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 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

CITES Meets in Geneva – Wildlife at Risk

Governments, Trade Associations and NGO’s are meeting to talk trade and conservation with concerns around Elephant Ivory, Rhino Horn and the fate of the Mako Shark being high on the agenda at a CITES Wildlife Conference in Geneva. In all more than 50 proposals have been tabled for discussion, which include proposals submitted on not only Elephants, Rhino’s and Sharks but also on Pangolin’s, Big Cats and Giraffes. 

As concern for the future of the wildlife on our planet increases, the international body tasked with regulating trade in endangered species is once again gathered for its 18th Conference of the Parties (COP) in Geneva being held between the 17-28th August, 2019. Originally slated for May 2019 in Sri Lanka, it was switched after the Easter terrorist attacks in March that killed more than 250.

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Posted in Financial Crime

Interview with Sarah Runge

In this Interview, Sarah Runge, formerly of the US Treasury Department, and now with Credit Suisse talks to Financial Crime News, including on how she rates the US Presidency (of FATF), challenges faced in Europe (and elsewhere), AML Reform and her optimism for the future.

FCN – What are you doing now – The fighting financial crime community knows you best in your former roles in the US Government so now you are at Credit Suisse, what does that involve?

SR: I am in a newly created role which dually reports to the Global Head of FCC and Global Head of Regulatory Affairs.  The function is responsible for developing and implementing a centralized and coordinated view of FCC regulatory engagements, developing a consistent communication approach for our interactions with regulators, building a global inventory of relevant FCC regulations, guidance, enforcement actions & industry developments, and ensuring Credit Suisse is engaged in law enforcement and intelligence innovation opportunities.

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Posted in Financial Crime Fraud

Interview with Graham Hooper OBE

In this Interview, Financial Crime News caught up with Graham Hooper, just after the announcement that he had been awarded an OBE for his services to fighting financial crime. No one deserves such an honour more than Graeme. Graeme talks about what he’s doing now, his role in helping to drive change via Public Private Partnerships, the Convergence of Fraud and Financial Crime, challenges for Heads of FCC as well as his one wish for the future in this space. 

Graham Hooper has over 35 years experience of developing and implementing security and financial crime prevention strategies in both public and private sectors. He retired from Lloyds Banking Group in December 2017 where he was Financial Crime Risk Director and Deputy Group MLRO.

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Posted in Financial Crime News Sanctions

Interview with the Sentry’s Joshua White and Megha Swamy

In this Interview The Sentry’s Policy & Analysis Director  Joshua White and Deputy Megha Swamy, answer questions posed by Financial Crime News on the work of the Sentry, its aims, achievements and what FI’s can do to help and how the Sentry can help them.

FCN: What is the Sentry and what’s its purpose?

JW/MS: The Sentry is an investigative and policy team that tracks the financing of conflict in East and Central Africa. We follow the dirty money connected to African war criminals and transnational war profiteers and seek to shut those benefiting from violence out of the international financial system. We were co-founded by George Clooney and John Prendergast and launched in 2016. We currently focus on East and Central Africa, specifically South Sudan, Sudan, the Democratic Republic of Congo (DRC), and the Central African Republic.

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Posted in Financial Crime

Interview with Alan Ketley on the journey leading the Wolfsberg CBDDQ

Since its inception, the Wolfsberg Group has developed frameworks and guidance for the management of financial crime risks and arguably few have had as big an impact as the Wolfsberg AML Questionnaire. Alan Ketley is the Chair of the Wolfsberg Group’s Standing Committee on the CBDDQ and sat down with Financial Crime News to explain the genesis to its publication and provide an update on progress. Alan Ketley is the Head of Global AML Advisory at MUFG Bank based in New York.

FCN: When was the first correspondent banking due diligence questionnaire published by the Wolfsberg Group?

AK: It was first published in 2004 and was the first attempt to standardise the Correspondent Banking due diligence processes. The questionnaire was originally designed to be used for correspondent banking (using Wolfsberg’s definition) relationships but over time came to be used far beyond its original purpose and by/for various types of financial institutions.

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