Archive for December, 2009

Crime gangs laundering millions in casinos

Sunday, December 27th, 2009

It is believed that crime gangs are laundering millions of dollars in casinos by means of using pensioners and the unemployed.

In accordance with the Herald Sun, Centrelink has alerted the Australian Crime Commission (ACC) that 15 of its clients are believed to be involved in money laundering.

ACC chief John Lawler has suggested that organised crime groups are engaged in high-level gambling activity in legal casinos.

According to the estimations made by the ACC, the cost of organised crime is 10-15 billion a year.

Kuwait economy able to fight money laundering

Monday, December 21st, 2009

Director of Kuwait’s Money Laundering Department at the Ministry of Commerce and Industry Sheikh Nemir Fahad Al-Sabah said that the economy of Kuwait is secured against money laundering and has all the necessary tools to this crime.

When addressing a ceremony in honor of working committees of the Anti-Money Laundering on December 21, Al-Sabah said that the economy is open to money laundering and terrorism fighting instruments.

The country’s legislations aimed at combating money laundering are clear and capable to face the challenges of this phenomenon. According to Al-Sabah, the department is adopting a plan that should enhance national economy.

Israeli banks to tighten AML regulations

Monday, December 14th, 2009

Israeli banks will no longer accept deposit checks drawn on Palestinian banks if the details of account holder are not printed on the checks using Latin characters.

This is a move that the Bank of Israel makes towards tightening its anti-money laundering regulations and bank customers identification procedures. It should be noted that the Bank for the first time is setting binding rules for financial activity with banks in the Palestinian Authority.

Supervisor of Banks Rony Hizkiyahu sent to a letter to the banks’ CEOs. He wrote that “there is a gap between international standards and Israel’s current guidelines concerning the prevention of money laundering”. He suggested that proper “know your customer” (KYC) policies and guidelines for regular monitoring of their activities are essential for the stability of the banking system.

FATF team comes to India

Friday, December 11th, 2009

A team from the Financial Action Task Force (FATF) is currently in India with a view to assess its legal and enforcement framework.

The assessment that will be made by the FATF team will set the ball rolling for New Delhi’s membership of the elite body.

The assessment ends on Friday, while the results will be published later.

Norkom assists CNP Assurances in Integrating 3rd European AML Directive

Wednesday, December 2nd, 2009

CNP Assurances, the leading provider of personal insurance in France and listed on the SBF 120 index, has chosen Norkom for its software suite that is aimed to fight against money laundering and terrorist financing.

Implementing this software suite provides integration of developments related to the recent transposition into French law of the 3rd European anti-money laundering directive, as applicable to the insurance industry in Europe. As a result, Norkom has become the leading supplier of anti-money laundering solutions in the European insurance sector. Its integrated solutions – “Anti-Money Laundering” (AML), “Sanctions and PEP Screening” and “Customer Due Diligence/Know Your Customer” (CDD/KYC) – are to be implemented at all the insurance companies in the CNP Assurances group.

It should be noted that the transposition of the 3rd European anti-money laundering directive into French law in January 2009 has been controversial. It tightens the regulations that is applicable to financial institutions offering IARD insurance products, life insurance and annuities, which means that these will have to reinforce controls.