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Walking along a Phuket beachfront, "John," in his mid thirties and from England's North West, cut a solitary figure, hunched, the high-visibility of someone trying to keep a low profile. As he posed for a selfie with an unusually insipid sunrise at his back, he gave of the air of the careworn. "Can I get a boat from here to Malaysia?" he asked. As his story unfolded, it raised as many questions as it gave answers.

Peter Lee

According to a report in Business Insider, Mark Hayward, CEO of National Association of Estate Agents told the newspaper that “Fines are not publicly being made known but, anecdotally, we know they are significant,” The Money Laundering Regulations 2017 are at the heart of the HM Revenue and Customs action but The Criminal Finances Act also comes into play. The report refers to "fines" of "millions."

The 1MDB scandal seemingly forgotten in Malaysia, the next order of business is the forthcoming general election. After a budget that dramatically increased funding by taxpayers to various Islamic organisations and religious leaders, Prime Minister Najib's next target the federal territory of Labuan. Labuan has been on the recieving end of federal (i.e. national taxpayers') money before and that hasn't worked out as well as it was hoped - but the island has, so far, not lost faith with the Party. But with a tiny resident population, a small number of electors can swing the vote. With the smallest percentage of Parliament since...

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AUSTRAC statement

Are you a digital currency exchange provider?
16 January 2018 (updated 18 January)

Editorial Staff
BIScom Subsection: 

For the avoidance of doubt, the demise of Carillion does not appear to actually be a Ponzi scheme.

But there are similarities between the classic Ponzi and how Carillion was functioning.

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It's going to cost ANZ about AUD5 million to compensate victims of the scheme that operated through the bank's Esanda car finance business. That's just part of what ASIC describes as "a package of regulatory actions against Australia and New Zealand Banking Group Ltd (ANZ)" But there's an anomaly of the kind that excites our colleagues on the financial crime publications group of PleaseBeInformed. But we got to this one first! Even more, the story looks like a simple management failure but on closer inspection it demonstrates a fundamental lack of attention to the most basic money laundering / terrorist financing KYC/CDD requirements. ASIC may think it's over. AUSTRAC needs to take a look.


Nigel Morris-Cotterill
BIScom Subsection: 

The USA's fascination with finding names of laws that can be turned into snappy acronyms reached new levels in December 2015 when it past the FAST Act. The name, Fixing America's Surface Transportation (FAST) Act gives no hint as to what it does. It's a highly aggressive tactic against taxpayers with unsettled debt. The Act has crept up pretty much unnoticed but it is being implemented starting this month.

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FCRO Subsection: 

The sentencing to three years of those involved in a case involving bank loans to a company that then defaulted gives some indication as to why Vijay Mallya is so reluctant to return to India from his UK hideaway.

India's Enforcement Directorate (ED) is involved in a rapidly increasing number of cases where money laundering is alleged and it is not afraid to go after high-profile, well connected, targets. But the latest case to gain publicity is even more sensitive than others. And the ED is finding itself the target of unwelcome attacks by some of India's most powerful people.

Rappler is one of the most successful news websites in The Philippines and it has reported stories critical of the government and of President Rodrigo Duterte in particular. Even so, it was a surprise when it was informed by the Securities and Exchange Commission (SEC) that its company registration had been revoked in what Rappler calls a "kill order."

CoNet Administrator
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Facebook is a distribution channel for child pornography but it's young Danes who are being prosecuted after Facebook identified the material, told US authorities who reported the distribution to the police in Denmark.

Editorial Staff
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Yesterday, Australian wordsmiths Macquarie Dictionary announced that "Milkshake Duck" was its word of the year. Immediately, out of Canada, a story appeared that demonstrates exactly what it means.

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The following is taken from Carillion's website. We acknowledge their rights but notwithstanding that, we reproduce it here in the expectation that the website will be shortly taken down as the liquidation proceeds.

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Carillion is one of the UK's largest companies. But at 7 am, UK time, this morning, the company's board issued a statement that took no one by surprise. We've been here before - frantic over-weekend meetings, men in dark suits (these days there are women, too) strutting in with their brief-cases, the expectation of an enormous payday always puts a spring in the step of insolvency practitioners. Men in pin-striped suits leaving meetings stony faced: they are the bankers who decided that their duty to their shareholders exceeded their desire to prevent collapse. The shell-shocked directors who, as soon as they sign-off on the...

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