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In this conference paper, presented in Singapore on 31 July 2003, Nigel Morris-Cotterill looked at the then novel concept of Enhanced Due Diligence.

Kuala Lumpur, 5 January 2018
Media Statement on Initial Coin Offerings

Following a public statement released on 7 September 2017 regarding Initial Coin Offerings (ICOs), the Securities Commission Malaysia (SC) has noticed an increase in activities by new ICOs to solicit investments in crypto-currencies from the public at large, including senior citizens.

Editorial Staff

In the 2017 Tax Reform Bill, two major changes to the corporate tax structure will mean Financial Crime Risk Officers will need to scramble to understand how to handle US corporations and to re-write systems, says Nigel Morris-Cotterill. Christmas holidays are at risk if financial services businesses and advisers are to be ready for the new rules many of which will come into force on 1 January, even if PoTUS Trump has not signed the Bill into law by that date.

Look at your next meal and ask how far the food on the plate has travelled. This simple sandwich has a startling tale to tell.

Nigel Morris-Cotterill

US President Trump has been looking for a win: for almost a year, the Senate has frustrated his legislative ambitions. His Bill to make fundamental changes to the USA's income and company tax structure was expected to be the next big failure. Instead, it has sailed through both Houses, but its final signing into law will be delayed due to "a procedural issue," although the result of that is a formality in favour of it being passed. Once in place, it will mean the biggest revision of the US Tax Code for more than 30 years. Some of the changes mean that MLROs etc. overseas will need to revise their policies.

Closed registers of shareholders and directors of companies, and company registers where the identity of shareholders and/or directors are not collected, have long been recognised as vehicles for financial crime. However, while governments are anxious to trace moneys relating to tax evasion (and, for political reasons, tax avoidance), to say nothing of money laundering and corruption, there are, in some cases, valid reasons for maintaining secrecy. As babies are, en masse, being thrown out with the bathwater, it's worth remembering what those reasons are.

Far from providing leadership, the USA is increasingly creating friction with allies and alienating itself from countries that don't agree that ratcheting up sanctions against other countries is the best way to go. Add in the decision to recognise Jerusalem as the capital of Israel (and only Israel) and there is an increasing risk that the tables might turn and countries begin to apply sanctions against the USA. If that was to happen, what form could they take and which countries could be caught in the cross-fire?

Jefferson Galt
Publication: 

To name or not to name, that is the question, whether it is nobler to give another chance or to slag off a business before it has time to improve. Well, this isn't TripAdvisor (hell, they can't even spell the word "adviser" so that's their credibility gone before the first page is opened) where trolls happily attack. But that doesn't mean that businesses should be able to do as they please without being aware that customers are unhappy. So, here's the experience of one traveller who won't ever stay at a particular Jakarta hotel again, it being so bad he checked out early even though there would be no refunds.

Editorial Staff

The email is doomed to be subject to review because the idiot sender has spoofed the recipient's address and used it as the sender's address. But, otherwise, for the unwary, in the period leading up to critical gift delivery period, the scam has a high chance of success.

Editorial Staff
Publication: 

** access to this document is free **

14 December 2017

A further 100 alleged contraventions against the Commonwealth Bank of Australia (CBA) have been filed today by AUSTRAC, the Government’s financial intelligence and regulatory body, adding to the current civil penalty proceedings.

It seemed like it was all over bar the shouting, or to be more precise, the haggling. Commonwealth Bank of Australia, CBA, admitted to the vast majority of the almost 54,000 failings listed in the civil penalty proceedings and in doing so entered what amounts to a plea in mitigation. AUSTRAC's response? To immediately file a further 100 allegations. That's just hostile litigation tactics and bordering on the malevolent, writes Nigel Morris-Cotterill, a former litigator.

Incredibly, when you look up "The Anti Money Laundering Network," on LinkedIn, there is a list of employees - which is odd, because of those listed, only one, our Group Head, has ever worked for any of the companies in the Group. We are pretty sure that the individuals concerned have not claimed to have done so which leaves only one culprit.... LinkedIn itself.

Editorial Staff
Publication: 

What do "trusted seller" and "Better Business Bureau member" mean in real life? As an overseas customer of Vesper & Co, sellers of collectable watches apparently with offices in New York found out, they mean you are on your own if the seller decides to misdescribe goods and then to ignore the purchaser.

Editorial Staff

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