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Interacting with a blockchain

How Ethereum demonstrated the benefits of blockchain-based currency for financial crime reduction.

How up to date is a blockchain? How secure is a blockchain? A blockchain does not make new things happen.

In this exclusive multi-part analysis, World Money Laundering Report looks at blockchains from a layman's perspective, demystifies the topic using plain language and often humour and explains some of the risks that it creates for regulators, investigators, providers of financial services and the public at large.

Note: there is nothing technical here. It's intended to be simple, bordering on the simplistic from a techy standpoint, for non technical people.

While Clyde and Co's accounts were being examined in relation to allegations of failings under the money laundering regulations (see here), it was found a significant number of accounts where balances were held on the client's account but no action had taken place for a long time. The firm set out to remedy it. The partner responsible did it improperly.

Editorial Staff
Publication: 

It is said that fraud is a cyclical business and that frauds come around every five to seven years. Today, it is common to see frauds coming round every few months. This one combines both with old-fashioned blackmail, internet abuse, insecurity through camera-equipped devices and crypto-currency all in one. Add in a (quite possibly fake) Russian connection and whoever crafted this had his finger on all kinds of buttons. DUE DILIGENCE INFORMATION: BTC account quoted - 16n8TKLoLKZiB2DCaWwpKFnWRPN7EW9EjT

As PoTUS Trump continues to ramp up his rhetoric against North Korea and Iran, the FATF recently issued a statement relating to both countries. While there is accord about NoKo, the FATF and the USA do not speak as one with regard to Iran. Is this a problem?

Case Summary: 

F.H. Bertling Ltd and six current and former employees have been convicted of conspiracy to make corrupt payments to an agent of the Angolan state oil company, Sonangol, in relation to F.H. Bertling’s freight forwarding business in Angola and a contract worth approximately $20m. One defendant was acquitted of the charges. Three of those convicted have been sentenced.

Corruption
World Money Laundering Report

The Dubai Financial Services Authority and ASIC yesterday signed a Cooperation Agreement which provides a framework for cooperation to support and understand financial innovation in each jurisdiction.

Editorial Staff

How many tags can we add to this article? LexTech (as in legal technology)?, LegalTech? FinTech, contracting? Cloudflare? DNS Laundering? ICO? Regulation? If nothing else, the story is a warning to regulators to stop and think: are they really doing it right or just being swept along on a wave of other people's self-interest and enthusiasm?

Confido described itself as "using smart contracts with a unique shipment tracking feature." The idea was that it would become a trusted third party (remember that term from the early days of internet payments? It's still useful) as, in effect, an escrow holder. In fact, what the company was offering was far more prosaic:

Nigel Morris-Cotterill
BIScom Subsection: 

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