Global Financial Crime Review Archives

Global Financial Crime Review, September 2021 - November 2021

Analyzing South Korea’s ‘Nth Room’ Case

September 3, 2021October 11, 2021 /Leave a comment

In 2020, the global lockdown saw an increased supply and demand of online child sexual abuse material (CSAM) accessed through social media, instant messengers, chatrooms and online games by users looking to exchange and offer illicit content and to quote Europol, “exploit isolation.” Of...

Europe, Global Financial Crime Review, September 2021 - November 2021

The European Cybersecurity Ecosystem: A War on Cybercrime

September 3, 2021 /Leave a comment

On June 23, the European Commission announced a proposal to establish a Joint Cyber Unit in response to large-scale security incidents1 related to cybercrime. The proposal is part of a vast and seemingly endless array of proposals, guidelines, strategies and legislation by the European...

Global Financial Crime Review, June - August 2021

Dollarization: Fueling Zimbabwe’s Looting Machine

June 25, 2021 /Leave a comment

Narcotics traffickers in Colombia and Mexico invented and improved the Black Market Peso Exchange (BMPE), making it arguably one of the largest money laundering schemes in the world. In a variant of the BMPE, Zimbabwean cartels exchange money on the black market to move...

ACAMS Today Europe, Global Financial Crime Review, May - June 2021

Sanctions: OFAC Penalties on European Companies

May 20, 2021October 15, 2021 /Leave a comment

The relationship between the US and the EU has undoubtedly been friendly. However, the recent sanctions regime implemented by the Office of Foreign Assets Control (OFAC) of the US Treasury Department has created friction with the EU’s blocking statute. Under OFAC’s sanctions regime, EU companies...

ACAMS Today Europe, Global Financial Crime Review, May - June 2021

The FinCEN Files and the Risk of Correspondent Banking

May 20, 2021May 24, 2021 /Leave a comment

The Financial Crimes Enforcement Network (FinCEN) Files investigation is the latest publication by the International Consortium of Investigative Journalists (ICIJ) that reveals how certain flows of funds are suspected to be connected to financial crime, money laundering, terrorist financing and/or corruption. The FinCEN Files...

Global Financial Crime Review, March - May 2021

Improving AML in ESAAMLG Member Countries

March 30, 2021March 30, 2021 /Leave a comment

In 2013, the Financial Action Task Force (FATF) significantly changed its methods for assessing anti-money laundering/counter-terrorist financing (AML/CTF) regimes. Countries are now deemed compliant with the FATF Recommendations when they fulfill the technical requirements and their AML/CTF regime effectively produces the expected results of...

Global Financial Crime Review, World Digest

South Africa’s DNFBPs: Managing Money Laundering and Terrorist Financing Risks

February 2, 2021February 3, 2021 /Leave a comment

Whilst South Africa is being assessed against the Financial Action Task Force’s (FATF) 40 Recommendations for effectiveness in its anti-money laundering (AML) and counter-terrorist financing (CTF) regimes, it is important to recognize the role of designated non-financial businesses and professions (DNFBPs). As per the Financial...

December 2020 - February 2021, Global Financial Crime Review

Zambia’s Evolving AML/CTF Landscape

December 22, 2020December 23, 2020 /Leave a comment

In 2010, an article was published in the December-February issue of ACAMS Today, titled “Financial intelligence unit—The Zambian case.” At that time, the Zambian government had just announced its intentions to establish a financial intelligence unit (FIU), implying there was no FIU in Zambia....

ACAMS Connection, December 2020 - February 2021, Global Financial Crime Review, Issues

Hindsight for the U.S. in 2020

December 22, 2020February 11, 2021 /1 Comment

Not only will 2020 go down as one of the most difficult years in world history due to the COVID-19 pandemic, but the approach to anti-financial crime (AFC) was also fundamentally altered. COVID-19 created new and increased opportunities for criminals to engage in money...

Global Financial Crime Review, September 2020 - November 2020

Risky Crypto Remittances in the Philippines

October 5, 2020October 5, 2020 /Leave a comment

Remittances are an essential part of the global economy, particularly in developing economies.1 In the Philippines, overseas remittances formed 10.2% of the country’s GDP in 2018.2 Over 65% of the domestic population, made up of 109 million people, is unbanked.3 Given the cliché in...

ACAMS Today

The Magazine for Career-minded Professionals in the Anti-Money Laundering Field

A Primer on the Pandora Papers

Understanding Terror Finance in the 21st Century, With Jessica Davis

Cracking Down on TBML and Terrorist Financing Requires a New Approach

Natalie Soto: Leaning on the AFC Professional Community

Best Crisis Management Practices for Data Breaches: Part Two

The Paycheck Protection Program Fraud

Global Financial Crime Review