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This paper, by Nigel Morris-Cotterill, was first presented in June 1997 in Milan and first published in the UK that same month.

It deals with internet banking, cyber-currencies, inter-bank regulatory risk and a host of other topics that are seen as trendy today.

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Fraud using technology is not a new occurrence Over the centuries, it has been called by many names - cheating, false accounting, confidence tricks, forgery, impersonation - all are examples of fraud in the widest sense.

Financial Crime Risk Management and, in particular, issues relating to money laundering, have left a number of people dead and far more threatened with harm to themselves or their families. Similarly, reporting on issues that embarrass governments or criminal gangs has led to murders. Put them together and you get Daphne Caruana Galizia, a blogger in Malta who has been at the forefront of working through the Panama Papers, revealing information on the activities of the clients of Mossack Fonseca and their network, which had long had a presence in Malta. Yesterday, someone blew up her car with her in it, reminding MLROs, etc. everywhere of why confidentiality is a matter of their personal safety.

At the heart of Islamic fundamentalism across South East Asia is the desire to set up a so-called Caliphate taking in Malaysia, Indonesia, Singapore, Brunei, Southern Thailand and the Southern Philippines. In the Southern Philippines, there are a number of Islamic Fundamentalist groups who have taken to extreme violence and terrorism. The largest is Abu Sayyaf with which there is, supposedly, a peace deal, of sorts, in place. But the Abu Sayyaf leadership has splintered...

Jefferson Galt
Publication: 
Jefferson Galt

Continued from Part I

*First published as "The termination of "The White Widow" and the Rule of Law" at www.jeffersongalt.com*

Financial adviser Drew Grosskreutz of Queensland, Australia, has been banned from providing financial services for three years, says ASIC

Editorial Staff
BIScom Subsection: 
Jefferson Galt

For much of my early adult life, I lived under the threat of being the victim of a terrorist attack by the Irish Republican Army in London. I, perhaps incredibly, was not directly affected by it other than being inconvenienced while a close friend was saved from being next to bombs when they went off by a series of bizarre coincidences.

*First published as "The termination of "The White Widow" and the Rule of Law" at www.jeffersongalt.com*

Thanks to all the scammers who make is sooooo easy to send their mails to the bin unread.

But we've been digging around in the spam-trap because sometimes we find things that make us smile.

Here's this week's SPAM AWARDS

A thread on Linked-In raises the question of why the opportunity to join in the class action announced against Commonwealth Bank of Australia is not available to many shareholders. Here's a simplified guide to class actions - and why the CBA case bears more than a passing resemblance to a shareholder action against The Bank of New York.

Nigel Morris-Cotterill
BIScom Subsection: 

With effect from 4th April, 2018, new rules will apply to Australian financial services (AFS) licensees that hold "derivative retail client money."

Inevitably, it's not that simple. Then again, our detailed analysis shows that compliance should not be expensive or difficult,

Editorial Staff

This article was first published by Nigel Morris-Cotterill in June 2003
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The financial services industry is getting only part of the risk management and anti-money laundering point. And modern business models in banking and insurance militate against effective know-your- customer procedures says Nigel Morris-Cotterill of The Anti Money Laundering Network.

Sebastian Vettel, F1's spoiled brat, had tears in his eyes as he got a hug from Ferrari Team Principal Maurizio Arrivabene. For his part, Arrivabene, already subject to some kind of gagging order from his bosses, has some explaining to do and he'd better come up with something better than his last excuse: a third party delivered sub-standard components and the team didn't notice before they failed. But it might be that the real reason that things are going tits up for the German driver are more intangible than the latest official reason of a failing spark plug. Renault and Torro Rosso are being taught a lesson, too. Welcome to the...

Bryan Edwards
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There are simply no superlatives left: the race around the public roads around Mount Panorama is perfect. From the fly-pasts to Deltra Goodrem showing that National Anthems at sporting events don't have to be cringe-worthy demonstrations of ego to the fact that races that last 1000km around a circuit that is, on a good day, dangerous and, this year, beyond that, are decided by, usually, at most seconds and, often fractions of a second, to the tear-jerking losses and outsider wins this is the consummate racing event. And then there's the party and the partisan crowd. Mercedes turned their back on the series, so have Volvo although the...

Bryan Edwards
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A Bill passed by the House of Representatives, part of the US Congress, in September has far reaching implications for the Inland Revenue Service (IRS) specifically to prevent, in some circumstances, seizure and forfeiture of moneys relating to Bank Secrecy Act offences.

Case Summary: 

Heon-Cheol Chi, 59, of South Korea, has been convicted of money laundering using a bank account in the USA in connection with bribes received in relation to his work as director of South Korea's Earthquake Research Centre, a division of the Korea Institute of Geoscience and Mineral Resources (KIGAM).

Corruption
World Money Laundering Report

Below is an example of the tactics used by Israeli company RevenueHits that sells itself as a high-profit platform to rival Google Adsense.

This advertisement takes control of the user's browser, produces a page that falsely claims to belong to Microsoft and then says that the computer is locked and asks for a user-name and password. The window cannot be closed by usual means. Amongst other things, it threatens the standard business model of millions of websites.

Editorial Staff
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