Learning

Failure to Prevent" laws are not new and nor is the concept behind them. But they are increasingly important for Financial Crime Risk and Compliance Officers and Internal Auditors.

To explain the concepts in the "Failure to Prevent" series of Financial Crime Fora, Nigel Morris-Cotterill will present a one-hour talk on Tuesday 25th April, 2023.

"Go back to the data." "The answer's in the data." "Data is the key".

Maybe.

Until it goes wrong.

Be prepared to be amazed.

Stefan Cassella, principal of Asset Forfeiture Law LLC in the USA has produced a fascinating list of cases in which the USA, at a federal level, has used civil forfeiture in relation to proceeds of criminal conduct and assets used in the commission of offences. Many of the cases are in rem. The USA is not the only country to pursue such assets but it is unusually active in the use of in rem (i.e. against the asset compared with against the person) actions in doing so. The list demonstrates an extraordinary range of criminal conduct and of assets forfeited (isn't that a much better description than "recovered"?)

We have put up, marked for pre-order but really just so that clients can see the curriculum, information relating to the compulsory module Key Concepts - Money Laundering and Terrorist Financing, part of the Quick To Learn More series for front liners to managers, from beginner to intermediate.

The news (Al Jazeera) that Zimbabwe's sortie into restoring its own currency is in crisis is extremely unwelcome.

Just as we saw in Russia in and about 1997 there is rampant inflation (now reaching 800%) and the local currency being eschewed in favour of US dollar bank notes.

Strict controls are now being imposed on so-called peer-to-peer payment systems.

Should financial institutions consider the character of customers as a risk factor? A recent case in Australia suggests that it might be wise to do so.

The conviction of a solicitor and his practice manager on fraud charges is bad enough.

But what's worse is that the practice manager seems to have been able to get into positions of trust despite a demonstrably untrustworthy history.

As COVID-19 continues to impact heavily on social and business life across the region we have prepared this weekly summary of what the business situation is like across Asia generally. Our updates, provided by Peter Coleman of AEGIS INTERACTIF ASIA, will look at what business travel and activity is possible and what can be done on the ground in any countries that remain open for domestic business activity.

In 1992, some "old masters" were stolen from Lincoln's Inn in London, one of the Inns of Court where barristers are made and Judges are born. It naturally aroused outrage in legal circles which, like Olympic rings, overlap with government.

The obligation to train staff for e.g. counter-money laundering purposes is hardly a surprise. But, as Nigel Morris-Cotterill says, the training of temporary and agency staff is often overlooked. As this health and safety case shows, that is not acceptable.

More and more the The West Yorkshire Trading Standards Illegal Tobacco team is finding evidence of serious organised criminality where the “front door” is illicit tobacco sales but behind that is the more sinister business of people trafficking and modern slavery.

Part 2 of the review of Australia'sTreasury Laws Amendment (Enhancing Whistleblower Protections) ACt 2019

The Australian Federal Government last night passed the Treasury Laws Amendment (Enhancing Whistleblower Protections) Act 2019. It applies to those making authorised disclosures in a "regulated entity" and a far wider range of releasing information than is common This is part one of a series.

Courts have long had the power to make Orders in relation to assets, usually to prevent their disposal and/or destruction. They are known by a variety of names, and sometimes names mean different things in different jurisdictions.

There is an absolute bar on members of the US Senate using private e-mail addresses and systems for government-related correspondence. The rules do not ban the use of such systems for purely personal correspondence. In this area, there is no such thing as "private" in relation to government-related correspondence. Therefore, it is clear: Clinton acted in breach of rules and, depending on how it is read, the law. But she thinks it doesn't matter. Can her arguments be a beacon of hope to compliance and financial crime risk officers where there are technical failures in compliance regimes?