Between Covid & Compliance – the current highs and lows of the dope industry
The decriminalization of marijuana has been gathering increased momentum in recent years, particularly in the United States. At least 35 states currently allow the use of marijuana in one way or another (recreational vs medicinal). Driven by exceptional demand and
COVID-19: A Crisis or a Catalyst for Corruption?
Back in 2008, during an interview with Wall Street Journal, then-President-Elect Obama’s Chief of staff, Rahm Emanuel said ‘You never want a serious crisis to go to waste.’ While he meant that the silver lining to catastrophes can be
Antiquities and AML – the BSA finally comes calling in 2021
For decades, dealers and auction houses involved in the sale of art and antiquities have evaded the scrutiny of US regulators. The stringent provisions of the Bank Secrecy Act (BSA) did not cover the lucrative art market, worth well
2020’s largest AML fines show a troubling common thread
Compliance is the bulwark against money laundering and other financial crimes across the world. But as recent experiences reveal, increased compliance requirements put a heavy toll on banks and other financial institutions. According to Fenergo’s mid-year report, global financial crime-related
Compliance & conservation – joining forces to stop wildlife trafficking
Before 2020, illegal wildlife trafficking (IWT) was a relatively low priority area for law enforcement and financial crime task forces. Like the rest of the public, AML professionals too had bigger priorities, like organized crime, narcotics, and human trafficking,
AML during Covid-19: no room for complacency
Even common criminals and drug dealers are affected by Covid-19. As lockdowns and quarantines kept almost a third of the human population indoors, violent crime rates dropped drastically all over the world. Sadly, the same cannot be said about white
Decoding the links between modern slavery and money laundering
Viruses are deadly because they are not easy to kill, let alone eradicate from nature. Slavery is a bit like a virus that refuses to die down in human society. As of 2020, virtually all nations on earth have
How money laundering threatens the ‘least corrupt’ nations on earth
Come January each year, the issue of global corruption comes under the media spotlight. The reason - the annual release of the Corruption Perceptions Index (CPI) by the global watchdog Transparency International. Newspapers around the world churn out articles indicating
The role of data sharing in AML & CFT in the era of data leaks
Explosive data leaks and dumps have become the new norm in the world of international finance. After the global fallout of the Panama Papers and the Paradise Papers in recent years, we have witnessed yet another massive data dump
5AMLD goes live: What the EU’s Fifth Money Laundering Directive brings
Designed to add more teeth to the current EU laws combating the rampant menace of money laundering across the continent, the Fifth Money Laundering Directive (5AMLD) became EU law on 10th January 2020. It includes a host of significant
How online video games are becoming a safe haven for money launderers
Recently, a very odd news article from China received a lot of coverage in Western online platforms. It was about a lawsuit involving a gamer who had spent over $1.4 million on a single video game character. Video game microtransactions
Drawing parallels: Government Infrastructure & Enterprise Software Projects
Key insights & lessons for Managers from the other side of the great Public-Private Divide Many enterprises in the second decade of the 21st century have a pressing problem related to IT infrastructure - hopelessly outdated software systems and hardware.