WEALTHY CRIME GANGS CREATING BANKING APPS TO LAUNDER THEIR MONEY

Baker McKenzie on 3rd June reported a story from The Sun which claims that wealthy crime gangs are creating their own smartphone banking apps to launder their dirty money and  use their money and their reach to create their own peer-to-peer platforms, often made by programmers in places like Bangladesh or India, which makes it much more difficult to trace or freeze assets.

http://www.riskandcompliancehub.com/wealthy-crime-gangs-creating-banking-apps-to-launder-their-money/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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