Archive for May, 2013

Swiss authorities report 1,500 money-laundering cases in 2012

Friday, May 24th, 2013

According to the annual report presented at the conference in Bern, Switzerland on May 14, Swiss authorities investigated several reports of terrorist financing among a high number of suspected money-laundering cases connected to banks last year.

The number involving terrorist financing rose to 15 in 2012, which is 5 more than in 2011, due to a single complex case of almost USD 8 million, according to an annual report issued by Swiss Money Laundering Reporting Office (MROS).

They were 1,585 suspected money-laundering cases that Swiss authorities disrupted in 2012, including 15 linked to terrorist financing. The past two years have seen an almost 50% increase in the number of cases compared with previous years.

Two-thirds of the cases were linked to banking, and more than 200 cases involved more than 100,000 Swiss francs (USD 104,000). The rest were mainly tied to payment services, fiduciary and asset managers.

Most of the cases were reported by a financial intermediary such as banks, credit card companies, casinos, and currency exchanges, or were based on newspaper reports or information from other third parties such as financial compliance databases.

Jersey strengthens Money Laundering Legislation

Saturday, May 18th, 2013

The Jersey Financial Services Commission (JFSC) has published the results of an industry consultation on proposed revisions to the Money Laundering (Jersey) Order 2008.

The amendments to the legislation have been proposed to align the Jersey Order with certain revised recommendations from the Financial Action Task Force on Money Laundering (FATF), as well as to clarify the application in certain circumstances of simplified or, as the case may be, enhanced due diligence (EDD) measures.

HK investigates ex-chief of Corruption watchdog

Wednesday, May 15th, 2013

Hong Kong’s anticorruption agency called the Independent Commission Against Corruption is launching a criminal investigation of its former chief. Tong spent tens of thousands of USD on gifts for mainland Chinese officials.

The Independent Commission Against Corruption and the Department of Justice said that there were significant reason to start this investigation into allegations of possible bribery and misconduct by Timothy Tong.

Tong was a commissioner of the Independent Commission Against Corruption from 2007 to 2012. He came under fire after reports emerged he spent about HK$ 218,500 on gifts ranging from pens to crystal models of the agency’s headquarters.

Vatican and US sign Anti-Money-Laundering Deal

Tuesday, May 7th, 2013

On May 7, Vatican took a step to make its finances more transparent, signing a deal with United States regulators. Under the signed document, each side will share information about financial transactions with a view to root out money laundering and other illicit dealings.

The deal announced by the Vatican marks the latest move by the world’s smallest state in response to international pressure to better police its finances. The efforts began in 2010 in the wake of an investigation by Italian prosecutors into whether the Vatican bank had violated Italy’s money-laundering laws.

Measures so far have included laws against money laundering and terrorist financing. This regulation helps bring to justice anyone who commits financial misdeeds on the territory of Vatican. Also, it suggests the creation of the watchdog called Financial Information Authority (FIA).

In accordance with the new agreement, the FIA and the US Treasury Department’s Financial Crimes Enforcement Network will be able to share information about financial transactions in their respective territories.

It should be noted that the FIA is discussing similar agreements with about 20 other countries.