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HSBC didn’t, though, face criminal charges and the report alleges the UK “hampered” the investigation.
MLB Editor Timon Molloy discussed the report’s findings with Sarah Lowther on Share Radio’s ‘Morning Money’ programme on 13 July.
Long off track in meeting Financial Action Task Force standards, Australia, spurred by the 2015 mutual evaluation findings, is finally contemplating extension of its AML/CFT regime to designated non financial businesses and professionals (DNFBPs), writes Lee Adendorff, in East Ballina.
The European Commission, on 5 July 2016, adopted a list of high-risk non-EU jurisdictions with “strategic deficiencies” in their anti-money laundering and countering terrorist financing regimes, working under delegated authority in the Fourth EU Money Laundering Directive (4MLD). government coffers due to widespread corporate tax evasion and criminal money laundering strategies, according to a new report by long-time trade-based money laundering expert Professor John Zdanowicz, who spoke to Brian Monroe of the Association of Certified Financial Crime Specialists.
The UK SARs system is a “futile and impotent weapon in the global fight against money laundering and corruption”, says the UK Parliament Home Affairs Committee in its Proceeds of Crime report, with ELMER, the UK SARs database, overwhelmed by a volume of reports it was never designed to handle. The Bank of International Settlements (BIS) – essentially central banks’ central bank – has released recommendations designed to ease the regulatory burden of making international payments, to prevent banks shedding correspondent relationships.
A US Congressional report says top Department of Justice officials decided not to prosecute HSBC for anti-money laundering, Bank Secrecy Act and sanctions violations in 2012, after warnings from the UK that it could precipitate a “global financial disaster”.
The UK’s biggest bank acknowledged compliance failures, notably in its HSBC Mexico affiliate, that enabled drug cartels to launder at least 1m through HSBC Bank USA; it also assisted customers to circumvent US sanctions against Iran, Cuba, Sudan, Libya and Burma – conduct that collectively resulted in penalties of .9 billion and a deferred prosecution agreement.
Terrorism in the last 12 months, notably in France, has added urgency to the European Union AML/CFT agenda with the prospect now of augmented Fourth Directive implementation by the end of the year.
Dan Hudson and Susannah Cogman of Herbert Smith Freehills examine the accelerated programme.
Companies House, the UK’s corporate registry, is considering deleting records of dissolved companies after a minimum of six years; it currently retains accounts, director and shareholder details for at least 20 years.
Malaysian Prime Minister Najib Razak has come under renewed pressure over allegations that he personally profited from a sovereign wealth fund, after the US Department of Justice (Do J) announced it would seek to recover more than US billion in “misappropriated assets”.