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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Posted in Financial Crime

Interview with ANZ’s Guy Boyd

On a recent trip to Australia, Financial Crime News caught up with ANZ’s Guy Boyd, now Chief Compliance Officer, in Melbourne, with responsibility also for Financial Crime Compliance. In this interview Guy answers questions on ANZ, the threats and risks facing Australia, New Zealand and the wider Region, challenges and opportunities and highlights the work of the Fintel Alliance, the public private partnership making great strides and an example to many. For more information from FCN on Country Threats on Australia see HERE, and on New Zealand see HERE:

1 FCN: What’s your current role and how did you get to this position?  

GB: Since July this year I have been ANZ’s Chief Compliance Officer.  Interestingly, I moved from private legal practice to ANZ in 2006 in its legal team and later into the Risk function to work on establishing a sanctions compliance response and capability. 

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Posted in Financial Crime Premium

Australia Country Threat Assessment by FCN - Premium

In this Threat Assessment, the focus is on Australia, which has the 13th largest economy in the world, a population of approx 25 million people, and is the 6th largest Country by total area. Australia faces its own ML/TF challenges, not least due to its advanced developed status, openness and international ties through commerce and tourism.

To Read / Download the Australia Threat Assessment Click Below:

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Posted in Financial Crime

Global Threat Assessment – by John Cusack – Extract: Introduction, Observations & Recommendations

No-one can dispute the existence of large criminal markets generating huge profits for those involved, but which Criminal markets are the largest, which are the fastest growing and which markets are emerging?

Which Countries generate the most in Criminal proceeds and which Countries are likeliest to launder most, from domestic and foreign financial crime proceeds.

Which money laundering methods are the most popular, and which groups benefit the most?

In this Report, estimates are provided to answer all of these questions and more

To Read the Preface to the Global Risk assessment by Sir Iain Lobban former Head UK’s GCHQ click HERE.

To read / download the full Global Threat Assessment, click HERE, and sign up for FCN Premium.

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Posted in Financial Crime

Global Threat Assessment – Watch the Video!

This Video summaries the findings across: crimes, countries, methods and groups and the observations and recommendations from the Global Threat Assessment. Click Below.

Be Patient as the Video Downloads – It may take some time!!

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Posted in Financial Crime Premium

Global Threat Assessment – By John Cusack – Available Now to Read / Download - Premium

Global Threat Assessment
by John Cusack

Despite the limitations presented in estimating criminal activity designed to be hidden, the results in the Global Threat Assessment present a bleak picture. 

Criminal markets are generating more illicit funds than at any other time in our history, with ever more harmful effects inflicted against every Country, against billions of people and against our increasingly fragile environment.

We are witnessing the transformation of organised crime into very big business, leveraging networks to connect criminal actors, adopting poly criminality, embracing new cyber tools and opportunities afforded by the transformation to digital.

How big, which Countries, by what Methods and by which Gangs, is summarised in this Global Threat Assessment, using over 100 publicly available studies or reports from credible sources, together with personal observations and recommendations from the author.

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Posted in Financial Crime

Interview with Stewart McGlynn – Leader of HKMA’s AML Division

In this Interview with the Hong Kong Monetary Authority’s Stewart McGlynn, who leads the Regulators Anti Money Laundering Team, Financial Crime News wanted to know more about HK, the risks and threats, de risking, the recent FATF Report, follow up actions, Regtech, PPP and much more besides. The interview reveals that HK has achieved a lot but also has plans to do more, much of which is exciting and offers the prospects for increased efficiency and effectiveness in fighting financial crime.

FCN: HK is one of the largest and most respected international financial and trading centres, but what attributes do you think are necessary to build and maintain this reputation?

SM: There are several key attributes which overlap to some degree and which can be related directly to anti-money laundering work.

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