Nato Secretary General Jens Stoltenberg says all 29 member countries would respond to a serious cyber-attack on one of them. Writing in Prospect Magazine, he said such an incident would trigger a “collective defence commitment”, known as Article 5 of its founding treaty. Article 5 has not been triggered since the 9/11 terror attacks on […]
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£100m Account Freezing Orders are largest granted to NCA – 14 August 2019
The NCA has been granted freezing orders on eight bank accounts containing a total of more than £100 million, which is suspected to have derived from BRIBERY AND CORRUPTION IN AN OVERSEAS NATION. The Account Freezing Orders (AFOs) were obtained at Westminster Magistrates Court on 12 August, and represent the largest amount of money frozen using […]
Read MoreMauritius FSC issues Circular Letter CL210819 on Cyber Risk Security Governance
From a cybersecurity risk governance perspective, the FSC will expect as a minimum from the Management Companies the following: understanding of the cyber risks, vulnerabilities and impact associated in running their businesses, with supporting documentation; putting into place appropriate policies and procedures duly approved by the board to mitigate the risks; carrying out an annual […]
Read MoreBeneficial Registries Aren’t the Best Solution to Win the Asset-Seizing Race
Activists and politicians tout beneficial registries as a solution to the perceived abuse of anonymous company ownership. Stephen Baker and Charlie Sorensen of Baker & Partners contend that kleptocratic dictators and sophisticated fraudsters won’t be impeded by such registries. The authors explain how existing civil laws have proven effective in seizing ill-gotten gains. Recent high-profile […]
Read MoreJersey rule Changes on Customers Acting for Third Parties – Article 17 Money Laundering (Jersey) Order 2008
Many financial services businesses in Jersey ( “relevant business or businesses”) which are subject to the requirement to carry out due diligence on their customers under the Money Laundering (Jersey) Order 2008 (“MLJO”) have historically placed a considerable measure of reliance on being able to operate a simplified due diligence process. This process is in respect of […]
Read MoreChinese Banks to Produce Documents in Money Laundering Case says DC Circuit Court
On July 30, 2019, the US Court of Appeals for the DC Circuit unanimously upheld a district court order requiring three unnamed Chinese banks to produce financial records subpoenaed by US federal prosecutors. Although the US government does not currently suspect that the subpoenaed banks took part in wrongdoing, the banks were allegedly used by […]
Read MoreHow to Steal $10> Billion from Europe
Europe has come up with a nifty plan to help Iran buy and sell stuff outside the reach of U.S. sanctions. The problem is that the plan is a fraud magnet. How do we know? The plan is known as the “Instrument in Support of Trade Exchanges,” or “INSTEX.” Lots of smart people have been […]
Read MoreWhy no money laundering charges (?) – Counterfeit goods postmaster ordered to pay back £750,000 or face five more years in prison
Comsure’s moan – This story shows why the money laundering laws are not used to their fullest effect. 1 Although the proceeds of crime order against the duo as part of the civil process to recover the illegal benefit of their crime was used a. WHY were they not indicted under the proceeds of crime […]
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