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World Money Laundering Report

According to a report in Business Insider, Mark Hayward, CEO of National Association of Estate Agents told the newspaper that “Fines are not publicly being made known but, anecdotally, we know they are significant,” The Money Laundering Regulations 2017 are at the heart of the HM Revenue and Customs action but The Criminal Finances Act also comes into play. The report refers to "fines" of "millions."

India's Enforcement Directorate (ED) is involved in a rapidly increasing number of cases where money laundering is alleged and it is not afraid to go after high-profile, well connected, targets. But the latest case to gain publicity is even more sensitive than others. And the ED is finding itself the target of unwelcome attacks by some of India's most powerful people.

India's Directorate of Revenue Intelligence has had a string of successes of identifying cash couriers and confiscating large sums at borders. The methods used by the carriers are instructive.

One would think that when the New York Department of Financial Services, known for massive penalties against foreign, especially European banks, to say nothing of "perp walks" and heavy handed and highly prejudicial media statements, announces a penalty of USD60 million that it's for lightweight failures. Nothing could be further from the truth and the reality demonstrates why negotiated settlements are nearer to bribes than to justice, says Nigel Morris-Cotterill.

Across the media and social media in the past few days there has been widespread reporting that the USA's Office of the Comptroller of the Currency has "fined" Citibank. Just one small, technical detail. It's not true. Here's what did happen, and why, it is important.

In this conference paper, presented in Singapore on 31 July 2003, Nigel Morris-Cotterill looked at the then novel concept of Enhanced Due Diligence.

In the 2017 Tax Reform Bill, two major changes to the corporate tax structure will mean Financial Crime Risk Officers will need to scramble to understand how to handle US corporations and to re-write systems, says Nigel Morris-Cotterill. Christmas holidays are at risk if financial services businesses and advisers are to be ready for the new rules many of which will come into force on 1 January, even if PoTUS Trump has not signed the Bill into law by that date.

US President Trump has been looking for a win: for almost a year, the Senate has frustrated his legislative ambitions. His Bill to make fundamental changes to the USA's income and company tax structure was expected to be the next big failure. Instead, it has sailed through both Houses, but its final signing into law will be delayed due to "a procedural issue," although the result of that is a formality in favour of it being passed. Once in place, it will mean the biggest revision of the US Tax Code for more than 30 years. Some of the changes mean that MLROs etc. overseas will need to revise their policies.

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