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Anti-money laundering (AML) has developed in a top-down manner, with global standards prompting legislation and hence policies and programmes. But the development of AML utilities, sharing CDD resources, has been more bottom up, with programmes developed through trial and error. And while they can give obliged entities more autonomy in how to comply with resulting AML and combating the financing of terrorism (CFT) demands, development has been slow and uneven.…

We asked the experts

Even senior experts in AML/CFT need to keep reading and watching to keep abreast of the ever-evolving global trends in the field – after all, curiosity and wide learning is how they gained their prominence in the first place.…

The legal recreational use of cannabis for smoking, eating and drinking has skyrocketed in the United States in the more than 10 years since the state of Colorado became the first US jurisdiction to legalise the plant for adult recreational consumers in January 2014 (1).…

The British Virgin Islands (BVI), an autonomous UK overseas territory with a major company formation and offshore banking sector, has abandoned past commitments to create a public beneficial ownership (BO) register. Its government has said it will instead seek to ensure any new publicly accessible register of beneficial ownership (PARBO) will operate in line with the November 2022 European Court of Justice (ECJ) ruling that said: “The general public’s access to information on beneficial ownership constitutes a serious interference with the fundamental rights to respect for private life and to the protection of personal data” (1).…

Sint Maarten, an autonomous country within the Dutch Caribbean, has been struggling to strengthen its AML/CFT system, although it has made tangible progress. Sint Maarten, which comprises the southern third of the island of St Martin in the north-east Caribbean, which it shares with the French collectivity of Saint Martin, had 12 follow up reports for its latest third mutual evaluation round by the Caribbean Financial Action Task Force (CFATF) (1).…

Detailed reports from police forces and agencies suggest that law enforcement agency knowledge of professional launderers is high – but when does it make sense to take them down?

The first Financial and Economic Crime Threat Assessment released by European Union (EU) policing agency Europol last September (2023) (1) stressed professional enablers’ knowledge and expertise was a potentially valuable source: “Criminal actors involved in financial and economic crimes rely extensively on a wide range of professional experts that serve as essential enablers of their criminal activities.…

The Canadian auto industry has reacted with skepticism to the launch of final zero emission vehicle (ZEV) sales mandates released by its federal government today (Tuesday Dec 20), warning it needed to do more to pump prime demand, especially for electric vehicles (EV) (1).…

Stellantis members of Canadian autoworkers union Unifor have backed the final D3 Canada agreement secured in this year’s contract negotiation round. This means a three-year deal will now apply to 8,200 workers in Canada until September 2026. The union said 60% of members at Stellantis’ Brampton and Windsor assembly plants; and its Etobicoke Casting Plant – all in Ontario – approved the tentative agreement stuck last Monday (Oct 30).…

The ability of computer algorithms to identify outlier behaviour and indicate potential fraud is becoming stronger as IT specialists, mathematicians and AI develop new applications and techniques, offering anti-fraud professionals better tools to unearth and prosecute financial crime.

A McKinsey report from November 2022 (1) noted how companies are using machine-learning algorithms to assess data to maximise fraud detection through reducing false positives and missed fraud.…

With the Gulf a key focus of this and next month’s COP28 meeting in Dubai, universities in Qatar, Bahrain and Kuwait are playing a more proactive role in promoting sustainability within their campuses and beyond.

All three countries are facing tough environmental challenges intensified by climate change, such as extreme heat, with these wealthy Arab countries’ HE sectors seeking solutions, for instance in food and water security.…