European countries top of the class in AML, UAE’s Deputy PM could face UK investigation and Keeping Up with Crypto
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From Elizabeth Hearst and Alisha Houlihan at AML Intelligence
European countries top of the class in AML, UAE’s Deputy PM could face UK investigation and Keeping Up with Crypto
European countries dominate the top 10 low-risk countries for money laundering, compared to their African counterparts according to the Basel AML index.
Finland gets the gold star, while the Democratic Republic of the Congo remains bottom in this year’s rankings, with a rating of 8.3 out of 10 for money laundering risk.
Of the European countries vying to host the bloc’s new AML Authority, France comes out on top, ranking at number 10, followed by Latvia (17th), Austria (21st), Germany (26th) and Italy (34th).
Following last week’s very public Frankfurt rally in support of hosting the new body, will France now use this as a badge of honour to land the spoils?
Elsewhere, the Deputy Prime Minister of the UAE and infamous owner of Manchester City Football Club, Sheikh Mansour may face an investigation by the UK’s Foreign Office over his dealings with former Chelsea owner Roman Abramovich and other high-profile Russian billionaires.
The Sheikh has been accused of assisting numerous sanctioned Russians to “conspicuously enjoy their wealth” by transferring their assets to the UAE, following a vat of heavy international sanctions.
It comes just months after the US Deputy Treasury Secretary Wally Adeyemo warned the UAE’s financial sector to be vigilant to Russian sanctions evasion…
And finally, ‘Keeping Up with Crypto’! Social media star Kim Kardashian was this week hit with a $1.26M fine for promoting a cryptocurrency without stating she was being paid by the company.
The reality TV supremo agreed to settle charges filed against her from the SEC for pitching crypto offered by EthereumMax on social media, without declaring she received payment to promote the currency or influence her massive fan base.
As a result, Kardashian has been hit with a $1.26M fine… ouch.
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Here are the top Anti-Financial Crime and AML stories so far this week:
TOP OF THE CLASS: EUROPEAN countries and New Zealand comprise the Top 10 countries in the Basel Institute AML Index.
On the other end of the scale, the bottom 10 are dominated by African countries along with Haiti, Myanmar and Cambodia.
Under the Basel AML Index, countries are assessed under 18 indicators including the quality of their AML/CFT Framework, their Corruption and Bribery Risk, Financial Transparency and Standards, Public Transparency and Accountability and Political and Legal Risk.
Read the rankings here: European countries come out top of Basel AML Index as Congo ranked bottom of list
POTENTIAL INVESTIGATION: The Deputy Prime Minister of the United Arab Emirates and owner of Manchester City Football Club, Sheikh Mansour bin Zayed Al Nahyan, could face an investigation for allegedly assisting Russian Oligarchs from evading sanctions.
Sheikh Mansour could potentially face an investigation by the UK’s Foreign Office over his dealings with former Chelsea owner Roman Abramovich and other high-profile Russian billionaires.
The Telegraph reports that a legal submission by international criminal lawyers, Rhys Davies and Ben Keith, on behalf of a Ukrainian activist to the Foreign Secretary described Sheikh Mansour as being “central” to the flow of sanctioned Russian assets to the UAE since the invasion of Ukraine earlier this year.
Find the story here: UAE Deputy PM & Man City owner could face investigation over allegedly helping Oligarchs evade sanctions
KARDASI-COINS: Reality TV star Kim Kardashian has been hit with a $1.26M fine for promoting a crypto currency without stating she was being paid by the company.
Kardashian agreed to settle charges filed against her from the Securities and Exchange Commission (SEC) for pitching the crypto asset security offered by EthereumMax on social media. She never declared she received payment to promote the currency and influence her massive social fan base.
In a statement, the SEC’s order revealed Ms Kardashian “violated the anti-touting provision of the federal securities laws”.
Read the story here: SEC hits Kim Kardashian with $1.26M fine for promoting crypto and failing to disclose she was paid to influence
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SUPREME COURT: The United States (US) Supreme Court has accepted Turkish state-owned lender, Halkbank’s filed request on Monday which seeks relief from charges of money laundering, bank fraud and conspiracy for allegedly helping Iran evade sanctions.
The case has strained ties between the United States and its NATO ally Turkey, according to Reuters.
Read the story here: US Supreme Court accepts Turkish state lender’s hearing appeal
ROMANCE FRAUD SCAM: A United States (US) District Court sentenced a man on Monday to 25 years in prison for laundering millions of dollars from online fraud, including scamming vulnerable people on dating sites.
Earlier this year, Elvis Eghosa Ogiekpolor from Georgia was found guilty of conspiracy and money laundering charges, according to The Washington Post.
Find the story here: Man sentenced to 25 years in prison for $9.6M (€9.5M) romance fraud scam
AML BREACHES: The Hong Kong Monetary Authority (HKMA) fined the Cathay United Bank Company Limited, Hong Kong branch HK$11M (€1.4M) on September 23 for breaches under the country's Anti-Money Laundering (AML) and Counter-Terrorist Financing Ordinance (AMLO) regulations.
In a statement, the HKMA revealed the disciplinary action followed an “on-site examination” and further examination of CUBHK’s systems and controls for compliance with the AMLO.
Read the story here: HKMA Hong Kong fines Cathay United Bank Company HK$11M (€1.4M) for AML breaches
RESORTS BOSS BUSTED: The Chairman of a luxury resorts business has been jailed for 12 years for his role in a £226M (€256M) fraud.
David Ames, who fraudulently abused his position as Chairman of Harlequin Resorts, exposed over 8,000 investors to huge losses over a five-year period, according to the Serious Fraud Office.
Find the story here: Luxury resorts boss behind £226M (€256M) fraud sentenced to 12 years in prison
SA PRESIDENT'S WOES: The President of South Africa, Cyril Ramaphosa, has denied all accusations of money laundering.
It comes after he faced questioning from lawmakers after he was accused of illegally holding around $4M in cash at his game ranch in the north of the country.
Read the story here: South African President denies allegations of money laundering
REGISTRATION REVERTED: A virtual asset service provider in France has had its registration cancelled by the country’s financial watchdog, following an on-site inspection.
The Autorité des Marchés Financiers (AMF) announced it would withdraw the registration of BYKEPS SAS with immediate effect.
Find the full story here: French regulator withdraws crypto firm’s registration following on-site inspection
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