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AML Basics

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December 31 2015 John Cassara, a former U.S. intelligence officer and Treasury Department special agent,published a book last month about trade-based money laundering. In an interview he discusses the issue, how to fight it and what it would take to achieve trade transparency. The interview was condensed and lightly edited...
OVERVIEW Use of financial structures and shell-companies in order to conduct laundering of proceeds of crimes against the Public Administration by Politically Exposed Persons. RED FLAGS External signs of disproportionate wealth. Politically Exposed Person (PEP.) Use of companies incorporated in little or no-taxation countries that do not show apparent business activity or are incorporated...
As with previous editions, the fifth edition of Protiviti’s well-received Guide to U.S. Anti-Money Laundering Requirements: Frequently Asked Questions contains questions that have surfaced in our discussions with clients, attorneys, regulators and others, both in the United States and other markets. Over the years, the number of questions and answers included...
October 18, 2017 Do we need cash? Humans have used all sorts of things to exchange items of economic value — rare metals, strings of shells and even jugs of whiskey. Those objects have gotten more ephemeral, with paper money replacing most coins, and digital forms increasingly supplanting paper. Could...
September 19 2017 Art lovers do not want to talk about money, certainly not publicly - and bankers like everything, just no risk. For them, however, art markets are precisely that: risk markets. How do these two come together in times of money laundering laws and due diligence? That is...
June 12 2018 A few weeks ago, Justin flagged an Oregon case alleging money laundering through the Black Market Peso Exchange, one of the most successful and efficient laundering schemes in the world. The Black Market Peso Exchange is a trade-based money laundering technique commonly used by narcotics traffickers based in Colombia...