Brexit and the fight on financial crime - Policing
Posted in Financial Crime

Brexit and the fight on financial crime – Part 2 – Policing

In this Part 2, the focus is on policing, and what the U.K. is set to lose, unless new arrangements replace existing ones, which are due to come to an end after 29th March, 2019, if there is no deal or at the end of the transition period at end 2020. Here are some of the most important tools currently available to U.K. policing and at risk

  • The European Arrest Warrant (EAW) was introduced in the UK in 2004 replacing previous separate extradition arrangements between the UK and EU Countries and operates on an EU-wide basis.. The. U.K. Prime Minister has regularly claimed that the EAW helped to “keep the country safe.” Whilst there is a disparity in numbers, the EAW has still been a success.
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Brexit and the fight on financial crime - Policy
Posted in Financial Crime

Brexit and the fight on financial crime – Part 1 – Policy

With the date for Brexit due on the 29th March, 2019 (at 11 pm U.K. time) and still no deal, getting a clear view of the likely impact of Brexit on the fight against financial crime, is important. An exit, particularly with no deal, looks to put the UK in a much worse position, but even with a deal the prospects at least in the short term don’t look good. What is at stake and what are the risks and opportunities? In this Part 1, the focus is more on the Policy aspects of fighting financial crime with a few practical potential consequences. Part 2 focuses on the effects on Policing and Part 3 the opportunity that the U.K must take.

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Wildlife Trafficking
Posted in Financial Crime IWT

Wildlife Trafficking by Katie Perrott

The illegal wildlife trade is a transnational, commodity-based and highly profitable form of organised crime, until recently carrying little risk of detection and prosecution, particularly for the kingpins at the heart of the trade. However the sentencing of the “Ivory Queen” to a lengthy prison sentence and recent record seizures indicate a growing appetite by authorities to act. Katie Perrott is Group Head, FCC Strategic Intelligence at SCB.

Successful conviction and sentencing of the Ivory Queen

Fuelled by Asian demand for ivory, poaching has devastated Tanzania’s once large elephant population; with numbers falling from 110,000 in 2009 to just 43,000 by 2014. Alleged by prosecutors to be a key figure in the illegal trade of Tanzanian ivory, Yang Feng Glan, a 69 year old Chinese woman, and two Tanzanian accomplices (Salivius Francis Matembo and Manase Julius Philemon) were sentenced in February 2019 to 15 years in prison, after being convicted of smuggling 860 elephant tusks worth over USD 5.5 million between 2000-2014.

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Red Notice
Posted in Financial Crime

Book Review – Red Notice by Bill Browder

This book tells the story of the rise and fall of Hermitage Capital, once the largest foreign investor in post soviet Russia, which made vast fortunes alongside oligarchs and criminals, sharing the spoils from the rigged privatisation of Russian Companies and the crooked markets that developed. As Hermitage made huge profits, the Company, its founder and CEO, Bill Browder, his associates and his Russian lawyers became targets, with Browder having his visa revoked and then his Russian Companies taken. According to Browder, he was taken out by powerful forces on instructions from the highest levels of the the Russian government. Browder tells of his losing battle, uncovering serious criminality by the Russian Interior ministry that took over his Companies, restated their reported profits and collected hundreds of millions of dollars in tax rebates.

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fatf meeting
Posted in FATF Financial Crime Money Laundering

FATF at 30

In response to mounting concern over money laundering, FATF was established by the G-7 at a summit held in Paris in 1989. The original members came not just from the G-7, but also from the European Commission and 8 other Countries. In April 1990, less than 1 year after its creation, FATF issued 40 Recommendations, which were intended to provide a comprehensive action plan to combat money laundering. 

These have been revised and updated and are now supported by 11 immediate objectives to measure “Effectiveness.”  According to FATF, “The extent to which a country implements the technical requirements ….of each of the [40] recommendations is important….but this is not sufficient” as “each country must enforce those measures and ensure that the operational law-enforcement and legal components of an AML/CFT System works together effectively …to deliver results.”

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