Search Results for: Russian

AML is expensive, and for obliged entities, the cost increases the more suspicious transactions they must assess and process. So, it is far better for them to prevent – where possible – a potential money launderer from opening an account with them in the first place.…

AML is all about the deft use of IT and the marshalling of data culled from financial records, but comprehensive KYC and client monitoring, as well as proactive ML investigations following up a suspicion, are aided by effective online tools that can uncover essential information.…

Russia’s invasion of Ukraine launched last February (2022) has severely damaged Ukraine’s digital textile printing segment, and while it has also harmed the Russian industry, this sector has performed better than expected, despite comprehensive western sanctions.

In Ukraine, where the invasion had killed 8,101 civilians by February 28 (UN data), the country’s light industry, including its digital textile printing sector, continues to suffer from bombardment, logistical bottlenecks and persistent power cuts.…

Money launderers continue to develop layering techniques to insert criminal proceeds into legitimate financial transactions, and these typologies are becoming increasingly varied.

‘Cuckoo smurfing’ is one new technique attracting attention, for instance, said a briefing note from Australian FIU Austrac (1).…

Russia’s bio-based oil sector looks set to benefit from the spoils of war, being poised to become the new global leader in the export of sunflower oil over the current agricultural year, overtaking past export leader Ukraine, which its military has invaded since last February, with 8,317 civilian deaths as of March 20 (2023).…

As the first anniversary of Russia’s invasion of Ukraine passes – with 8,173 civilians killed as of March 5 (UN figures), the European Union (EU) has been debating dealing with a boom in Ukrainian food imports. While Ukraine food exporters have struggled to ship output via maritime ports, because of Russian naval action, the EU has strengthened road and rail land connections, plus riverine Danube ports.…

The Financial Action Task Force (FATF) has suspended Russia from membership because of its continuing military invasion of Ukraine – an unprovoked attack that the UN said by February 20 had killed 8,006 civilians and injured 13,287.

The global AML body’s plenary today (Feb 24) acted following “reports of arms trade between the Russian Federation and United Nations sanctioned jurisdictions, and malicious cyber-activities emanating from Russia”.…

THE UK government has marked the anniversary of Russia’s unprovoked invasion of Ukraine by announcing a wide-ranging export ban it says will cover “every item Ukraine has found Russia using on the battlefield to date”. While London has yet to release the formal list of such products, Foreign Secretary James Cleverly said the widened ban “included…hundreds of goods are aircraft parts, radio equipment, and electronic components that can be used by the Russian military industrial complex, including in the production of UAVs [drones].”…

The European Union (EU) has now (one day late – on February 25) issued its own new sanctions package upon the first anniversary of Russia invasion of Ukraine, targeting senior figures within the Wagner Group of mercenaries that has bolstered Russia’s military attacks.…

Popular culture has long considered Monaco the perfect ‘sunny place for shady people’, as per the Lawrence Rothman song, and judging by the latest Moneyval assessment of this Mediterranean principality, this characterisation holds some truth regarding AML/CFT.

The European FATF-style body said in a report issued in January (2023) that Monaco’s AML/CFT effectiveness was low on supervision, investigation and prosecution.…