The new era of anti-financial crime compliance

By Marios M. Skandalis, Director Group Compliance Division, Bank of Cyprus. Abstract: Following the Panama   papers and to a lesser extent the Bahama   papers scandals a number  of persons, physical and legal, have  been revealed as potentially  exposed  in  corruption  and/or other forms of money  laundering activities. This scandal was a reminder  of the need …

Western Union Completes Compliance Upgrades To Fight Money Laundering

The Western Union Company and Arizona Atty. Gen. Mark Brnovich announced Monday (June 12) that they have successfully completed the secondary recommendations for the Southwest Border program, aimed at combating money laundering. In a press release, the company said the Superior Court of the State of Arizona accepted the conclusions of an independent monitor’s final…

Cyprus ranked top by Transparency International

Consider these two impressive but little-reported facts. Cyprus ranked top for transparency in a recent report by Transparency International, disclosing the most complete set of anti-money laundering (AML) data among 12 countries analysed, including the US, Britain, France, Australia, Luxembourg and Germany. The Cyprus AML Law and the Central Bank of Cyprus directive were revised…

Tax Havens, Offshore Finance Centres & Secrecy Jurisdictions

Can You Tell the Difference Between Them? The month of April saw a number of publications produced for the European Parliament’s PANA Committee about various financial crime (“FC”) concerns identified by the Panama Paper disclosures last year. From my review of these publications, the following was one of the topics I found to be of…

UK Govenment to set up new anti-money laundering watchdog

The Government is to set up a new watchdog to close loopholes used by criminals as part of a wider clampdown on money laundering and terrorist financing. It plans to launch the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) – a new group that will sit within the Financial Conduct Authority (FCA) – by…