Posted in Financial Crime

Interview with Wendy Ennis Head FCC at new Virtual Bank in Hong Kong “Mox”

In this interview with Wendy Ennis, FCC Head at new virtual Bank “Mox” in Hong Kong, Financial Crime News wanted to hear about Wendy’s journey from an established large Bank and team to a new startup and virtual Bank, the opportunities challenges and the experience along the way.

Q1 What is Mox?

Mox is the Hong Kong virtual bank backed by Standard Chartered, in partnership with HKT, PCCW and Trip.com. We have the combined power of a well-trusted international banking group, Hong Kong’s telecom and lifestyle market leader and Asia’s largest online travel agency. Our aim is to deliver a suite of retail financial services as well as lifestyle benefits all in one place, growing your money, your world and your possibilities.

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Posted in Financial Crime

EU Commission “High Risk Third Countries” – Must Do Better   

On the 7th May, 2020, the EU proposed a number of third countries to their list of countries whose money laundering deficiencies pose a significant threat to the financial system of the EU, a year after it’s previous attempt was derided by many and withdrawn. EU Member Countries should nevertheless challenge the list as whilst this attempt is better than the last, it still falls short and the grade is must do better. 

1 Background

According to the EU’s 4th Money Laundering Directive (Article 9 (1) of Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, as amended by Directive (EU) 2018/843), “third-country jurisdictions which have strategic deficiencies in their AML/CFT regimes that pose significant threats to the financial system of the Union (“high-risk third countries”), must be identified in order to protect the proper functioning of the internal market.”

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Posted in Financial Crime

Burundi Country Threat Assessment by FCN – Summary

The Short Form “Country Threat Assessment for Burundi” is not yet available. Publication is expected in 2H 2020. 

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Posted in Financial Crime

Cape Verde Country Threat Assessment by FCN – Summary

The Short Form “Country Threat Assessment for Cape Verde” is not yet available. Publication is expected in 2H 2020. 

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Posted in Financial Crime

International Forests Day

Today is “International Forests Day,” a day to raise awareness of the challenges forests face around the world and in turn our own futures.

Forests are home to about 80% of the world’s terrestrial biodiversity and are under threat, with rates of deforestation at unsustainable levels. A significant piece of this is due to illegal logging carried out by criminal enterprises fuelled and facilitated by corruption. Of all the so called Green Crimes, Illegal logging is likely to generate the most in illicit proceeds. It’s estimated (by Chatham House), that around 30% of the worlds timber production from 9 main tropical forest producer countries is illicit and that nearly 10% of imports into consumer countries are from illegal sources. 

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Posted in Financial Crime

The Illegal Wildlife Trade, Dollars & Sense by John Cusack

According to the best available sources the illegal Wildlife Trade is valued at approx US$7 – 23 billion a year, and is regularly described as the 4th most lucrative crime after any of drugs, counterfeit goods, humans and arms, with Africa the main area of concern, in particular due to the killing of Rhinos, Elephants and Pangolins, by criminal gangs that move horns, tusks and scales shipping these clandestinely onto markets in Asia.

That the illegal wildlife trade is in the billions of dollars a year and includes iconic African mammals such as Rhino’s, Elephants and Pangolin’s is not in question, and neither are the claims that criminal actors are involved and that Asia is a main destination.

Whilst this picture is a popular one, in which the illegal wildlife trade is most often portrayed, by digging a little deeper the picture becomes a little less about Africa and Asia, and involves all regions, including North America and Western Europe, and a little less about iconic African Mammals and includes reptiles, birds, fish, plants and shells.

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Posted in Financial Crime

Modern Slavery and the nexus to Illegal Unreported & Unregulated Fishing (IUUF) by Steve Farrer

Fishing is one of the major industries around the world, employing hundreds of thousands, and as a key source of protein for over 3 billion people; even a small level of IUU fishing can generate billions of dollars in illicit profits.

With an estimated 90% of the world’s fisheries classified as fully exploited or overexploited, legal and sustainable fishing operations are critical to maintain the integrity of global fishery resources.

It is estimated that illegal and unreported fishing represents approximately 14 to 33 percent of the global marine capture value , equating to an estimated US$15.5 billion to US$36.4 billion annually, making IUU Fishing one of the top 10 crimes by proceeds across the globe, and a significant contributor to “Green” or “Environmental Crimes.”

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Posted in Financial Crime

In conversation with Standard Chartered’s Praveen Jain and Vishal Marria CEO of Quantexa.

In November, 2019, Standard Chartered Bank announced that it had joined forces with Quantexa to boost further their approach to fighting financial crime. In this conversation with SCB’s Head of Financial Crime Strategy & Innovation, Praveen Jain, and Quantexa’s CEO Vishal Marria, Financial Crime News probes deeper into the “why”, the “what” and the “how” to provide insights into an “industry first” and why it’s important.

FCN: What was the problem and what was the solution? 

PJ: SCB was looking for a best in class solution to support its more than a thousand investigators in its hubs as well as in its Global Financial Intelligence Unit conducting complex financial investigations generated from processing over a billion transactions a year.

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Posted in Financial Crime

Traffik Analysis Hub launches with free trials for FI’s and Others

Seventy years ago, this week, the United Nations Convention for the Suppression of the Traffic in Persons and of the Exploitation of the Prostitution of Others was adopted, and is marked each year by the UN and member states as human trafficking gets worse. An example of an exciting response though comes from the launch of the TAHub, which is a cross sector anti human trafficking research platform which is generating a lot of interest. 

Described as the richest source of data on human trafficking anywhere, Directors are expected to approve a ‘try before you buy” initiative at their meeting this week. With support from IBM as the technology partner, and NGOs uploading data in numbers, opportunities to interrogate and utilise the data are now available. 

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Posted in Financial Crime

Interview with Daniel Thelesklaf, Head MROS

In this interview with Daniel Thelesklaf, he discusses his distinguished career fighting financial crime, from having worked in the private sector, at an FIU, in supervision, development assistance, and sanctions enforcement, as well as his new role as Head of Switzerland’s Financial Intelligence Unit, MROS (the Money Laundering Reporting Office, Switzerland).

To Read/Download a Country Threat Assessment on 

– Switzerland by FCN available on FCN Premium, Click HERE:

– Liechtenstein by FCN available on FCN Premium, Click HERE:

Daniel Thelesklaf Interview

FCN: Q1 – You led Liechtenstein’s FIU since 2012, until just a few months ago – what were the highlights? 

DT: A short time after I took over in 2012, I became the national coordinator for the mutual evaluation process, led by the IMF and Moneyval.

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