Search Results for: united nations

In a case that could open the floodgates to multimillion dollar cross border lawsuits against auto makers involved in Europe’s 2015 ‘Dieselgate’ scandal, a senior European Union (EU) judge has advised that car buyers should be able to sue Germany-based Volkswagen from a court in neighboring Austria.…

With low labour costs and stable local demand, Ukraine has long been one of the favoured bases for major tobacco companies. However, even without taking into account before the disruption caused by the Covid-19 crisis, the market has been in flux in recent months as the new Ukrainian government has made efforts to change tobacco taxation while ramping up its fight against tobacco smuggling.…

FATF has called on the United Arab Emirates (UAE) to work harder in tightening controls against the abuse of its complex jurisdictional set-up by money launderers and terror financiers, pointing to a weak implementation of its largely solid AML/CFT regulations by law enforcement and regulators.…

Derisking through the dismantling of correspondent banking relationships continues to be a problem, according to the latest data, prompting concerns that informal transaction networks may grow, whose AML checks may be less robust than those applied by traditional banks.

The European Union (EU) is concerned, with the European Banking Authority (EBA) in October 2019 issued a report on risks affecting the financial sector, with derisking one of its biggest concerns regarding money laundering.…

The world’s fast-growing digital banking and payments sector requires regulatory compliance software that is as scalable as the fast-growing number of users. Some digital banks are developing systems inhouse, which has certain risks, while others have outsourced regulatory solutions.

These financial institutions – which had 2.4 billion users in 2020 according to UK-based Juniper Research – are also known as neo- or challenger banks, and are characterised by being totally digital, operating through a website and smartphone app and having no physical branches, such as the UK-based Monzo and Revolut.…

GIVEN the hundreds of billions of dollars spent by banks on fighting money laundering, fears that trade-based money laundering (TBML) remains widespread, as stressed by FATF, the APG (http://www.fatf-gafi.org/publications/methodsandtrends/documents/trade-basedmoneylaunderingtypologies.html), and most recently, the European Commission (https://ec.europa.eu/info/sites/info/files/supranational_risk_assessment_of_the_money_laundering_and_terrorist_financing_risks_affecting_the_union_-_annex.pdf), are of serous concern. The World Trade Organisation (WTO) said that in 2018, global merchandise exports were worth USD19.48 trillion, so there is plenty of place for laundered money to hide.…

The Covid-19 pandemic has disrupted efforts by South Sudan tertiary education leaders and ministers within the newly formed South Sudan unity government to restore the country’s universities, many of which were devastated by the years of civil war that may now have ended.…

The Nicaragua Textile and Clothing Industry Association (Anitec) has said that it hopes the country’s apparel export performance in 2020 will hold its ground, despite the anticipated softening in growth within the global economy this year and continuing political strife within the country.…

‘Explainability’ is becoming the watchword for AML solutions based on artificial intelligence (AI), with developers increasingly aware they must convince regulators their systems’ decisions are reliable and unbiased. The result has been manufacturer clams about the traceability of system decisions, according to a white paper produced in July last year by London, UK-based fin-tech industry network FinTech FinCrime Exchange and the London-based screening and compliance solution company Regulatory DataCorp Inc (RDC) – see https://rdc.com/wp-content/uploads/2019/07/AI-and-FinTech-FFE-RDC-Report.pdf.…

The United States Department of Justice (DOJ) March 22 announced the first action in federal court against fraud related to the COVID-19 pandemic after it obtained a temporary restraining order against a Texas-based website selling a bogus vaccine – coronavirusmedicalkit.com. “We will use every resource at the government’s disposal to act quickly to shut down these most despicable of scammers, whether they are defrauding consumers, committing identity theft, or delivering malware,” Assistant Attorney General Jody Hunt of the DOJ’s civil division commented after the ruling.…