The Financial Crime Country Dashboard for Russia is now available. To download the Russia Financial Crime Country Dashboard click HERE: Russia Dashboard pbd
The main financial crime threats facing Russia are the embezzlement of public funds, crimes related to corruption and abuse of power, fraud in the financial sector and drug trafficking. These have been identified in the Russian National Risk Assessment 2018 which also highlighted that. a large proportion of criminal proceeds generated in Russia are laundered abroad.
Financial Crime News wanted to find out more about how New Zealand was tackling illicit finance, the role of organised crime and the response. New Zealand’s Financial Crime Group, which includes New Zealand’s FIU, the NZ Asset Recovery Team and NZ Money Laundering Team are at the heart of this effort. To seek answers to these questions, FCN asked Christiaan Barnard, Detective Inspector and Director of New Zealands Financial Crime Group, for his thoughts on these and much more besides.
Q1 FCN: What are the main financial crime threats facing New Zealand?
CB: Drug dealing, fraud, and tax evasion have been identified in our National Risk Assessment as being the main financial crime threats. Furthermore the money laundering typologies of cash and remittance are also regarded as being high risk, closely followed by lawyers, real estate agents, and high value dealers.
The Financial Crime Country Dashboard for New Zealand is now available. To download the New Zealand Financial Crime Country Dashboard click HERE: FCN Dash April 2022 Pbd
The main financial crime threats facing New Zealand are Drug dealing, fraud, and tax evasion which have been identified in the NZ National Risk Assessment as being the main financial crime threats. Furthermore the money laundering typologies of cash and remittance are also regarded as being high risk, closely followed by lawyers, real estate agents, and high value dealers. Forfeitures and restraints, are dominated by physical cash, cash in bank accounts, properties, and vehicles., and as a percentage of estimated domestic criminal proceeds are significantly higher than the estimated global averages.
The Financial Crime Country Dashboard for Kenya is now available, following the publication of the Kenya Deep Dive Threat Assessment published in 2020 & the Kenya Summary Threat Assessment also published in 2020. To download the South Africa Financial Crime Country Dashboard click HERE: Kenya Dashboard Feb 2022 Pbd
The main financial crime threats in Kenya are from fraud and related economic crimes, corruption & drug crimes. These are followed by tax crimes, product piracy, cybercrime, wildlife crime and money laundering. Cybercrime, drug crimes and product piracy are expected to increase whereas action taken against the others suggest the trend there is neutral or reducing. The Banking sector remains the sector that still represents the biggest potential money laundering vulnerability because of its importance, but money remittance providers, money network operators, Saccos, real estate, legal & motor vehicle dealers (currently not regulated) also present important potential AML/CFT vulnerabilities.
Effectiveness of Financial Sanctions
Putin “doesn’t give a s**t about sanctions’ and ‘the more the West pushes him, the stronger his response will be”, says Russian ambassador to Sweden. (UK Daily Mail 13/02/2022)
By a former senior Banker & Risk Officer of a major international bank who speaks for himself.
For a long time, I have shared the view by academics and critical politicians that sanctions often fail to achieve what they are meant for which is: A change in a foreign government’s behavior. Traditionally, because of a lack of international solidarity, enforcement was difficult and circumvention easy, which undercut the credibility and the effectiveness of the measures. Usually, it was not the governments and the ruling camarilla that suffered most from sanctions but those at the lowest end of society.
The Financial Crime Country Dashboard for The Netherlands was first published in November 2021. It has now been updated is now available, and is republished in parallel with the detailed Netherlands Threat Assessment in February 2022. To download the Netherlands Financial Crime Country Dashboard click HERE: NL January 2022 Final
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5 Recommendations to Effectively Combat Financial Crime – Extract from Red Alert by John Cusack 2013/2014
Recommendation 1 – Asset Seizure Targets
Firm asset seizure targets could be set with regards to the proceeds of crime. At least 5% of criminal proceeds, approx US$100bio should be the medium term goal (e.g. after 5 years). In order to achieve this, enforcement authorities will need to invest additional resources to investigate the information provided from reports already filed by financial institutions that should be a road map for prosecuting many more criminals and seizing criminal assets. As a start, public resources directly employed to these tasks should match at least those invested by the private sector and results should be published.