMPA)
– Ilze Znotina, former Director, Financial Intelligence Unit (FIU) Latvia
– Toni Gillich, Assistant Director, Forensic Audit and Investigative Service, GAO
– Nana Lisa Heider, Head, Financial Crime Intelligence Unit, Deutsche Bank
The summit will be chaired by Managing Director of Interpath’s Advisory, Federica Taccogna and moderated by Jackie King Executive Director International Business, at Ibec Global
The theme of the February 22 Summit is ‘Emerging Technology in the Fight Against Financial Crime.’
Book your place now HERE !
CORPORATE GIFT: Give the Christmas gift that will please every Anti-Financial Crime professional this year – an ‘AML Intelligence’ Membership.
Department leaders can purchase a corporate ‘AML Intelligence’ Membership for your team.
Alternatively, you can buy individual Memberships. Our members get access to our premium content, complimentary access to our award-winning conferences and access to ‘Regulatory Watch.’
Find out more here now: Go to https://lnkd.in/eMbkm6p
MOVERS & SHAKERS: Check out our jobs portal for the latest roles in Compliance, FinCrime and AML.
☝️ We have special offers for Individual and Corporate Members. Your Chief Compliance Officer, Department Head, or Chief Librarian can contact us about our Enterprise Membership for your organisation. Please reach out to James Treacy at firstname.lastname@example.org for further information.