Top Money Laundering Stories This Week You’ll Want to Read

December 21, 2016

United States: The Financial Action Task Force (FATF) recently released its latest evaluation report. The report found that the U.S. had a robust regime to tackle money laundering and terror financing; however, there are serious gaps that prevent timely access to beneficial ownership information.

In the meanwhile, FINRA, the Financial Industry Regulatory Authority, has fined Credit Suisse $16.5 million USD for failures in its anti-money-laundering compliance program including deficiencies in its suspicious-activity monitoring program.

India: In response to last month’s sudden ban of 500 and 1,000 rupee notes, money laundering agents are finding new ways to do business. From flying banned cash to states exempt from restrictions to connecting people to high-turnover businesses, agents are demanding a premium of 10–50% depending on the complexity and difficulty of the money laundering scheme.

On a similar note, Australia is debating whether it should scrap its $100 bill.

Thailand: The abbot of the Buddhist Wat Dhammakaya Temple is expected to be charged with conspiracy to launder money, money laundering and receiving stolen goods in his part in receiving more than 1 billion baht ($28 million) of embezzled funds. The popular and futuristic temple where thousands of followers can participate in sermons has drawn criticism from traditionalists for its commercialization of Buddhism. Many believe the charges are politically motivated.

South Africa: The country’s embattled president has sent an anti-money-laundering bill back to parliament citing that it might not be constitutional. The bill, which is supported by the country’s banks, would require the financial industry to increase scrutiny of the accounts of "prominent individuals", including the president. According to supporters, the bill would help in the fight against global financial crime by making it easier to identify the ultimate beneficial owners of companies and accounts.

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About Anu Sood 

Anu Sood (LinkedIn | Twitter) is the Director Marketing at CaseWare RCM and is responsible for the company’s global marketing strategy. She has over 20 years of experience in product development, product management, product marketing, corporate communications, demand generation, content marketing and strategic marketing in high-tech industries.

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