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THE GROWING popularity of cryptocurrencies has stoked concerns that they offer a haven for money launderers. The concern focuses on the risk that crypto can be used anonymously to buy goods and services, without them being converted into fiat currencies through exchanges that are a key focus of emerging AML/CFT controls.…

Lie detection is an emerging science, with technology being developed to help companies and law enforcement seek to detect fraudsters and other criminals. Artificial intelligence is a potential key development in enabling machines to screen subjects physical and audible response to questions to detect lies.…

After a three-year trial, judge Marco Tremolada acquitted energy companies Eni and Shell and 13 executives from both companies, including Eni CEO Claudio Descalzi, of being associated with graft in Nigeria. In a Milan court March 17, the judge ruled there was no case to answer over the companies’ USD1.3 billion acquisition of Nigeria’s OPL 245 offshore oilfield, amidst allegations that USD1.1 billion of that was pocketed by politicians and middlemen.…

CYPRUS is under pressure to appoint a full-time prosecutor working with the European Public Prosecutor’s Office (EPPO), with the EPPO’s chief prosecutor Laura Kövesi claiming 10% of the office’s 3,000 anticipated initial cases will involve this small island country.

Kövesi was addressing a joint meeting of the European Parliament’s committees on civil liberties, justice and home affairs and budgetary control, saying the claim was based on data received from the 22 European Union (EU) member states participating in the EPPO, which includes offshore banking centre Cyprus.…

The Dutch Financial Intelligence Unit (FIU-Nederlands) (1) and four major banks – ABN AMRO, ING, Rabobank and de Volksbank – have set up the Fintell Alliance NL, a public private partnership (PPP) to work together at one physical location to combat the estimated EUR16 billion (USD18 billion) laundered through the Netherlands each year (2).…

Anti-money laundering specialists may be focusing on how crypto-currencies and online transactions pose an increasing ML/TF risk, especially with Covid-19 encouraging ecommerce, but the reality is that cash remains the money launderers’ best instrument for moving dirty money.

That is the conclusion of Gabriel Hidalgo, a managing director at risk specialists K2 Integrity, in New York: “Cash is king for ML; it continues to be king; and on the majority of levels, illicit actors will continue to use cash,” he said.…

The boom in online fraud through the Covid-19 pandemic, at a time when new fintech is being rolled out, has grown demand for anti-fraud professionals.

The latest assessment released by the Association of Certified Fraud Examiners (ACFE) (published in December 2020), based on responses from 1,712 anti-fraud professionals, (49% of whom were in the USA and Canada), said that 41% of organisations (public and private sector) are planning to increase their overall anti-fraud budget in 2021.…

The paint and coatings industry in Indonesia still has ample room for growth amid booming infrastructure development, although it has had to struggle with the ongoing Covid-19 pandemic, say officials and industry experts. 

With the property sector being the primary growth driver Indonesian paint and coating sales, the high demand for new housing and the repainting cycle assures the steady demand for paint and coating products, said Mahendra Chahar, senior consultant at Frost & Sullivan.…

The paint and coatings industry in Indonesia still has ample room for growth amid booming infrastructure development, although it has had to struggle with the ongoing Covid-19 pandemic, say officials and industry experts. 

With the property sector being the primary growth driver Indonesian paint and coating sales, the high demand for new housing and the repainting cycle assures the steady demand for paint and coating products, said Mahendra Chahar, senior consultant at Frost & Sullivan.…

THE ONSET of Covid-19 has caused many fraud problems, but a particular difficulty has been fraudsters exploiting the unprecedented government largesse released designed to prevent economic collapse at the hands of the pandemic. In the UK, for instance, the House of Commons public accounts committee issued a report in October (2020), saying that Her Majesty’s Revenue & Customs (HMRC) had reported 8,000 allegations from employees that their employers – supposed to pay a lower level of wages to staff to receive furlough payments under the UK Job Retention Scheme – had not actually made these payments, or paid less than they should.…