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In an excellent, and enterprising, initiative, New York has used some USD58 million of the vast fines and penalties it has applied to foreign banks to help in an innovative crime prevention scheme aimed at young people who, in the absence of help, are more likely to rob banks than to work in them.

Case Summary: 

An employee of a securities company placed orders relating to contracts for difference to gain an advantage for two clients at the expense of his employer.

Securities fraud
World Money Laundering Report

The UK government is to host a conference on FinTech as part of FinTech Week 2017. Chancellor Phillip Hammond is pleased to say that it's got Bank of England Governor Mark Carney and City Minister Simon Kirby to speak. If that sounds like a non-coup, just think about this: the FinTech bubble is already under strain. It may well have burst by the time the conference takes place in the middle of April.

Editorial Staff

There's a lot of buzz about Person to Person Payments (sometimes called P2PP) but are they just a fad that don't add much to the old ways?

Editorial Staff

Case Summary: 

Intra-community crime is a particular problem amongst migrant groups who trust those of a similar background who have already arrived and, seemingly, made some success in their chosen destination. All too often, unfortunately, the new arrivals fall into the hands of fraudsters and, even, organised crime gangs. In California, where Mexicans are a significant immigrant group, the pickings can be lucrative. But they don't always get away with it.

Consumer fraud
World Money Laundering Report

No comment is necessary for this document, a full republication of the official English version of a statement issued today by KCNA, the media arm of the government of the DPRK (North Korea).

Editorial Staff
Publication: 

Has the media lost its collective senses and its sense of responsibility or is it now driven by a desire to be "across the story" as the BBC has, infuriatingly, been saying recently in both in its news broadcasts and on its website? Are headlines more important than facts? Has the tabloid objective of telling the story in 200 words or less finally become the norm? Has scanning twitter for hashtags and republishing comments found there taken the place of research? And is it possible to find real news without there being a Trump slant on it somewhere? Indeed, does the world have any other politicians except the nominal politician and arguably the most successful chancer in recent times, US President Trump?

Editorial Staff

In 2015, the UK's Financial Conduct Authority fined Barclays Bank its then largest penalty for failings in its financial crime management obligations. Barclays had been one of the first major banks to install company-wide money laundering management software. But it doesn't help when those within the bank don't feed it the information it needs.

There's a whole industry, across the world, that charges fees for doing things you can easily do for free and which give you the impression, whilst not actually saying so, that you need their services to obtain your rights. One is the domain name registration scam, that appears in several variants.

Here's today's.

Editorial Staff
Publication: 

PART One of this article appears at http://www.pleasebeinformed.co...

In its Conclusion the Joint Opinion implies a monumental failure of the European machine. And it has little to say beyond that already known and widely not acted upon.

A firm of solicitors which came to prominence because of its owner's predilection for fast cars, big tax demands, grand expansion plans and a secretive grant from taxpayer's funds (see story) is back in the news, this time for "falsely and systematically" overcharging claims for costs in personal injury (PI) cases.

Editorial Staff
Publication: 

The European Union's Fourth Money Laundering Directive recognises the financial sector regulatory framework created in response to the global financial crisis. The three headline bodies are required to work jointly in a number of areas and, in relation to money laundering and terrorist financing, to produce a "Joint Opinion" every two years. Yesterday, it released the first. Here is our first look and, starting only four lines into the Executive Summary, there are important points to consider.

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