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A document explaining all the changes to the Isle of Man's money laundering regulations has been sent out to all local businesses. Click here for the story on Isle of Man Today.
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The Institute of Chartered Accountants in England and Wales has issued two updates on its guidance for the tax sector. Click here for the relevant page on the ICAEW website.
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KPMG Forensic's latest Fraud Barometer reports a 50% rise in fraud against the financial sector in the first half of 2008. More details on the KPMG website here.
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The date and venue for the sixth annual IMLPO conference have been set for Monday 11th and Tuesday 12th May 2009, at the Imperial Hotel, Blackpool. Full information on the new format programme and speaker list will be available later in the year, but put the date of THE must-attend AML conference in your diary NOW!
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Yeh Sheng-mao, who served as director of Taiwan's Bureau of Investigation for more than six years until he retired in July, is facing a probe into the alleged money-laundering scandal implicating former president Chen Shui-bian and his family. Story on Nasdaq here.
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The scam involved IT and mobile phone businesses, with the laundered money being moved to Latvia. Full story on the BBC here.
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The bank has warned 7000 of its customers that their personal data may have been accessed by hackers. Full story on Finextra here.
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The Insurance Fraud Bureau has announced a crackdown on "cash for crash" fraud, conservatively estimated at £200m a year. Click here for the article in the FT.
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A joint investigation between SOCA and Nottinghamshire Police has led to the seizure of 64 kilos of heroin, 90,000 ecstasy tablets and 10 kilos of amphetamines worth £13.6 million. Click here for the link to the COI's News Distribution Service.
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A report of a BBC London investigation into a network of mortgage brokers helping illegal immigrants get mortgages. Click here for link.
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An article in the Financial Mail outlines KPMG's new software that is helping banks discover fake mortgages that are being used for money laundering. Click here for the article on thisismoney.co.uk.
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Click here for the link to the HMRC website that gives details of the updated registration notice and new registration dates.
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E*Trade - without admitting or denying wrongdoing - has agreed to pay $1 million to the SEC to settle allegations that two of its brokerage firms failed to follow U.S. rules designed to thwart money laundering. More details on Reuters here.
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The Law Society is conducting a survey into the costs and benefit for solicitors of the new money laundering regulations. Closing date is 31st July. Click here for a link to take part.
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A Sunday Times article on the targeting by the Criminal Assets Bureau and SOCA of the assets of the IRA and its key members. Includes a quote from John Horan, IMLPO member. Click here for link to the Sunday Times.
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Seven people were arrested earlier this week by Italian police in connection with at attempt to buy Lazio football club with laundered money. Click here for the story in the Guardian.
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The FSA has announced increased measures to tackle the rise in mortgage fraud, including the expansion of a scheme that encourages lenders to report rogue mortgage brokers. Click here go to the relevant page of the FSA website.
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A US Senate sub-committee investigation into tax haven abuses has been told that UBS "genuinely regrets" any compliance failures that may have occurred in conducting business with US clients. Full article in the FT here.
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Over half the EU member states - including France and Germany - have not yet complied with the 3rd EU AML Directive, and are being warned of possible legal action by the Commission. Full story in the FT here.
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The SFO has announced a change of focus, from large-scale, complicated fraud cases that are less likely to be won, to cases in growth area of financial crime such as City-related crime and corporate foreign corruption. Click here for the full article in the Financial Times.
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The IMF has dropped the distinction between "offshore" and "onshore" with respect to financial centres, in favour of a risk-based approach to surveillance. Click here for the full article in the Financial Times.
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The latest survey from KPMG shows that spending by banks in Europe on AML systems and processes has risen by 58% over three years. In North America the rate of increase was higher, at 71%. More information on Finextra here.
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Citibank's International Personal Bank has temporarily closed its doors to new UK business while the Financial Services Authority runs the rule over its anti-money laundering procedures. Click here for more information on Finextra.
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The full list of equivalent third countries, for the purposes of the relevant parts of the Third Money Laundering Directive, can be viewed on the Treasury website here.
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The House of Lords Science and Technology Committee follow-up report on Internet security, which was published on 8th July, calls on the Government to make banks legally responsible for losses incurred by customers through electronic fraud. Click here for more information on Finextra.
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Jagmeet Channa, a former HSBC clerk who tried to steal £72 million from the bank, has been found guilty of fraud and money laundering and was sentenced to seven and a half years for the fraud charge and nine years for money laundering, to run concurrent, by a judge at Southwark Crown Court. Click here for further information on Finextra.
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Click here for the press release from the Wolfsberg Group.
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An article in the Financial Times reports on the reforms being brought in by the new Director of the SFO, including plans to cut investigation times in cases. Click here for the full article.
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The definition of money laundering in US law has been narrowed, following a recent case. Full story in the FT here.
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The document describes and assesses the threats posed to the UK by serious organised criminals. The assessment is drawn from a fuller, restricted version which is produced annually for law enforcement and wider government use. Click here for full details on the COI website.
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Leading British overseas territories such as the Cayman Islands, Bermuda and the British Virgin Islands have been excluded from a draft document from the EU listing jurisdictions considered to have equivalent AML standards to European countries. The Channel Islands and Isle of Man have been given "intermediate" status. Click here, here and here for more detail in the FT.
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The FSA has published a report following a review of systems and controls for data security at 39 banks, building societies and insurance companies. Click here to read the summary and download the report.
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An FT article looks at how the hawala system to get round US sanctions. Click here for full story.
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The National Audit Office is urging the use of data sharing to help stem the losses to tax evasion in the UK. Click here for the full article in the Financial Times.
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Click here for press release on the merger of ARA and SOCA, effective 1st April.
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There are several articles in today's Financial Times about mortgage fraud and the increased efforts of the City of London Police to combat it: click here, here and here to read the full stories.
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Today's Times includes an article on the US State Department's annual International Narcotics Control Strategy Report, which identifies the UK as a "jurisdiction of primary concern". Click here for the full article.
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ACPO has commissioned a report that estimates annual mortgage fraud in the UK at £700 bn. Click here for the full article in the Financial Times.
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According to an article in The Scotsman, there are now 400 organised crime bosses in the UK - predominantely from countries such as Albania, Russia and Turkey - with an amassed wealth of £440m. Click here for the full article.
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According to a new survey conducted for Verisign, Internet users in the UK could lose up to £10,077 a year each in online fraud. Click here to read the full article on Finextra.
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The FATF issued a warning on 28th February 2008 of the higher risk of money laundering posed by deficiencies in Uzbekistan, Iran, Pakistan, Turkmenistan, Sao Tome and Principe and Northern Cyprus. Click here for link to the full article on Finextra.
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All Accounting Services Providers (ASPs) - ie anyone who provides accountancy and/or tax services who is not already supervised by the FSA - must be registered with HMRC by 1st October. This includes such people as farm secretaries - click here for information.
Click here for link to the HMRC website.
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Wednesday 27th February: the Home Office announced a £1bn programme to tackle the UK's drugs problem, including extended police powers to seize the assets of suspected criminals. Click here for link to the Home Office website.
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Figures on and analysis of trends in fraud during last year are available on the CIFAS website - click here for full information.
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