seminar - why financial crime compliance and risk management fails    Hong Kong,

   Jakarta,

   London.

 

   June 2019

 

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GlobalKYC.com is crowd-sourced information for the financial crime risk management community.
Editorial Staff

AS more than one seventh of the world's population celebrate Chinese New Year (not that they officially call it that in China), we thought you'd like to know that China's leaders and Donald Trump aren't talking to each other and this is what they aren't saying.

Openly.

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The Solicitors Disciplinary Tribunal has published its November 2016 order that MOHAMMED ZAHIR UDDIN, sole director of Your Right Solicitors Limited, be struck off. His failings are legion and, even, disturbing.

CoNet Section: 

While much of US President Trump's first days in office have been signing off on relatively easy to accomplish Orders delivering on some campaign promises, his big things remain protectionism and the Mexican Wall. He's found a way to deal with both in one way after Mexico told him that his plans to make them pay for a wall would hit, well, a wall.

CoNet Section: 

Nigeria's Economic and Financial Crimes Commission is one of those rare beasts, an FIU with teeth. It has strong investigative powers and strong powers to freeze assets. Its officers even have US law-enforcement blousons with EFCC in big letters on the back which they wear during televised raids. Increasingly, the rich and powerful are coming into range and they don't like it. But the EFCC is not backing off. In fact, it's increasing its activity.

Case Summary: 

After pleading guilty to operating a Ponzi-style fraud based upon supposed returns from real estate investments, a Californian man has been jailed for six and a half years.

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Type of conduct: 
Ponzi / Pyramid fraud

The USA's Internal Revenue Service has issued a statement saying that grandparents who, in practical terms, take the place of parents to look after children, should check if their are entitled to Earned Income Tax Credit (EITC), which is a means-tested rebate in tax liability.

The list of items that HMRC says were particularly silly in 2014-5 tax returns is amusing but not so bad. You should see what lawyers have claimed in bills to clients as expenses.

CoNet Section: 

When you look at your visitor logs, do you see that your custom 404 (page not found) page is hit over and over again by search engines? We ourselves find that Bingbot is the primary culprit, despite our having filed with bing a request to stop it. But there is a brute-force solution and it's incredibly easy to apply.

In recent weeks, we've seen a significant number of spam-scams from a domain that is remarkably similar to an official UK government domain, showing that registrars and hosts are failing to identify obviously fraudulent customers. The fraudulent domain name is close enough to the real thing to fool many targets.

CoNet Section: 

In the world of financial crime, to which so many of our readers have a connection, a "watch list" is a list of "entities" (people, companies, associations or even things) that are the subjects of warning notices or sanctions, for example.

But we think it's funny to have our own watchlist. Anyone who has not signed up for one of the various membership schemes can sign up to get an e-mail from time to time.

Here are the principles:

Those who think that the people who brought the action and the Judges who found in favour of the Complainants simply do not understand: if they want to blame someone, blame whoever stuffed up Bill that provided for a Referendum.

CoNet Section: 

US President Donald Trump has reinstated an old policy that blocks foreign aid being passed to any charity that even discusses abortion, setting the stage for Boston Legal revisited. But, not all is quite as it first seems.

US President Donald Trump issued a number of diktats (sorry, Executive Orders) on his first full day in office. But one is likely to greater impact : a blanket freeze on recruitment at all federal offices.

CoNet Section: 

Listening to Bernie Ecclestone trying to swerve between keeping commercial confidences and his natural desire to talk to the press at the end of last season was an object lesson in how to tell smiling lies, or to tell such a deviant version of the truth that it might as well have been lies. There were two special examples: there were no negotiations for the sale of F1 and, when that was proved wrong, that Bernie would be in place at the new company for three years. That one was proved incorrect, yesterday, when the deal with Liberty Media was completed and Bernie's jobs were both taken over by someone else.

CoNet Section: 

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