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World Money Laundering Report

Malaysia is being ever so nice to US headquartered bank Goldman Sachs which, through its Singapore Office, it is now known from the evidence given by one of its former staff, Tim Leissner, to have assisted in the theft and laundering of part of the now infamous 1MDB fund.

The bank, which is now seeking to take on new staff in the relevant department in Singapore, has been asked to give back the estimated USD600 million in fees it took for its assistance. Iit's at least arguable that Malaysia doesn't have to ask nicely: it could just take the money. GS doesn't want to pay out in every direction: it's already accepted the probability of "significant fines" in the US as a result of an investigation there.

Here's a step-by-step guide to getting the money back without the bank's co-operation.

The European Bank for Reconstruction and Development has invited expressions of interest for consulting services for financial institutions in Kyrgyz Republic and Tajikistan. Some of the so-called "partner financial institutions," which in the real world would be called "customers" have, the EBRD says, asked for assistance "to conduct a diagnostics (sic) of their internal audit function and provide them with recommendation to strengthen this area in line with the international best practices."

As the request unfolds it becomes, increasingly, a reason for serious head-shaking.

Recent action in Malaysia is making it clear: cash exceeding relatively small amounts is unwelcome. It's not

A notice, relating to the findings of the Financial Action Task Force relating to deficiencies in the counter-money laundering / anti-terrorist financing regimes of several jurisdictions, has been issued by the USA's Financial Crimes Enforcement Network, FinCEN.

The position relating to PEPs has always been complex but Unexplained Wealth Orders are about to take that complexity to a level previously unthought of.

Financial crime risk management - be it related to money laundering, terrorist financing, fraud or embezzlement purposes, to say nothing of anti-bribery requirements - is expensive. For small businesses, it's cost prohibitive. Compliance is even worse. Is it feasible, permissible, even advisable to share the burden with others?

It's incredible. The European Union has produced five Money Laundering Directives and still in some respects it is not one but two steps behind some countries that are often subject to criticism. Indeed, it is behind many of its own member states. This week, the Council of the European Union "adopted" a "regulation." Politically, the fact that a Regulation has been made is more important than what it does.

It's a story that isn't gripping Malaysia: in 2015, a helicopter crash resulted in the deaths of several prominent members of the government of then Prime Minister Najib that Najib's office said was carrying guests from a wedding reception for Najib's daughter. Now, in an action before the Shariah High Court in Kuala Lumpur, there's a dispute over the very substantial estate of one of the politicians. So far, in a country obsessed with 1MBD, no one is asking loudly how such wealth was accumulated by one man in a life in public service.

As reported at https://www.pleasebeinformed.c..., FinCEN can't get its act together over certain beneficial ownership rules.

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