Posted in Financial Crime

France Threat Assessment 2021 by FCN - Premium

This France Threat Assessment by Financial Crime News for 2021 is now published. To download the France Threat Assessment click here: France TA Pbd October Pbd

France is rated overall as Moderate Risk scoring 57/100 for financial crimes and money laundering by FCN. Threats are rated Moderate a...

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Hong Kong Threat Assessment 2021 by FCN - Premium

This Hong Kong Threat Assessment by Financial Crime News for 2021 is now published. To download the Hong Kong Threat Assessment click here: Hong Kong August 2021 Pbd

Hong Kong is rated overall as Moderate Risk scoring 56/100 for financial crimes and money laundering by FCN. Threats are rated M...

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Australia Threat Assessment 2021 by FCN - Premium

This comprehensive 60 page Australia Threat Assessment by Financial Crime News for 2021 is now published. To download the Australia Threat Assessment click here: Australia August 2021 Final Pbd

Australia is rated overall as Moderate Risk scoring 52/100 for financial crimes and money laundering...

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United Kingdom Threat Assessment 2021 – by FCN

This United Kingdom Threat Assessment by Financial Crime News for 2021 is now published. To download the UK Threat Assessment click here: UK Final July PBd 2021

The main Financial Crime threats are from fraud, drug trafficking,  cybercrime, human smuggling, human trafficking, acquisitive crime, wildlife trafficking, tax offences and corruption (mostly from overseas).

Based on an evaluation of all 43 FATF Member/Observer Countries by FCN (representing 87% of Global GDP), the UK faces significant threats ranked as equal 7th/43 (with Italy) behind Russia, India, Mexico, Brazil, Turkey & China. On Responses the UK is ranked 3rd best out of 43 countries, behind the USA & New Zealand and just ahead of Italy, Spain, France, Germany & The Netherlands. Putting threats and responses together, the overall net Risk (Responses minus Threats) ranks the UK at equal 20/43 countries. 

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Posted in Financial Crime

Germany Threat Assessment 2021 – by FCN - Premium

This comprehensive 100 page Germany Threat Assessment by Financial Crime News for 2021 is now published. To download the Germany Threat Assessment click here: Germany 2021 Final Pbd V3

Germany is rated overall as Low - Moderate Risk scoring 63/100 for financial crimes and money laundering by FCN. T...

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Posted in Financial Crime

Italy Threat Assessment 2021 by FCN - Premium

The 57 page comprehensive Italy Threat Assessment by Financial Crime News for 2021 is now published. Italy is rated overall “Moderate” Risk scoring 58/100 for Financial Crime Risk and “Moderate - High” Threats at 35/100 and “High” Responses” at 81/100. For access to Premium content contact the ...

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Posted in Financial Crime

Republic of Ireland Threat Assessment 2021 by FCN - Premium

The Ireland Threat Assessment by Financial Crime News for 2021 is now published. Ireland is rated overall "Moderate" Risk scoring 58/100 for Financial Crime Risk and "Low to Moderate" Threats at 62/100 and "Moderate" Responses" at 54/100. For access to Premium content contact the Editor FCN.
For a c...

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Financial Crime Investigations – Insights from working with Financial Crime Experts – Interview with Chris Brannigan

Financial Crime Investigations – Insights from working with Financial Crime Experts – Interview with Chris Brannigan.

Chris Brannigan is the CEO of Caspian, a Nasdaq Development Partner. In this interview with Financial Crime News, we explored new findings published in a research paper, which provides unique insights into how financial crime experts investigate alerts, and what this should tell financial crime leaders about the future of such investigations.

The research is not theoretical but has been generated from work carried out in Tier 1 Banking. By sharing the broader findings from the deployment of machine learning technology, where financial crime subject matter expertise has been leveraged, Chris’ team are providing a feedback loop back to financial crime SME’s everywhere to support a virtuous circle of continuous learning.

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Posted in Financial Crime

US AML ACT 2020 – 50 Years on from the BSA 1970 – Privacy Takeaways

As the US enacts new laws (AML Act 2020 passed as an amendment to the National Defense Authorization Act for 2021 and after beating a Presidential Veto) to impose record keeping and reporting requirements on so called shell companies incorporated in the US, many have hailed this as one of the most important AML developments for years and long overdue.

For others it still doesn’t go far enough, for example many companies are excluded, the reporting will not be public, and reporting institutions are only entitled to access this information with consent. 

According to reports, compromises were made, to among others, the US Chamber of Commerce, that then dropped their long held objections after privacy concerns were met. 

This is not the first time that complaints about the extension of AML laws and the effect on privacy rights have been a big part of the AML debate, indeed it is likely to become ever more THE debate.

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Posted in Financial Crime

Information Sharing to fight financial crime across Europe should be improving not reducing

As a result of Brexit, and the inability to replicate equivalent rights and obligations in the EU UK Agreement signed on 24th December, 2020 the people and the citizens of Europe will be less safe in 2021, and law enforcement will be less able to access highly useful information that was available to prevent access and to identify and prosecute criminals and seize illicit funds and assets. Nevertheless UK Home Secretary Pritti Patel believes the deal is a good one for the UK despite the loss of information, with the UK in her opinion being “more secure through firmer and fairer border controls.”

FATF President Marcus Pleyer, and Executive Secretary David Lewis have focussed minds at the G20 and at the G7 recently that it is their responsibility to fully implement agreed standards and that information sharing both domestically and across borders are integral to improving effectiveness in the fight against financial crime.

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