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World Money Laundering Report Volume 15 Number 6 is published 13 December 2016

 

World Money Laundering Report vol 15 no 6 In this issue:
Political Correction, the rise of the centre

Default settings: Suspicion, PEPs and government linked money

Unintended Consequences: the FATF's criticism of the USA demonstrates a shift in power

 

Executive Summaries:
**Political Correction: the rise of the centre

Socialists call it "reactionary" or "anti-establishment." It isn't: it's a crescendo of the taking back of democracy. And with it comes a range of risks for Financial Crime Risk Officers, including that of money laundering, migration of terrorist funding as well as proceeds of corruption and organised crime. Add in economic upheaval and we are approaching a period of unprecedented high-risk money flows.

Fasten your seat belts, what once seemed smooth is turning into a bumpy ride.

**Unintended Consequences: the FATF's criticism of the USA demonstrates a shift in power.

Time was that the Financial Action Task Force, despite its protestations, was an extension (albeit not an organ) of the G7 and, because of its dominance of that group, the USA. If the USA didn't want to comply with the FATF R40, that was fine. If the USA wanted to cherry pick bits of treaties, that was fine. If the USA wanted the FATF to criticise other countries because they adopted their own interpretation of the FATF R40, sure, just make a note of what's to be said.

But things have changed.

**Default Setting: Suspicion, PEPs and Government Money

Do penalties imposed by the Monetary Authority of Singapore signal a shift in presumptions relating to SWF, GLC and PEP connected moneys?

Sovereign Wealth Funds, Government Linked Companies and Politically Exposed Persons. Are you quivering with fear yet? As Singapore continues its action against financial institutions that failed to act correctly in relation to funds connected to Malaysia, the question arises: is it now wise to presume funds related to states or their senior officers are tainted unless proved to the contrary?

**World Money Laundering Report: Predictions for 2017

For our last Journal issue, the return of an old favourite. WMLR's predictions for the coming year.

Merry Christmas and a Happy New Year from all of us.

We look forward to seeing you at our new home: after 1 January 2017, www.worldmoneylaunderingreport...

**This issue is now available for site licence holders in the site licence area.**

PLEASE BE SURE TO DOWNLOAD IT BEFORE 31 DECEMBER 2016 because this version of our website will become inaccessible after that date.

Read about developments at World Money Laundering Report at http://www.pleasebeinformed.co...

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World Money Lau...
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