seminar - why financial crime compliance and risk management fails

 

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A new report from the European Bank of Reconstruction and Development looks at Kazakhstan, reliant on oil exports for about half of its revenues, and concludes that things aren't looking good for the country’s finances in the light of a of a global shift away from fossil fuels.

The changing dynamics in global energy markets are likely to put pressure on fossil fuel exporters such as Kazakhstan, the EBRD says.

CoNet Section: 

A CCTV installation company from Manchester in the north west of England has been sentenced after an employee fell through a fragile roof light.

CoNet Section: 

Special offers available for Black Friday via the link below have an interesting effect: if you fly from London or Manchester, a flight to SIN costs GBP490 but a flight to other destinations via SIN can cost less. The offers are across all classes.

CoNet Section: 

Case Summary: 

On the face of it, a conviction for trafficking minors for sex may not seem like a financial crime. However, the proceeds generated by these and other sex-related crimes are subject to attack under money laundering laws, even if the activity takes place in one jurisdiction and the money is laundered in another.

Type of conduct: 
Other financial crime
Name of Crypto-asset (e.g. bitcoin, ripple) demanded by extortionist: 

Bitcoin

GlobalKYC -Suspicious Wallet Number: 

1Bu2NDQScVQwixvhf4z4xbZQVNFWuXokSJ

Editorial Staff

This conversation did not happen but it's easy to see how it might have done... An On Line shopping service brings in an IT Security Consultant.

Yesterday, Singapore passed its Serious Crimes and Counter-Terrorism (Miscellaneous Amendments" Bill. The Lion City's approach to suspicious assets has logic on its side, but it doesn't work in practice. Here is WMLR's analysis of the relevant parts of the Act and its consequences, including risk for compliance / risk officers.

The city of New York has issued civil proceedings against five of the largest oil companies alleging that they are responsible for climate change and passing the resulting costs onto local governments. Others are joining in with California being the latest to sign up.

CoNet Section: 
Name of Crypto-asset (e.g. bitcoin, ripple) demanded by extortionist: 

Bitcoin

GlobalKYC -Suspicious Wallet Number: 

1H9bS7Zb6LEANLkM8yiF8EsoGEtMEeLFvC

Global KYC - Respondent - Surname or Company Name: 

SFA Aviation Inc.

Global KYC - Respondent - Other Names or Company Number: 

123456789ARGH

Global KYC - Respondent - Aliases or business names: 

WeSmuggleAnything.com

Global KYC - Respondent - Surname or Company Name: 

JOHNS

Global KYC - Respondent - Other Names or Company Number: 

Cedric Paul

Global KYC - Respondent - Aliases or business names: 

CPJ Building Contractors

Some other name he uses

Global KYC - Respondent - Surname or Company Name: 

RESPONDENT

Global KYC - Respondent - Other Names or Company Number: 

Jamal Paul

Global KYC - Respondent - Aliases or business names: 

JPR Trading

"She was the sort of woman that, if she told you do do something, you did it," PC Robert Carter is reported to have said when asked why he helped his mother, Tamara Carter, to launder the proceeds of criminal conduct from which she received some GBP850,000. A finding of Gross Misconduct at a disciplinary hearing, plus his mother's conviction, suggest that the constable might shortly be receiving a visit from his former colleagues, perhaps even before the Metropolitan Police decide on his penalty. There's an interesting facet to the Board's decision.

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