Financial crime, like the technology that often facilitates it, refuses to keep still, and it is incumbent upon professionals working in financial crime prevention to ensure that they are up to date with the latest knowledge and skills essential to fighting financial crime.
Keeping up with developments can only be achieved through education, and here at International Compliance Training we’ve aimed to use our blogs as a means by which interesting case studies and new information can be shared to keep you informed.
Below are some of our favourite FCP stories from 2017.
How Iran circumvented US sanctions for 20 years through real estate in Manhattan
A decade-long battle between the United States government and the owners of a New York skyscraper was concluded last month when a US jury agreed with the government’s assertion that the Alavi Foundation, the majority owners, were guilty of money laundering and violating sanctions on Iran.
National Crime Statistics (podcast)
Holly Whitehead and Jake Plenderleith discuss the UK’s Crime Survey from the Office of National Statistics 2017 in this podcast from May. This year’s report included fraud and computer misuse as offences for the first time, with just over half of fraud offences related to cybercrime.
Does bribery pay?
In March I wrote that a change in the way business is conducted in South Korea was inevitable after the president was ousted from power and placed on trial for corruption. Real public anger has given the new government, led by the democrat Moon Jae-in, the mandate to introduce changes to the family-run conglomerate system of business known as chaebol, after the country’s most powerful chaebol, Samsung, was directly involved in the in former president’s impeachment.
Are Bitcoin addresses shell companies in disguise?
Anonymity, discretion and confidentiality: terminology often associated with shell companies incorporated in jurisdictions with high secrecy laws. However, does the virtual economy – notably Bitcoin, the de facto currency of choice – facilitate the very same mechanisms that criminals attempt to abuse? This brief article will explore some of the key similarities between a shell company and a Bitcoin address, with a view to answering the question ‘Are Bitcoin addresses shell companies in disguise?’
Corruption and the Middle East
Following the completion of Brexit in two years’ time there is the distinct possibility of another global city replacing London as one of the most influential financial centres in the world. The Middle East continues to emerge as a crucial banking and financial services region, and one which, geographically at least, acts as an important hub connecting east and west.
Stepping up the fight against cybercrime in Switzerland
Privacy and Switzerland are often seen as synonymous, and whilst Switzerland is no longer seen as a secrecy haven, protecting client data is still a badge of honour for the country. Data protection law in Switzerland has a level of protection like that of the EU Data Protection Directive, and in some respects, is reported to even go beyond EU Law, especially in relation to the protection of data pertaining to legal entities. But in an age of cyber-enabled crime, can Switzerland ensure that data is secure?
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