Day: September 29, 2021

The FCA in the UK has published this Guide which provides practical assistance and information for firms of all sizes and across all FCA-supervised sectors on actions they can take to counter the risk that they might be used to further financial crime. Its contents are drawn primarily from FCA and FSA thematic reviews, with some additional material included to reflect other aspects of the FCA financial crime remit.  It says that effective systems and controls can help firms to detect, prevent and deter financial crime, and this Guide provides guidance on financial crime systems and controls, both generally and in relation to specific risks, including money laundering, bribery and corruption and fraud. 

https://www.handbook.fca.org.uk/handbook/FCG.pdf

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On 29 September, the US Treasury advised that OFAC and the Government of Qatar both designated in coordinated actions a major Hizballah financial network based in the Arabian Peninsula. 

https://home.treasury.gov/news/press-releases/jy0381

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20210929

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On 28 September, the Environmental Investigation Agency reported that Chinese national Yunhua Lin was the head of the ‘Lin-Zhang gang’, which had been operating out of Malawi for at least a decade.  He was arrested in August 2019.  He was sentenced to 14 years for dealing in rhino horn, and 6 years for money laundering – the sentences will run concurrently. 

https://eia-international.org/news/yunhua-lin-notorious-kingpin-of-wildlife-crime-syndicate-is-jailed-for-14-years-in-malawi/

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On 29 September, Front Page Africa reported that the FIU has uncovered that the risks of money laundering in the financial sector and among the ‘Designated Non-Financial Business Professionals (DNFBP) are high, and contained in the National Risks Assessment (NRA) report on ‘Money Laundering and Terrorist Financing in Liberia’.  The NRA report, of which highlights are summarised in the article, is the first of its kind in Liberia, and is poised to provide stakeholders and the world on the risks Liberia faces when it comes to money laundering and terrorist financing.  Now the FIU will launch an AML strategy and action plan on mitigating the risks relating to money laundering in Liberia.  The report named corruption and bribery, illicit drug trafficking and tax evasion, among others, as the most committed predicate offences in Liberia.  The FIU called for a tiered risk-based approach to be adopted in the financial sector.

https://frontpageafricaonline.com/front-slider/financial-intelligence-units-report-shows-liberia-is-prone-to-money-laundering/

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