The Basel AML Index is a composite country risk ranking developed by the Basel Institute on Governance and its expert team from the International Centre for Asset Recovery (ICAR). The purpose of the Basel AML Index is to analyze countries risk regarding money laundering / terrorism financing, and other related factors such as corruption and […]

..IN AN industry survey last year Cyprus was tipped to grow in importance as an offshore financial centre (OFC) by 2017, catching up with Bermuda and snapping at Jersey’s heels. Now many wonder if it has any future as a tax haven. The island’s Russocentric banking model is badly fractured. Large depositors will doubtless look […]

The FATF has developed guidance aimed to assist countries in the conduct of money laundering and terrorism financing risk assessment at national level. A risk assessment Guidance will help countries to identify, assess and understand its money laundering and terrorist financing risks. The Guidance reflects the risk-based approach: once these risks are properly understood, countries […]

The authorities have been reiterating this in the past and now a global body has given the clean chit to the nation’s financial hub status. Mauritius has been ranked among the most protected countries against money laundering and financial crimes in the world by the 2013 International Narcotics Control Strategy Report (INCSR). http://www.state.gov/j/inl/rls/nrcrpt/2013/vol2/index.htm. The report […]

Increasingly, law enforcement agencies in England and Wales are seeking to use their powers to recover ill-gotten gains from criminals. At times this may mean that they will seek access to files held by solicitors. Sometime the firm will have made a suspicious activity report about the client or another person, or acted for an […]

The European Commission released its proposals for a 4th Anti-Money Laundering Directive on 5 February 2013. fourth money laundering directive (4th Directive) The proposals are a response to changes made to the requirements issued by the Financial Action Taskforce (FATF) in February 2012 and a review conducted by the Commission on the implementation of the […]

 20 March 2013 Multi-million pound frauds and scams involving fake shoes, parking tickets and energy drinks feature in this month’s bumper edition of launderers in the news. Ealing man jailed for laundering over £200m – London A man who laundered over £200m for organised crime gangs through a London money exchange has been jailed for […]

The Serious Organised Crime Agency (SOCA) has published revised guidance  on submitting a Suspicious Activity Report (SAR). This replaces the ‘Top Ten Tips’ document that was previously available. This new guidance sets out advice and best practice to follow when making a SAR to alert Law Enforcement Agencies that certain activity is in some way […]