Day: November 19, 2021

On 19 November, NASDAQ carried an article about a form of fraud that it says that the pandemic has seen increased credit card disputes, and merchants frequently feel they have no real recourse against first-party misuse of chargebacks, more commonly known as “friendly fraud”.  It says that payment card fraud losses, which include both conventional and friendly fraud, rose above $32 billion worldwide this year, up more than a third from 2017 levels.  About 1 in every 2,000 online transactions results in a chargeback.

https://www.nasdaq.com/articles/what-is-friendly-fraud-costing-your-business

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On 19 November, Al Jazeera reported that the largest leak of financial documents from Africa shows how a private bank in the Democratic Republic of Congo was used to channel at least $138 million of public funds to former President Joseph Kabila’s family and associates – dubbed Congo Hold-up.  The leak involved over 3.5 million documents covering nearly a decade of transactions at Groupe BGFIBank SA.

https://www.aljazeera.com/economy/2021/11/19/document-leak-shows-kabila-family-associates-looted-drc-funds

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On 15 November, a study – Global Corruption Barometer – Pacific – from Transparency International says that when it comes to corruption, the Pacific has been one of the most under-studied regions in the world. The NGO asked over 6,000 Pacific Islanders across ten countries and territories what they think about corruption, if they have directly experienced it, and whether things can change.  The result is said to be the most extensive public opinion data on corruption ever gathered in the region.  It says that 32% of interviewees recently paid a bribe to receive public services – a higher rate than any other region surveyed by Transparency International, but rates differ widely by country.

https://www.transparency.org/en/news/gcb-pacific-2021-survey-people-voices-corruption-bribery

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On 19 November, the Guardian reported that supporters of Hamas could face up to 14 years in jail under plans to be announced, with the organisation proscribed under the Terrorism Act.  It means anyone who expresses support for Hamas, flies their flag or arranges meetings for the organisation will be in breach of the law.  Until now, the UK has banned only its military wing – the Izz ad-Din al-Qassam Brigades.

https://www.theguardian.com/world/2021/nov/19/hamas-to-be-declared-terrorist-organisation-and-supporting-it-unlawful

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A podcast from RUSI, on the launch of RUSI’s Far-Right Extremism and Terrorism programme, discusses fundraising strategies of the far right, and how these compare to the financing of transnational jihadist groups.

https://rusi.org/podcasts/financial-crime-insights/episode-28-financial-connections-extremism

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On 19 November, HM Treasury published its annual report for 2019 to 2020 on AML/CFT supervision and covering the period between 6 April 2019 – 5 April 2020.  The report concludes that actions taken by supervisors have remained broadly consistent with the previous reporting period whilst also noting that there is still more work to do to achieve greater consistency in approach to supervision and enforcement. 

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1034539/HMT_Supervision_Report_19-20.pdf

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A news release from the Hong Kong Government on 19 November was issued on behalf of the Hong Kong Monetary Authority.  It says that MAS had completed investigations and disciplinary proceedings for 4 banks under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance and has imposed pecuniary penalties of a total of HK$44,200,000 against China Construction Bank (Asia) Corporation Limited (CCBA), CTBC Bank Co., Ltd., Hong Kong Branch (CTBCHK), Industrial and Commercial Bank of China (Asia) Limited (ICBCA) and UBS AG, Hong Kong Branch (UBSHK), as well as issued orders for remedying the contraventions where warranted.

https://www.info.gov.hk/gia/general/202111/19/P2021111900381.htm

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