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20211117 Today's Top Five

FCRO Subsection: 
Editorial Staff

Today's Top Five Financial Crime Risk and Compliance stories.

It costs HOWmuch?

A report by Emergen Research says that the "Anti Money Laundering Software market size" will reach USD4,210 million by 2028.

You have to pay for the report but the press release is free at https://www.prnewswire.com/new....

The press release is, in places, grammatically dubious but makes some good points although there are some eyebrow raising comments.
And that headline figure? From what we know, it doesn't seem a lot if it's a truly global figure. Worth reading but taken with a pinch of salt.

India: another senior politician in trouble over allegations of financial crime

The former Home Minister of Maharashtra state has been denied bail during an investigation by the Enforcement Directorate. Anil Deshmukh has already spent some time in custody under the rules applicable to the Enforcement Directorate but that ended on 15th December. An application to the court saw a further 14 days on remand which, in India, is called "judicial custody." The application was made to the Special Court under convened under the Prevention of Money Laundering Act.

https://enforcementdirectorate...

Politically Exposed Person says "I didn't do it."

Alex Saab Moran, known as Alex Saab, is a Colombian with a close relationship with Venezuala's president Nicolas Maduro. Saab has pleaded not guilty to "conspiracy to launder money."

https://www.usnews.com/news/wo...

Pharmaceuticals company pleads guilty to cartel charges

Alkaloids of Australia Pty Ltd, a company which produces a pharmaceutical ingredient used in anti-spasmodic medication, has pleaded guilty to criminal cartel conduct in Sydney’s Downing Centre Local Court.

https://www.accc.gov.au/media-...

Aceh elephant trapped by poachers dies.

There are less than 700 Sumatran elephants in the wild and today a one year old baby died after treatment to following being caught in a trap in Aceh, Indonesia. Aceh is known for pirates, for enslaved sailors on fishing vessels and other types of conduct. The Aceh authorities, which do little to combat these crimes, has said that the elephant was a victim of the economic conditions, especially resulting from CoVid-19, and that people are poaching to make a living. Aceh has a significant degree of autonomy from the centralised government of Indonesia and although it's not a no-go area, the national law plays second fiddle to locally introduced laws.

https://www.scmp.com/news/asia...

Environmental crime, including poaching, forms part of the e-learning course "More than Trade Based, More than Money Laundering" at Financial Crime Risk and Compliance Training

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