This is the first of a number of posts, looking at the implications EU’s Fourth Anti-Money Laundering Directive on the UK’s Regulated Sector
Almost 60 percent of one of the bailed out Cypriot bank’s clients are “high risk” in terms of money laundering and almost a third of all bank depositors’ records contain errors, according to a leaked EU report.
The report which was published by the Cypriot website stockwatch.com.cy – was drawn up in April by Moneyval, a unit of the Strasbourg-based Council of Europe, and by accountancy firm Deloitte on the request of eurozone finance ministers.
The Financial Action Task Force, the global standard-setter in the fight against money laundering and terrorist financing, has revised the Recommendations after more than two years of efforts by member countries. The Recommendations are used by more than 180 governments to combat these crimes.
The Jersey Financial Services Commission has published a consultation paper concerning proposed amendments to the ‘Money Laundering (Jersey) Order 2008’.
The Money Laundering (Jersey) Order 2008’ requires Regulated businesses to apply policies and procedures for the prevention and reporting of money laundering. These include policies and procedures for customer due diligence, record keeping, and reporting ‘suspicious activity concerning money laundering and terrorist financing.
In a further tightening of the net for international tax evasion, the Netherlands Ministry of Finance has announced the signing of tax information exchange agreements (TIEAs) with three Caribbean territories.
The Government’s new strategy for tackling serious organised crime, entitled Extending Our Reach: A Comprehensive Approach to Tackling Serious Organised Crime, has been published.
The strategy endorses many of SOCA’s current ways of working, including by seeking to cement a collaborative approach and to embrace wide-ranging tactics.
Investigation shows Taliban in Afghanistan and Pakistan get money from extortion, crime and drugs
Taliban refer to extortion money as tolls, taxes or zakat
PESHAWAR: For the Taliban in Afghanistan and Pakistan, money is coming mostly from extortion, crime and drugs, an AP investigation claims
The number of offshore financial centres could shrink by half within the next five years as the worldwide crackdown on tax havens gathers pace, according to a prominent Jersey-based financial lobbyist.
However slowly, however piecemeal, progress is being made in forcing tax havens to become less secretive. Yesterday it was the turn of Jersey to sign an agreement with the UK that it will share information about offshore tax payments. Gordon Brown has been sounding tougher too. In his address to US Congress last week was this remarkable sentence: “How much safer would everybody’s savings be if the whole world finally came together to outlaw offshore tax havens?”
The passage of the Prevention of Money Laundering (Amendment) Bill, 2009 will enable India’s entry into Financial Action Task Force (FATF), an inter-governmental body that has the mandate to combat money laundering and terrorist financing.