seminar - why financial crime compliance and risk management fails


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New legislation introduced into New Zealand's parliament yesterday will plug some surprising holes in the country's counter-money laundering laws. But it's important to recognise that New Zealand has some special problems that, in essence, mean that this developed economy should be measured against developing economies when regulatory, etc. rules are considered, says Nigel Morris-Cotterill. The Bill contains one major foul-up, he says.

The Monetary Authority of Singapore has today announced that it has made prohibition orders against a former Goldman Sachs director and plans to make orders against three other persons as a result of their involvement in the 1MDB scandal.

Robert Kelley is a senior lecturer (in the American style, they call him an Associate Professor) at the University of Busan in South Korea. Contacted by the BBC, he started to give his views on the success of South Koreans as President Park was impeached and removed from power. Then, it all started to go.. well, some might say wrong but others would say his family are real tv stars, not reality tv poseurs. (free content)

John Surtees
was born on: 
11 February 1934
Tatsfield, Surrey, England
and died on: 
10 March 2017
London, England
Still the only person to win world championships on two wheels and four.

We would love to know more about this: an individual apparently in France, wants to raise GBP60,000 to hire two developers to produce software that he hopes he will be able to sell to banks

Continuing World Money Laundering Report's Analysis of the USA's review of 2016 for its 2017 International Narcotics Control Report. In this Part: selected Country Notes. Comment and commentary, not simply reportage.

IN THIS PART: Afghanistan, Albania, Algeria.

For all articles in this series, see US-INCR2017

Did you know that you can get updates from important sanctions and regulatory lists here?

Well, you can.

Every year, on 1 March, the US Department of State presents to Congress its annual International Narcotics Control Report. In two volumes, one relates to drugs and related products and the other to money laundering and financial crimes, it provides an analysis of its reviews in 2016. It is largely free from politics, despite its source, being a factual analysis of legislation and enforcement in many countries, and is a valuable indicator of risk for Financial Crime Risk Officers. Here are some of the things World Money Laundering Report has found especially interesting in the 2017 report, including a shameful omission.

For all articles in this series, see US-INCR2017

The Geneva Motor Show is the place where many companies put out their wilder concept cars. But Airbus has turned up with a concept that actually works in practice but is likely to have even more hurdles to legal use than driverless cars. It's.. well, it defies simple description but one thing it isn't is a car that flies and another thing it isn't is a flying thing that travels on the roads.

CoNet Section: 

A leader in The Economist echoes the official position of, in particular, the USA in saying that "the Iraqi Army is on the brink of defeating Islamic State." In what sounds like a dangerous reprise of the claim that the war in Iraq was won, the assumption that clearing Mosul of this criminal gang will rid the world of its dangers is, and was always going to be, wrong, says Nigel Morris-Cotterill.

CoNet Section: 

Chinese telecommunications giant ZTE and its subsidiaries and associates were investigated for "apparent" breaches of US sanctions, in particular a trade embargo with Iran.

Zhongxing Telecommunications Equipment Corporation is incorporated in China and has subsidiaries and "affiliates throughout the world that conduct business on ZTE and on its behalf," according to OFAC.

A civil penalty has been applied. No prosecution will take place. There is a finding of no fault despite what OFAC calls "an egregious case."

Oh, no we didn't.

Oh, yes they did.

The pantomime that is Formula One is underway, even though the season is not.

CoNet Section: 

Editorial Staff

Donald Trump has become known for so-called "alternative facts" which are, to everyone else, lies, half-truths and delusions. In Hillary Clinton's terms, they are what happens when she "mis-speaks." But in his first speech to the US Congress, that is the combined Houses of Representatives and the Senate, Trump wheeled out some numbers. Some, such as that "nearly 4,000 people were shot last year alone" are startling. To realise that that was in just one US city, and that not one that has a reputation for violence, is frightening. Were the numbers right? Prepare to go from startled, to frightened to terrified.