Posted in Financial Crime

Russia Financial Crime Country Dashboard 2022 by FCN

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.

This Dashboard is based on a comprehensive evaluation of the Financial Crime threats as well as the responses as summarised in the 75 page Russia Threat Assessment 2022 by FCN published HERE.

For more on Russia, see the FCN Article on how Russia has gamed the AML/CTF System, Click HERE.

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Posted in Financial Crime

Russia Financial Crime Country Threat Assessment 2022 by FCN - Premium

The Financial Crime Country Threat Assessment for Russia is now available. To download the Russia Financial Crime Country Threat Assessment 2022 click HERE: Russia TA Pbd April 2022

The main financial crime threats facing Russia are the embezzlement of public funds, crimes related to corruption and...

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Posted in Financial Crime

New Zealand: Interview with Christiaan Barnard, Director NZ Police Financial Crime Group

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.

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Posted in Financial Crime

New Zealand Financial Crime Country Threat Assessment 2022 by FCN - Premium

The Financial Crime Country Threat Assessment for New Zealand is now available. To download the comprehensive 100 page New Zealand Financial Crime Country Threat Assessment click HERE: NZ TA April 2022 Pbd

New Zealand is rated overall as “Low - Moderate” risk, scoring 66/100 for financial crime by ...

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Posted in Financial Crime

New Zealand Financial Crime Country Dashboard 2022 by FCN

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.

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Kenya Financial Crime Country Dashboard 2022 by FCN

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. 

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Effectiveness of Financial Sanctions by authorship withheld

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.

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Posted in Financial Crime

The Netherlands Country Financial Crime Threat Assessment 2022 by FCN - Premium

This Netherlands Threat Assessment by Financial Crime News for 2022 is now published. To download the Netherlands Threat Assessment click here: Netherlands Feb 2022 Pbd

The Netherlands is rated overall as Low – Moderate Risk scoring 62/100 for financial crimes and money laundering by FCN. Threats a...

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The Netherlands Country Financial Crime Dashboard 2022 by FCN

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

These materials are subject to copyright and require a license for use. These materials are owned by Metriqa Ltd/Financial Crime News.

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Posted in Financial Crime

5 Recommendations to Effectively Combat Financial Crime – Extract from Red Alert by John Cusack 2013/2014

Extract from “Red Alert” by John Cusack (Pages 8 -10) from 2013 – published in 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.

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