Search Results for: Canada

It is ‘de rigeur’ for tech publications to define the ‘metaverse’ – Wikipedia is perhaps most succinct – ‘a metaverse is a network of 3D virtual worlds focused on social connection’ (1). As for their fraud risk, there is a growing consensus that the metaverse offers fraudsters and cybercriminals significant opportunities to exploit this growing network of IT systems integrating virtual or augmented reality (VR and AR).…

How to launder a sack of ill-gotten cash is a question that does not just stretch the imaginations of law enforcers and AML officers, it can and does prompt useful assessments by professionals in other fields.

The question of how to launder USD1 million in dirty money is, for instance, a popular thread on the international online Q&A service Quora, with 84 answers.…

A key question in any industry is to what extent robotics will be able to replace the human hand. This issue is especially pertinent for textiles and clothing – where sensor-based automation increasingly carries out human tasks such as assessing the feel of textiles and quality control.…

The list of Russian assets seized by its European and north American opponents grows ever larger, with super yachts joining bank accounts and expensive properties being sequestered. But could they be sold? Should they be sold? And should the money be spent on rebuilding Ukraine, if it drives out the Russian invader?…

Ensuring data held by organisations with AML/CFT reporting duties is clean and correct is a bedrock of an effective compliance programme fighting dirty and terror money flows. But given the vast and increasing amount of data handled by large companies, partnerships and public bodies, this task has never been simple and is becoming more onerous.…

The Canadian auto industry has warned the country’s provincial governments against pushing regulatory complexity over electric vehicle (EV) sales by retaining ambitious local sales mandates when the federal government is rolling out its own requirements for manufacturers. Canada’s Liberal federal government is developing detailed legislation that would implement a political commitment made earlier this year to insist that by 2035, all new light duty vehicles sales would be zero-emission vehicles (ZEVs) and medium- and heavy-duty vehicles by 2040.…

With AML/CFT technology becoming ever more powerful and sophisticated, such as the development of artificial intelligence (AI) and machine learning to process and analyse data, the pressure on AML-obliged bodies to update their information AML/CFT technology (IT) systems is growing.…

The UN Human Rights Council passed a resolution on Sri Lanka on Thursday October 6 calling for accountability, human rights and reconciliation in this important clothing manufacturing outsourcing centre that has suffered from intense political and economic turmoil. There is growing international pressure on the new Sri Lanka government of President Ranil Wickremesinghe to promote calm (1) as the country grapples with financial shortages, logistical disruption and political legitimacy problems, worsened by widespread government corruption.…

Caribbean islands offering offshore financial services have been named on a European Union (EU) blacklist that claims to target jurisdictions who give companies unfair tax breaks when parking their money in local bank accounts. The EU Council of Ministers on October 4 added the Turks & Caicos Islands, a UK overseas territory (OT), to the list, while re-listing another UK OT, Anguilla, which had been removed as recently as last October (2021) and The Bahamas, which had been removed in 2018.…

The exchange of intelligence is a key element of AML/CFT, with FATF’s recommendations 36 to 40 focusing on international cooperation. The Egmont Group of FIUs also continues to hone how it securely delivers exchanges of sensitive AML/CFT information between its 167 members.…