International Compliance Association (ICA) considers the following as financial crimes: fraud, ID theft, electronic crime, electronic fraud, embezzlement, plastic money fraud, insurance fraud, Tax evasion, money laundering, terrorist financing, bribery and corruption, market abuse and insider dealing, information security, etc.
Italy has the Mafias. China has the Triads. Zambia has the Jerabos. Japan has the Yakuza. Yakuza, also known as gokudō, are members of transnational organized crime syndicates originating in Japan. The Japanese police, and media by request of the police, call them bōryokudan, while the yakuza call themselves ninkyō dantai. The largest group inContinue reading “Yakuza tribal cousins to the Triads and the Mafia”
Eligo Task Force has successfully uncovered 40 separate money-laundering operations across Australia, seized of AUD586million (USD550 million) worth of assets, drugs, and cash and identified almost 128 Serious organized crime activities previously unknown to law enforcement agencies.
Banks in Sudanese have started moves to re-establish relations with foreign banks as the United States (US) prepares to remove Sudan from its state sponsor of terrorism (SSOT) list. Bankers and analysts say the process will likely be slow. Restoring international banking links could provide a vital boost to an economy still in crisis moreContinue reading “Sudanese Banks take steps to end isolation”
The late Pablo Escobar, famous for the wrong reasons, was regarded as the richest and most successful criminal in world history. In 1989, Forbes magazine declared Escobar as the seventh (7th) richest man in the world. He had an estimated personal fortune of US$9 billion then. Pablo and his brother’s drug operational emporium were soContinue reading “The Ugly Ones are NOT YET born”
The regulatory landscape of Know Your Customer (KYC) Policies and Customer Due Diligence (CDD) requirements and expectations for Financial Institutions like Banks, Brokers, FinTech and Insurance Companies are always a moving target. In another write-ups I alluded to the Banking mandatory requirement of conducting Customer Due Diligence (CDD). For practical purpose and simplification, CDD wasContinue reading “Customer Due Diligence (CDD) – Final Rule”
Authored by Diphat Tembo-CAMS, Director-Compliance and Prevention Department of the Financial Intelligence Centre-Zambia and Kunda Kalaba-CAMs, CFE, Managing Partner KEMMAN Consultancy. The Coronavirus-COVID-19 has infected more than 57,228,106 individuals globally, and killed over 1,365,461 people, since being identified in China at the end of 2019, spurring governments across the World introducing measures such as socialContinue reading “Impact of COVID-19 on AML/CTF Regime”
05/20/2020 – Deep Reflection – Terrorism within African Territories As the Southern African Development Community (SADC) Troika summit is currently underway in Zimbabwe’s Capital City Harare with President Dr. Mokgweetsi Eric Keabetswe Masisi of Botswana, President Filipe Jacinto Nyusi of Mozambique, President Dr. Edgar Changwa Lungu SC of Zambia and the host President Dr. EmmersonContinue reading “Terrorism within African Territories”