Posted in Financial Crime

Financial Crime Bank Fines in the 21st Century – by FCN

For better or worse, much of the world measures the success or lack it in the fight against financial crime through the prism of reporting on ever larger fines and penalties handed out to the worlds largest banks. Whilst fines and penalties are set to continue and will undoubtedly proliferate further, whether they have been effective, and whether it’s time to think more deeply and to consider new approaches is worthy of more in depth study and discussion. 

In new research Financial Crime News has studied all 96 material fines  (>US$10 million) for AML and Sanctions in the 21st Century offering a “Summary” key “Observations” and “Conclusions” as a result. The findings and the observations provide the basis for a an evidence based examination and exploration of the role fines play and whether those involved need to think harder.

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Posted in Financial Crime

The Bradford Laundromat involving Nat West by FCN -2021

The Bradford Laundromat was raided on 9th September 2016 by the West Yorkshire Police Economic Crime Unit, shutting down the cash for gold and jewellery business of Fowler Oldfield a business that had operated in the City of Bradford in the UK for more than a 100 years. Fowler & Oldfield had washed hundreds of millions of pounds in suspected UK illegal drug and other illicit proceeds through its Nat West Bradford commercial bank account. 

This week Nat West Bank was fined £265 million for AML breaches and next year those involved with Fowler Oldfield will stand trial on money laundering charges. It is therefore a good time to take stock and look at what happened at Fowler Oldfield, including those arrested, at Nat West, the FCA investigation and fine, and some key Takeaways. 

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Posted in Financial Crime

The Bradford Laundromat – Intelligence Briefing by FCN – 2021 - Premium

The Bradford Laundromat was raided on 9th September 2021 by the West Yorkshire Police Economic Crime Unit, shutting down the cash for gold and jewellery business of Fowler Oldfield a business that had operated in the City of Bradford in the UK for more than a 100 years. Fowler & Oldfield had washed hundreds of millions of pounds in suspected UK illegal drug and other illicit proceeds through its Nat West Bradford commercial bank account. 

This week Nat West Bank was fined £265 million for AML breaches and next year those involved with Fowler Oldfield will stand trial on money laundering charges. It is therefore a good time to take stock and look at what happened at Fowler Oldfield, including those arrested, at Nat West, the FCA investigation and fine, and some key Takeaways. 

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Posted in Financial Crime

Italy – Interview with Michele Valeriani – Global AFC Head Generali Group

Financial Crime News wanted to find out more about how Italy was tackling illicit finance, the role of organised crime and the response, not just from the public sector but also from the private sector and why Italy has a much better record than most other countries when it comes to prosecutors’ activity, money laundering convictions and asset confiscations. To seek answers to these questions, FCN asked Michele Valeriani, Chief Anti Financial Crime Head at Generali, the largest insurance company in Italy and among the top 10 largest insurance companies in the world, for his thoughts on these and much more besides. For the PDF Full Interview CLICK HERE: FCN : M Valeriani – 15:11:2021 Pd

1 – FCN: What are the main financial crime related threats and vulnerabilities facing Italy?

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Posted in Financial Crime

UAE Financial Crime Country Dashboard 2021 by FCN - Premium

The Financial Crime Country Dashboard for the United Arab Emirates is now available. Coming soon – the detailed United Arab Emirates Threat Assessment. To download the United Arab Emirates Financial Crime Country Dashboard click HERE: UAE Dashboard Nov 2021 Final Pbd 3

To pre order the United Arab Emirates Threat Assessment contact the Editor.

These materials are owned and protected by copyright. These may not be used for commercial purposes without a license. Please contact the Editor FCN for further details

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Posted in Financial Crime

Ireland Financial Crime Country Dashboard 2021 by FCN

The Financial Crime Country Dashboard for the Republic of Ireland is now available. The Republic of Ireland Financial Crime Country Dashboard click HERE: Ireland dashboard Nov Final Pbd

For the Deep Dive Republic of Ireland Threat Assessment click HERE

These materials are owned and protected by copyright. These may not be used for commercial purposes without a license. Please contact the Editor FCN for further details.

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Posted in Financial Crime

New Zealand Financial Crime Country Dashboard 2021 by FCN - Premium

The Financial Crime Country Dashboard for New Zealand is now available. Coming soon – the detailed New Zealand Threat Assessment. To download the New Zealand Financial Crime Country Dashboard click HERE: New Zealand Nov 2021 Pbd 2. To pre order the New Zealand Threat Assessment contact the Editor.

These materials are owned and protected by copyright. These may not be used for commercial purposes without a license. Please contact the Editor FCN for further details

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Posted in Financial Crime

Country Performance in Fighting Financial Crime – A 10 Country Comparative Study 2021 by FCN

The fight against financial crime remains a hot topic with current levels of effectiveness questioned by all sides. That no one is doing well or well enough is widely accepted, but that some are achieving success and in which areas is less transparent.

Comparative Country Study

Following comprehensive country assessments of up to 50-100 pages each carried out by anti financial crime experts for Financial Crime News, which include referencing hundreds of relevant sources, it’s now possible to compare and contrast where these countries are doing well relatively speaking and where areas to improve are needed, beyond simply comparing FATF scores. The countries that were part of this initial study group are Australia, France, Germany, Hong Kong, Ireland, Italy, Japan, Spain, UAE & the UK.

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Posted in Financial Crime

Comparative Performance in Fighting Financial Crime – 10 Country Dashboard 2021 by FCN - Premium

The fight against financial crime remains a hot topic with current levels of effectiveness questioned by all sides. That no one is doing well or well enough is widely accepted, but that some are achieving success and in which areas is less transparent.

Comparative Country Study

Following comprehensive country assessments of up to 50-100 pages each carried out by anti financial crime experts for Financial Crime News, which include referencing hundreds of relevant sources, it’s now possible to compare and contrast where these countries are doing well relatively speaking and where areas to improve are needed, beyond simply comparing FATF scores. The countries that were part of this initial study group are Australia, France, Germany, Hong Kong, Ireland, Italy, Japan, Spain, UAE & the UK.

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Posted in Financial Crime

Spain Threat Assessment 2021 by FCN - Premium

This Spain Threat Assessment by Financial Crime News for 2021 is now published. To download the Spain Threat Assessment click here: Spain Sept 2021 Pbd 2

Spain is rated overall as Low – Moderate Risk scoring 62/100 for financial crimes and money laundering by FCN. Threats are rated Moderate at 50/100 & Responses Moderate – High at 73/100. For access to Premium content contact the Editor.

For a copy of the Spanish Financial Crime Dashboard see below and or click here: Spain Country Dashboard 2021 V6

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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