AML Basics

If you are new to the AML area, you should start here…

January 8 2016 UK printing company Smith and Ouzman Ltd, convicted of making corrupt payments, was today ordered to pay a total of £2.2 million in a sentencing hearing at Southwark Crown Court. The conviction and sentence follows a four-year investigation by the Serious Fraud Office. The Eastbourne-based company, which specialises...
January 12 2016 Authorities in Switzerland are in talks to arrange the return to Nigeria of $300 million confiscated from the family of its former military ruler, Sani Abacha, Nigeria's foreign minister said.  Foreign Minister Geoffrey Onyeama said $700 million had already been repatriated from Switzerland, adding that he met...
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...
December 15 2015 U.S. Conspirators Paid More Than $2 Million to Influence Russian Nuclear Energy Official and to Secure Business with State-Owned Russian Nuclear Energy Company A former Russian official residing in Maryland was sentenced today to 48 months in prison for conspiracy to commit money laundering in connection with his...
In March, the U.S. Treasury Department's Financial Crimes Enforcement Network imposed a corporate death sentence on Banca Privada d'Andorra by designating it as a foreign financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act. FinCEN said senior managers at BPA took bribes for several...
This joint FATF / Middle East & North Africa Financial Action Task Force (MENAFATF) report highlights that cash remains an important means of payment across the globe, with an estimated USD 4 trillion in various currencies in circulation. This, despite the availability of a range of non-cash payment methods...