Banks drawn into reputational laundering networks to obscure illicit gains
Reputation launderers, notably public relations agencies and law firms, are distorting the financial crime and sanctions risk profiles of kleptocratic regimes and oligarchs seeking to launder and protect their illicit gains according to academic and investigative researchers. Banks can also be drawn into reputation laundering…
More information sharing and collaboration needed to combat TBML says major new US government report
Better information sharing and collaboration is needed to combat trade-based money laundering (TBML) according to a substantial report released on Monday by the US Government Accountability Office (GAOs). Countering Illicit Finance and Trade concluded that TBML is one of the primary mechanisms criminal organisations and…
Establish central beneficial ownership registries and outlaw bearer shares US senator tells FATF
The lead author of the US’ anti-money laundering (AML) act of 2020, senator Sheldon Whitehouse, is urging the Financial Action Task Force (FATF) to strengthen its standards for countries to gather important data in the fight against money laundering. The FATF is currently updating its…
Crackdown on illicit finance to be cornerstone of Biden administration
US President-elect Joe Biden is expected to make a crackdown on illicit finance – both domestically and internationally – a cornerstone of his administration. Earlier this year Biden stated his position on corruption and illicit finance in an essay for Foreign Affairs, and those…
Intelligence needed to confront illicit finance according to British expert
If the UK is to stand any chance of identifying and confronting illicit finance, it needs to place intelligence at the heart of its response according to the director of the Royal United Services Institute’s (RUSI’s) Centre for Financial Crime and Security Studies Tom Keatinge…
