Experts from the Basel Institute’s International Centre for Asset Recovery (ICAR) have conducted an intensive five-day training workshop in Kyiv, Ukraine for Ukrainian prosecutors, investigators and other anti-corruption practitioners. The participants learned to:
For those who are not at the 3rd Global Conference on Criminal Finances and Cryptocurrencies today and tomorrow, here is a taster – opening remarks by Federico Paesano, Senior Financial Investigation Specialist at the Basel Institute on Governance, which is co-organising the event.
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The Basel Institute's cryptocurrency expert, Federico Paesano, delivered a successful open training course on blockchain, cryptocurrencies and AML/CFT this week in collaboration with Zurich-based MME and its Senior Compliance Advisor, Chris Gschwend.
The two-day course, FinTech AML Compliance Training, covered the essentials of blockchain and how to adapt AML/CFT processes to the FinTech industry.
Publication
The Wolfsberg Group
This article illustrates an early example of corporate Collective Action, the Wolfsberg Group, and charts its development from its inception, in 1999, up to 2012. The Wolfsberg Group is an association of eleven banks that took its name from the Château Wolfsberg where the banks held their first meetings and where they continue to hold their annual forum.
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Tools to support enhanced due diligence in response to new EU list of high-risk third countries
The European Commission has released a new list of 23 “high-risk third countries” with weak anti-money laundering and counter-terrorist financing (AML/CFT) frameworks.
This means that banks and other entities subject to the EU’s AML rules will have to apply increased due diligence in relation to customers and financial institutions from these countries.
The traditional criminal response has been insufficient in the combat against corruption, money laundering and other financial crimes. Billions of dollars continue to be laundered by individuals and criminal organisations through and ever-growing myriad of complex financial schemes. Official Development Assistance (ODA), a fundamental tool of development policy, is equally prone to corruption, embezzlement and abuse — to the extent that up to 30% of disbursements may be siphoned off by corrupt actors and criminal organisations.
All the major financial centres have experienced a rise in anti-money laundering rules and regulations. Initially, anti-money laundering laws were used as a weapon in the war on drugs, whilst more recently they have been deployed in the ongoing fight against terrorism. These developments, the authors reveal, have had serious consequences for banks and other financial institutions – affecting not only profit margins but also the way in which business is conducted.
Experts in law enforcement, money laundering investigations and cryptocurrencies will meet in the Hague on 6–7 March 2019 for the 3rd Global Conference on Criminal Finances and Cryptocurrencies.
Co-founded and co-organised by the Basel Institute on Governance, the conference is hosted by Europol and Interpol on alternate years. The 2019 conference will be held at the Europol headquarters.
On April 2-9, ICAR hosted its first international workshop on the use of virtual currency to launder money. Held at the University of Basel, Switzerland, the workshop brought together public and private sector practitioners from countries such as France, Liechtenstein, the Netherlands, Spain, Switzerland, the United Kingdom and the United States.
The workshop circled around a case study presented by the FBI, presentations by ICAR experts and interactive group discussions to identify particular challenges and potential solutions for law enforcement.
The 2014 Edition of the Basel Anti-Money Laundering (AML) Index - an annual ranking that assesses country risk regarding money laundering/terrorism financing - is the third annual release published by the Basel Institute. This year’s ranking identifies Iran as the highest risk country, while Finland and Estonia are considered the lowest risk countries.