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Money Laundering

FinCEN and the Federal Banking Agencies have issued a joint statement "encouraging innovative industry approaches" to money laundering compliance. It's not long and it encourages both human and technological innovation. But, importantly, it specifically says that it does not require those who don't need it to jump into NewTech just because it's there. It also says banks are free to fail when trying new things. It also says that some NewTech might result in regulators finding out things companies might rather they didn't.

BIScom Subsection: 

It would be far more sensible if the UK scrapped its money laundering laws, wrote something comprehensible and properly structured and kept it all in one place. But no, that would make life far too simple. So, we have the latest Act that has to be read in the light of, and which makes amendments to, other legislation. But it's important and so no one can simply say "stuff it" and delete it. As it comes into force, there is a hint as to at least some of the priorities in relation to international financial crime.

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

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.

"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.

This is not about money laundering. It's about how the UK is de-EU-ing law and regulation ready for "exit day." The UK's draft statutory instrument called "The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018" is an object lesson in technical documentation. It has no life of its own and can only be read alongside other UK law and Regulations. It is of extraordinary importance not because of what it does but because of what it demonstrates. This is an indication of the clerical complexity of withdrawing from the EU even when the principles, as they will in relation to the Money Laundering Directives, will remain as now.

BIScom Subsection: 

It's incredible. The European Union has produced five Money Laundering Directives and still in some respects it is not one but two steps behind some countries that are often subject to criticism. Indeed, it is behind many of its own member states. This week, the Council of the European Union "adopted" a "regulation." Politically, the fact that a Regulation has been made is more important than what it does.

A doctor prescribed meds his patients didn't need, claimed payment and spent the proceeds. Now he's serving a 12 year jail sentence for, amongst other things, laundering the proceeds of his own offence.

Case Summary: 

In August 2018, two men were convicted of fraudulent dealings in the assets of a company with the intent to transfer them to a new company so as to continue in business after the old company went into liquidation.

Type of conduct: 
Insolvency offences

Case Summary: 

A man has been convicted of money laundering after he and two others sold a house without the knowledge of its owner.

Type of conduct: 
Money Laundering

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