South Africa Country Financial Crime Dashboard 2023 by FCN
Today Financial Crime News is publishing a Financial Crime Country Dashboard for South Africa. This December 2023 Dashboard includes, for example approx 150 data points which have been collected and are represented over 2 pages. It informs as to the nature of the financial crime threats, the main vulnerabilities, how resilient South Africa is to these threats and its overall level of response, with important KRI and KPI data, all from publicly available sources albeit assessed and analysed for accuracy and relevance by FCN.
FCN Country Risk Scores & Ratings: South Africa is rated 61/100 and having a Moderate to High Threat level, with a “Low – Moderate” Response at 66/100, resulting in an overall Risk of Moderate – High at 63/100, using the FCN Methodology.
Nigeria Country Financial Crime Dashboard 2023 by FCN
Financial Crime News is publishing its first Country Financial Crime Dashboard for Nigeria. See: HERE: FCN Nigeria Dec 2023 PBLSD
According to the FATF MER published in 2021, “Nigeria has undertaken positive steps to increase its risk understanding, and authorities demonstrated a broad general understanding of the types of ML risks facing the country, both through its AML/CFT National Risk Assessment and other related studies. Although Nigeria recognises the wide range of both ML and TF threats and vulnerabilities it faces, the depth and sophistication of its understandings of key ML risks, including of corruption and fraud, legal persons (including free zone enterprises (FZEs)) and politically exposed persons (PEPs), are underdeveloped considering their complexity, materiality and scope. Nigeria’s understanding of TF risks is significant, but could be improved in material respects, e.g.,
Kenya Financial Crime Country Dashboard 2023 by FCN
Today Financial Crime News has updated its Kenya Financial Crime Dashboard in the new format. This new format includes, for example approx 150 data points which have been collected and are represented in the 2 page Financial Crime Dashboard. It informs as to the nature of the financial crime threats, the main vulnerabilities, how resilient Kenya is to these threats and its overall level of response, with more KRI and KPI data than ever before, all from publicly available sources albeit assessed and analysed for accuracy and relevance by FCN. For a copy of the December 2023 Dashboard for Kenya see HERE: FCN Kenya Dec 2023 Pbd 2
FCN Country Risk Scores & Ratings: Kenya is rated 71/100 and having a Moderate to High Threat level, with a “Moderate” Response at 55/100, resulting in an overall Risk of Moderate – High at 63/100, using the FCN Methodology.
Mauritius Financial Crime Country Dashboard 2023 by FCN
Today Financial Crime News is publishing a Financial Crime Country Dashboard for Mauritius. This December 2023 Dashboard includes, for example approx 150 data points which have been collected and are represented over 2 pages. It informs as to the nature of the financial crime threats, the main vulnerabilities, how resilient Mauritius is to these threats and its overall level of response, with important KRI and KPI data, all from publicly available sources albeit assessed and analysed for accuracy and relevance by FCN. For a copy of the Mauritius Dashboard see HERE: Mauritius Dashboard Dec 2023 PUBLD
Mauritius is often described as an island paradise, especially for tourists and is located in the southern hemisphere, in the south-eastern part of the Indian Ocean, and is part of southern Africa.
Seychelles Financial Crime Dashboard 2023 by FCN
FCN IS PLEASED TO PRESENT THE UPDATED FINANCIAL CRIME DASHBOARD: Seychelles FC Dashboard FINANCIAL CRIME ASSESSMENT: Seychelles August 2023 Pbd. FOR THE 2020 ASSESSMENT SEE HERE.
The Seychelles is an islands paradise, at least for foreign tourists, but as with everywhere else it faces common and unique financial crime threats. A new 25 page Financial Crime Assessment and 2 Page Dashboard updates the previous work published in 2020 are now available. Always fascinating to dig deep into different places and see both the evolving threat and the response.
Drugs & Corruption are the two dominant financial related crimes that have long been related and have turned the Seychelles into one of the most addicted to heroin places in the world.
Book Review: Freezing Order by Bill Browder
Financial Crime News, published a book review in 2019 on Bill Browder’s first Book titled “Red Notice” a tribute to the eponymous Sergei Magnitsky of “Magnitsky Act” notoriety who was tortured and murdered in custody by Russian authorities who stole hundreds of millions of dollars that Magnitsky a Russian Tax Lawyer had uncovered. See HERE.
In the sequel, “Freezing Order” Browder chronicles how a global money laundering investigation targeting powerful adversaries, is almost an impossible task, has cost many innocent lives but improbably resulted in millions of dollars of money and assets frozen.
It’s a must read for financial crime fighters, with the technical aspects well known but come to life with a context and a storytelling that reveals an uncomfortable truth that following the money, even in such a celebrated case is a huge challenge and wouldn’t have been possible without Browder, his friends and Sergei’s supporters persistence and journalistic and other private sector support and bravery, enabling public sector action.
Turkey Country Financial Crime Risk Dashboard 2023 by FCN
Financial Crime News is today publishing a Country Financial Crime Dashboard for Turkey.
The threats generating significant proceeds of crime and posing a “High” ML threat are illegal drug trafficking, migrant smuggling, human trafficking and fuel smuggling.“Medium” ML threat levels are for aggravated fraud; smuggling of tobacco, tobacco products and alcohol; illegal online betting and corruption.Turkey also faces severe threats from terrorism and has suffered from a significant number of terrorist attacks.
The sectors posing the highest ML/TF risks are related to activities involving Banking, money and value transfer services, including illegal money exchangers, Payment & E Money Institutions, Foreign Exchange Offices, Cryptocurrency Intermediaries, Real Estate Agents, Jewellers & Dealers in Precious Metals and Stones. Turkish increase in exports of critical goods to Russia raises risks that Turkish firms are targeted in connection with Western Sanctions circumvention.
The Early History of the FATF and what we can learn from the Founders and what this means for the Fight against Financial Crime, including Money Laundering
Today Financial Crime News is publishing an exploration of the early years in fighting financial crime when in the 1980’s and the early 1990’s the follow the money approach ushered in the ant money laundering era and saw the birth of the FATF.
EXTRACT:
The recent work of the FATF (Financial Action Task Force on Money Laundering Terrorism Finance and Proliferation Finance) is well known, but how and why it was established is less well understood and indeed may even be contested. It could have been a task force to tackle offshore tax havens but instead became a task force to tackle drug money laundering focused on large industrial countries and countries with large financial centres. It’s original aims were clear, – “success will provide a decisive contribution to the fight against criminal activities, and, above all against drug trafficking, & will improve the soundness of the international financial system”.
The Future of Fighting Financial Crime
It was an honour for the author to speak at the Abu Dhabi Finance Week on a panel focussing on Financial Crime “Global Governance Frameworks – Avoiding Cracks” with: David Lewis, Chady el-khoury, Dr Reem Alshamsi and expertly hosted by Mohamed Shalo.
Rather than focus on cracks in an assumed existing comprehensive framework I raised the issue of problematic gaps that had long existed and needed tackling.
The Author suggested something new he hadn’t said in public before after many months of discussions with many colleagues at the Global Coalition to Fight Financial Crime and elsewhere.
Whilst their is an argument to be made that what is needed now is for their to be a Financial Action Task Force on Financial Crime, Fraud and Money Laundering (Including Terrorism and Proliferation Finance) and not just on ML, with monitoring powers and the ability to apply consequential measures, their is also an argument that the current FATF approach should first evolve and consider 3 important adaptations before this approach is accepted.
The United Nations (and its predecessors) have been fighting financial crime for over a century – Lessons learned and how to evolve the UN’S approach and the FATF’s too.
For more than 100 years, concern around crime and its international nature has been identified and responses to it are still being proposed. For 70 years, The United Nations has played a significant part in identifying and urging Member States to agree instruments to tackle many of the main crime types, including drugs, organised crime corruption, terrorism, human trafficking, people smuggling, arms trafficking, wildlife trade for endangered species and even recently attempting to do so on cybercrime. Before that the League of Nations was less interested but still focussed on drugs. slavery and refugees.
With a lot of the worlds focus very much on Money Laundering, including Terrorism Finance and Proliferation Finance, and to some extent Corruption, the United Nations and its agencies appear relatively diminished, and in the shadows, as do their leaders, underfunded and insufficiently resourced to really perform the roles originally intended.
