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World-Check CEO releases PEP discussion paper
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FROM A
DIFFERENT ANGLE by Kenneth Rijock
DIFFERENT ANGLE by Kenneth Rijock
Financial Crime Consultant, for World-Check
1.
30 June 2007
American President George Bush this week issued a Proclamation in support of Lebanese sovereignty, and against those pro-Syrian Lebanese Politically Exposed Persons [PEPs] and Syrian government officials they allege are behind the assassination of former Lebanese Prime Minister Hariri, and/or who support the designated global terrorist organisation, Hizballah. Hereafter, such individuals are barred from entry into the United States for any reason. Persons so designated by the Department of State, now or in the future, will not be permitted into the US.
2.
29 June 2007
A parent company of an international bank located in the United States has disclosed, in a government filing, that it has established a reserve of $60m for regulatory and legal matters involving customer accounts and its anti-money laundering compliance programme. Whilst this amount seems a bit high, given the average of AML fines and penalties meted out during the past three years, the way US regulators appear to be heading, it may be prudent for the bank to reserve such a large sum.
3.
29 June 2007
In a controversial move, the US Securities & Exchange Commission has published the names and filings of all public companies who have listed business dealings with the five designated State Sponsors of Terrorism in their official reports. Several international banks appear amongst the companies listed for each country. We include the Internet address below for the convenience of our readers.
4.
29 June 2007
Treasury's Office of Financial Assets Control [OFAC] has released specific guidelines for the financial community relative to the new status of the Palestinian Authority. Making a finding that it is " in the national interest to authorise US persons to engage in all transactions with the Palestinian Authority," OFAC has issued a General License to " broadly authorise all US persons" to deal with the new Palestinian Authority government. On 20 June, OFAC issued General License No. 7, generally which authorises all transactions.
5.
28 June 2007
Compliance officers traveling in Latin America please note that the US State Department has issued a Travel Warning for the period 26 June to 19 July for Venezuela. The Copa America (Cup America) football tournament has complicated Venezuela's already dangerous security situation (violent crime & high murder rate), because there may be changes in official entry requirements. One does not want to be refused entry upon arrival in the country.
6.
28 June 2007
A sales manager for defunct life settlement giant Mutual Benefits Corporation has been indicted in US District Court in Florida for tax evasion. He is the first member of the sales staff to be charged in the billion dollar case; all previous indictments, which were for securities fraud, involved senior management and professionals working for the company. Rumours continue to surface to the effect that all senior sales staff, already facing multiple civil suits for fraud, and disgorgement of their commissions, will eventually be indicted for securities fraud.
7.
27 June 2007
The Government of Canada announced that it has published, this date, its Final Regulations on Anti-money Laundering and Counter-terrorist Financing. These regulations, which reportedly bring Canada in line with the current standards of the Financial Action Task Force (FATF), appeared today (27 June) in the Canada Gazette. The major points appear below. the chapter is titled " Proceeds of Crime [Money Laundering] and Terrorist Financing Registration Regulations."
8.
27 June 2007
Credit unions had better check their AML/BSA programmes; that's the obvious message when such agencies as the New York State Department of Banking (NYSDB) filed a Consent Order to Cease and Desist against Niagara Frontier Federal Employees Credit Union, of Niagara Falls, New York for AML and BSA deficiencies, amongst other shortcomings.
9.
27 June 2007
The latest reports released by the United Nations show that whilst use of illicit drugs has declined in North America, consumption of cocaine and heroin is on the rise in Europe. Since law enforcement interdiction has become more efficient, and indeed successful, along the established smuggling routes into Europe, narcotics traffickers (and the money launderers who assist them) are creating new pipelines in Sub-Saharan Africa. This poses a serious threat to financial institutions whose international clients conduct business in that region.
10.
27 June 2007
The Office of Financial Assets Control (OFAC) has published a detailed and comprehensive summary of all relevant laws and regulations involving Burmese sanctions currently in effect. We herewith provide the subjects covered and a hyperlink to the document itself for our readers.
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World-Check CEO releases PEP discussion paper
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