“What A Wonderful World?”* – Banking Exchange

World of AML keeps growing, in multiple ways It is safe to say we have gone past the Chinese maxim, “May you live in interesting times,” and are in th…

Source: “What A Wonderful World?”* – Banking Exchange


5th Anti-money Laundering Directive: 2nd Presidency Compromise Text published

The Council of the European Union has published the 2nd Presidency Compromise Text version of the 5th Anti-money Laundering Directive. The text has been marked up to show how the 1st Compromise Tex…

Source: 5th Anti-money Laundering Directive: 2nd Presidency Compromise Text published

Destroying history is now being charged as a war crime

An Islamist fighter has pleaded guilty in the Hague for destroying parts of the fabled West African trading city of Timbuktu, in the International Criminal Court’s first case based on the destruction of cultural artifacts. Ahmad al-Faqi al-Mahdi has admitted today (Aug 22) to razing all but two of the city’s 16 mausoleums as well…

via Destroying history is now being charged as a war crime — Quartz

YELLOW TOURISM CONFERENCE 2017, Corfu, Greece – Call for Papers


Call for Papers!
Yellow Tourism Conference 2017- Register Now!


Crime and Corruption do not merely constitute an intriguing holiday theme (and having common characteristics with the area of ͚Dark Tourism͛); but they also constitute a bitter reality counting many victims. Tourism is a globalised business sector impacting the livelihood of millions of people in all parts of the world. As any other ͚big business͛, where significant circuits of capital and information, and power imbalances exist, tourism is fertile ground for corruption and economic crime.Concurrently, the globalised scope of the tourism industry renders it into a very challenging field of action for national legislators and law enforcement agencies. Novel tourist experiences, interactions with unknown environments and places, and a sense of freedom from care, represent core elements of the holiday experience. For these very reasons, holidays inherently entail a number of dangers for tourists, rendering them vulnerable to crime. Conversely, the anonymity that is combined with the consumerist/hedonistic mindset of many tourists, may well lead to irresponsible and even criminal, behaviour towards locals and others. Although, the casualties of mainly politically-motivated terrorism are few worldwide, safety and security issues related to terror are extensively covered in tourism literature. In contrast, and despite of their quantitatively greater impact on the holiday experience, economic criminality and corruption have received relatively little attention in tourism scholarship. We seek to address this imbalance with this action.
The aim of this project “Yellow Tourism” is to place crime and corruption in the tourism-research agenda, expanding the interdisciplinary scope of tourism to include perspectives from law, business, economics, political science and the social and behavioural sciences. Contributing fields may include, but not be limited to the following:

Business ethics,
Behavioural and social psychology,
Critical tourism studies,
Information systems / Data

The project “Yellow Crime” is carried out by a research consortium consisting of the Ionian University of Corfu, Greece, the University of Bremerhafen Germany, the Ovidious University of Constanta, Rumania and Bournemouth University, U.K.

The two kick-off events of “Yellow-Tourism” project are planned for October/November 2016 and April 2017 in Corfu, Greece

Call for Papers!

Yellow Tourism Conference 2017- Register Now!

It’s #Brexit (for now). What you need to know about corporate criminal law in less than 500 words

from Lexology.com

Blog Financial Services: Regulation & Risk

Cooley LLP
Louise Delahunty
European Union, United Kingdom June 27 2016

In this post, the UK white collar crime partner of Cooley LLP, Louise Delahunty, considers the potential impact of a possible #Brexit on the UK’s implementation of the 4th Anti-money Laundering Directive; the UK government’s proposed reform of the SAR reporting regime; the UK Bribery Act; Europol and the European Arrest Warrant; and the UK’s Sanctions regime.

The 4th Anti-money Laundering Directive

There’s been a significant number of developments in this space in recent months. We’ve posted articles about the 4th Anti-money Laundering Directive, and a series of related issues. UK legislation to implement the Directive via new Money Laundering Regulations should be in place before June 2017, if not before the end of the year. There is no reason to believe that this will be affected by a possible #Brexit. However, if the UK leaves the EU, it will be able to vary its AML architecture from the EU model. We can’t immediately see why the UK would do this, especially if it’s still signed up to the Financial Action Task Force (“FATF”). The FATF Mutual Evaluation of the UK is due to take place in 2018, which could coincide with the UK actually leaving the EU. Any perceived deviation in UK AML standards due to #Brexit could have a negative impact.

UK Government’s Proposed Reform of AML Law including SAR reporting

The UK Government’s AML Action Plan proposals were put out for consultation in April 2016. In this period of uncertainty there is a question mark about which law reform initiatives will be actioned and completed, and which will not. We will watch this space and provide updates.

UK Bribery Act (“BA”)

Whilst the BA is UK law and we see no immediate change from a possible #Brexit, there’ll be question marks over the UK’s exit from the subscribers to the EU’s Convention against Corruption and the level of co‑operation the UK can expect from the EU member states in a post-#Brexit world.

Europol & the European Arrest Warrant

We anticipate that the EU’s police force, Europol, will no longer include a UK representative. The European Arrest Warrant will not be effective across UK borders. This raises the question about whether Mutual Legal Assistance, so effective for all prosecutors and regulators in recent years, will be negatively affected. The UK Government is well advised to seek a separate agreement on co-operation with the EU, post-#Brexit.


EU nations have, most recently, been prominent in working together to issue sanctions in response to the situation in the Ukraine and Crimea. We must assume that if further political emergencies necessitate sanctions in the next two years the UK will be part of the EU initiative. After Article 50 has been engaged and implemented, the UK will simply issue sanctions as an individual nation, but it will still be part of the UN, and presumably will take account of and endorse EU and US/OFAC measures as well.

Post-Brexit and Future Measures

The UK Government will be aware that #Brexit brings the risk of a diminution of regulatory and criminal risk standards, were which previously common goals with our EU neighbours. This is another source of alarm for UK corporates – and overseas companies affected by UK law – who seek the highest standards in corporate governance, and white collar criminal sanction deterrence.

Cooley LLP – Louise Delahunty

The BCBS expands its guidelines on anti-money laundering and countering terrorist financing with a “General guide to account opening”

4 February 2016

Press release

The Basel Committee on Banking Supervision has today issued the final revised version of the General guide to account opening, first published in 2003.

The Basel Committee deems it worthwhile to issue this guide as an annex to the guidelines on the Sound management of risks related to money laundering and financing of terrorism, which was first published in January 2014. These guidelines revised, updated and merged two previous publications of the Basel Committee, issued in 2001 and 2004.

Most bank-customer relationships start with an account-opening procedure. The customer information collected and verified at this stage is crucial to the bank in order for it to fulfil its AML/CFT obligations, both at the inception of the customer relationship and thereafter, but it is also useful in protecting it against potential abuses, such as fraud or identity theft. The policies and procedures for account opening that all banks need to establish must reflect AML/CFT obligations.

The revised version of the General guide to account opening and customer identification takes into account the significant enhancements to the Financial Action Task Force (FATF) Recommendations and related guidance. In particular, it builds on the FATF Recommendations, as well as on two supplementary FATF publications specifically relevant for this guide: Guidance for a risk-based approach: The banking sector and Transparency and beneficial ownership, both issued in October 2014.

As for the remainder of the guidelines, the content of the proposed guide is in no way intended to strengthen, weaken or otherwise modify the FATF standards. Rather, it aims to support banks in implementing the FATF standards and guidance, which requires the adoption of specific policies and procedures, in particular on account opening.

A consultative version was issued in July 2015. The Basel Committee wishes to thank all those who took the trouble to express their views during the consultation process.