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World Money Laundering Report

We hear a lot about human trafficking and, in particular, sex trafficking. We hear about the women found dead or dying with needles in their arms, often beaten, regularly diseased and we are rightly appalled. But this is the neatly packaged, western, developed country, even sanitised end of the trade.

There is worse, much worse....

There are those that think that Politically Exposed Persons are only those currently in office. That is a silly view because a) once a PEP, always a PEP. And once proceeds, always proceeds. And proceeds taint everything they touch. If you've been taught something different, then get some proper training. Here's a spam that proves why.

This is article 4 in a series of 4. Read :
Part 1: here
Part 2: here
Part 3: here
Further Reading: here

Yesterday we looked at how we got where we are. Today we look at how we deal with where we are as money from the cultivation and trade in marijuana becomes legal in Thailand.

The decision by Thailand to permit, indeed encourage, the cultivation and use of cannabis (within constraints) puts it at odds with all of its neighbours and all other members of ASEAN. And it raises serious concerns for banks, et al.

This week, Nigerian President Muhammadu Buhari has signed three Bills, bring them into law. Bucking the global trend to try to incorporate multiple aspects of financial crime law into a single piece of legislation, the new Acts are the Money Laundering (Prevention and Prohibition) Act, 2022, the Terrorism (Prevention and Prohibition) Act, 2022, and the Proceeds of Crime (Recovery and Management) Act, 2022. But the word of the day is "irony."

Those with long memories will remember the well-worn name of Andre Coker. It's been used in a variety of spam-scams but, at least insofar as it's reached us, been unused for some time. But it's back and Andre is a woman now.

Recently, there has been renewed interest in the question as to whether an FIU should ask reporting entities to pre-qualify reports so that the FIU receives only "quality" reports. Here's the view of Nigel Morris-Cotterill

AUSTRAC, Australia's combined FIU and regulator, yesterday issued civil (not criminal) proceedings against Crown alleging "serious and systemic non-compliance."

The action is against Crown Resources in both Sydney and Melbourne. The allegations are that, despite previous action and warnings, Crown remains short of the minimum standards that AUSTRAC requires.

Luke Raven provides an accessible and clearly set out explanation of the issues surrounding the imposition and effect of financial sanctions.

Whatever happened to "nice"?

Canadian Prime Minister Justin Trudeau has said that he will use provisions in The Emergencies Act to freeze the accounts of those taking part in protects against compulsory vaccination.

From "nice" to "nuclear" in one step because the power is extraordinary in every sense of the word.

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