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It would be far more sensible if the UK scrapped its money laundering laws, wrote something comprehensible and properly structured and kept it all in one place. But no, that would make life far too simple. So, we have the latest Act that has to be read in the light of, and which makes amendments to, other legislation. But it's important and so no one can simply say "stuff it" and delete it. As it comes into force, there is a hint as to at least some of the priorities in relation to international financial crime.

Name of Crypto-asset (e.g. bitcoin, ripple) demanded by extortionist: 

Bitcoin

GlobalKYC -Suspicious Wallet Number: 

1GR7rJfntdcbfhKT1s33RDby4z5ex1ou4Z

A new report from the European Bank of Reconstruction and Development looks at Kazakhstan, reliant on oil exports for about half of its revenues, and concludes that things aren't looking good for the country’s finances in the light of a of a global shift away from fossil fuels.

The changing dynamics in global energy markets are likely to put pressure on fossil fuel exporters such as Kazakhstan, the EBRD says.

CoNet Section: 

A CCTV installation company from Manchester in the north west of England has been sentenced after an employee fell through a fragile roof light.

CoNet Section: 

Issued under its Regulations and Financial Stability area, the new MAS form is a part of the Regulations and Guidance and Licensing function in relation to the securities, futures and funds market segment.

It covers those applying to become a recognised exchange or market operator, including those in the FinTech sector.

BIScom Subsection: 

Special offers available for Black Friday via the link below have an interesting effect: if you fly from London or Manchester, a flight to SIN costs GBP490 but a flight to other destinations via SIN can cost less. The offers are across all classes.

CoNet Section: 

Case Summary: 

On the face of it, a conviction for trafficking minors for sex may not seem like a financial crime. However, the proceeds generated by these and other sex-related crimes are subject to attack under money laundering laws, even if the activity takes place in one jurisdiction and the money is laundered in another.

Type of conduct: 
Other financial crime
Name of Crypto-asset (e.g. bitcoin, ripple) demanded by extortionist: 

Bitcoin

GlobalKYC -Suspicious Wallet Number: 

1Bu2NDQScVQwixvhf4z4xbZQVNFWuXokSJ

It's long been an issue in the USA and it's spreading across the world as dozens of small towns in the UK can testify. Banks, which are not a public service, are closing (or not opening) branches in poor or small communities. The irony, some say, is that those are the very communities that most need physical banks. In the USA, several states are once more tackling the problem.

BIScom Subsection: 

Editorial Staff

This conversation did not happen but it's easy to see how it might have done... An On Line shopping service brings in an IT Security Consultant.

This morning's collection of spam raises several issues that should interest an extremely broad range of people across organisations.

FCRO Subsection: 

Yesterday, Singapore passed its Serious Crimes and Counter-Terrorism (Miscellaneous Amendments" Bill. The Lion City's approach to suspicious assets has logic on its side, but it doesn't work in practice. Here is WMLR's analysis of the relevant parts of the Act and its consequences, including risk for compliance / risk officers.

The city of New York has issued civil proceedings against five of the largest oil companies alleging that they are responsible for climate change and passing the resulting costs onto local governments. Others are joining in with California being the latest to sign up.

CoNet Section: 

It's the old, old story: someone has what they think is a great idea then forces others to adopt it against their wishes, even when their wishes take into account their own security arrangements. This time, it's a bank and even they disclaim risks they force customers to accept. It's either a snafu in policy or a snafu in communications.

Welcome to Standard Chartered, Malaysia.

BIScom Subsection: 

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