Financial Crime News

1 month ago | thefinancialcrimenews.com | John Cusack

UAE National ML/TF Risk Assessment 2024 – Commentary by FCNThe public edition of the NRA runs to 72 pages and provides much needed information and gives a much better explanation of the threats and vulnerabilities faced by those in the UAE but with only some of the NRA available publicly any independent assessment of the full NRA is always going to be limited. Overall the UAE has called out ML threats as highest coming from predicate crimes that are expected.

Feb 22, 2025 | thefinancialcrimenews.com | John Cusack

Scams made the front cover of the Economist’s Feb 8, 2025 edition titled “Scam Inc”. It claims, “every year US$500bn is stolen in online scams” and now it “rivals the international drugs trade”. The source is an “expert in Chinese organised crime who was a police officer in Hong Kong for 11 years. That puts scamming on a par with the illegal drugs trade as one of the world’s biggest illicit industries”. The source named in the piece is well credentialed but he left the HK Police in 1999.

Feb 20, 2025 | thefinancialcrimenews.com | John Cusack

Final Remarks With almost a quarter of a century of data on fines for Banks & FIs, there are no straightforward conclusions as the data can only tell so much and can support both an argument that Banks probably need to do more and at the same time it’s only some Banks at some times (albeit many of the so called leaders in the industry) that have been found wanting and or that supervisors are active in using effective proportionate and dissuasive sanctions or that they have allowed major...

Feb 20, 2025 | thefinancialcrimenews.com | John Cusack

The evolution of AML supervision to achievegreater effectiveness is an important element in the improvement in effectiveness of the AML regime overall. Whilst effectiveness overall should be concerned with reducing levels and harms from financial crimes, to supervisors it has been more about the integrity of the financial system by promoting and monitoring compliance with anti financial crime regulations.

Feb 20, 2025 | thefinancialcrimenews.com | John Cusack

6. Relative Rating of Predicate Offence Crimes & ML – Countries publish H/MH/M/LM/L ratings for their PO Crimes and ML related crimes, and for Sectors (& sub sectors) but the rating represents a distribution based on the difference in the threat in a particular country, and not based on comparative assessments, as such all countries will have high ratings but these high ratings may not represent the same level of threat. 7.