If you look back five years and ask – how much has changed in the compliance world in the last five years? – the answer is remarkable.  I can easily make the argument that the biggest change in corporate governance over the last five years has not been executive pay reform, or any of the […]

The rapid growth in the global economy has made international trade an increasingly attractive avenue to move illicit funds through financial transactions associated with the trade in goods and services. Trade-based money laundering (TBML) is a complex phenomenon since its constituent elements cut across not only sectoral boundaries but also national borders. The dynamic environment of international trade […]

The Financial Action Task Force (FATF) has produced guidance which will assist countries in conducting risk assessments to identify, assess and understand its money laundering and terrorist financing risks. Once these risks are understood, countries can then prioritise their resources in applying measures that correspond to the level of risk identified. The guidance sets out […]

Confiscation order also made for £245,000 relating to insider dealing during October 2008 and March 2010. A former senior equities trader at Legal and General Investment Management has today been sentenced to two years in prison for insider trading at Southwark Crown Court. Paul Milsom disclosed inside information relating to forthcoming transactions in securities at […]

Fraudsters are by their very nature tricky customers. Lenders need to know who they are instructing on loan transactions to ensure they do not become an innocent party without any redress where a fraud is committed on them. This was the outcome in UCB Home Loans Corporation Ltd v Soni and Soni & Co (A […]

10 years seems to the best practice limit in the industry although I accept the Money Laundering rules require that for a relevant person must make and retain orderly records of CDD information for at least 5 (five years) from the end of the relationship with the customer (or the completion of the transaction, for […]

On 5 February 2013, the European Commission published draft versions of two legislative proposals regarding money laundering and funds transfers: (1) a directive on the prevention of the use of the financial system for money laundering and terrorist financing (commonly referred to as “MLD4”), and (2) a regulation on the information to accompany transfers of […]

UK lawyers implicated in money laundering, including any type of complaint, arrest or prosecution include the following The case of Benjamin Cornelius[2011]– solicitor has been sentenced to four years and eight months in jail for fraud, money laundering and perverting the course of justice in March this year after fraudulently securing mortgage advances amounting to […]