Hawala and money laundering features in human trafficking court case, van der Molen for ‘European Anti-Financial Crime Summit 2024’ and much more...
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A COURT case in the UK this week heard how the Hawala method of financing played a big role in money laundering and human trafficking. An Iranian unregistered Hawaladar, Asghar Gheshlaghian (48) was jailed for eight years for running a network of bankers laundering the profits of trafficking. He acted as a trusted middleman, accepting payments from migrants or their families, and then releasing money to the criminal gangs following the completion of their journeys to the UK, charging a commission at the same time. Gheshlaghian, who operated a rug company as a front for his money laundering activities, was arrested by NCA officers in February 2021 based on a wealth of evidence built up during a two-year investigation.
In Switzerland's financial regulator, Finma, has announced Stefan Walter , the outgoing director of the European Central Bank (ECB),as it new Chief Executive Officer (CEO).
This week it was announced Jaap van der Molen , Managing Director, Head Detecting Financing Crime at ABN AMRO Bank is to speak at ‘European Anti-Financial Crime Summit 2024’ in Dublin on May 16 next. Jaap is current the Head of the Detecting Financial Crime (DFC) unit, which is ABN AMRO Bank’s 1LOD centre of excellence for financial crime risk management. The DFC unit maintains and executes the standards, systems and operations for all financial crime risk management processes. Jaap joined ABN AMRO Bank as their Global Head, AML & Sanctions in April 2021. Prior to that he was with Standard Chartered Bank for a over seven years where he worked in the Financial Crime Surveillance (screening & monitoring) unit based out of London, and prior to that as Head of Retail Financial Crime Compliance based in Singapore. Prior to Standard Chartered, Jaap worked at ING Bank in various financial crime compliance capacities. All in all, Jaap has over 25 years of experience in the financial services industry, of which over 15 years in the AML / CTF domain.
It was also revealed Eurogroup President Paschal Donohoe is to officially open the 'European Anti-Financial Crime Summit 2024' in Dublin, Ireland on May 16. As the leader of the Finance Ministers group in the Eurozone, Mr Donohoe is one of the most influential figures in the global financial system. He will speak about Europe’s new AML Authority (AMLA), expectations of Europe’s banks and the health of the European economy.
The stellar line-up of speakers are drawn from across the EU, UK and US. The summit – being held at the RDS Convention Centre in central Dublin - will discuss the most topical issues facing Chief Compliance Officers, MLROs, FCC and AFC teams in Banking, Fintech, FSIs and Gaming.
The four main Plenary sessions at EAFCS2024 will discuss:
Delegates are drawn from across the globe and include leading Chief Compliance Officers, MLROs and Sanctions teams from right across the FSI, Banking, Fintech, Technology, Regulators and International Law Enforcement. There is still an opportunity to avail of the Early Bird ticket price. REGISTER HERE: European Anti-Financial Crime Summit 2024
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Speaking of Dublin, this week corporate Ireland backed the government’s bid to lure Europe’s new AML Authority (AMLA) to Dublin. Ibec – the group which represents Ireland’s major corporations including big tech, banking, fintech and pharmaceuticals, made a strong push for the country to host the new Anti-Money Laundering Authority (AMLA). The country’s Minister for Finance Michael McGrath , European Ambassadors to Ireland and the wider business community to an event in Dublin discuss Ireland’s credentials to host the authority.
Minister McGrath emphasized to the gathering the importance of the process of picking the location for AMLA concluding prior to the wind down of the current European Parliament. He said Ireland was “ideally suited”“ to hosting AMLA given its position as a ”large independent globally interconnected financial centre” and a recognised technology hub, the finance minister has said. The Irish finance minister added that Ireland wanted to take its EU contribution “to the next level” by helping to build out a major institution such as AMLA in Ireland.
On Wednesday meanwhile we reported that February 22 next is D-Day (Decision-Day) for the location of Europe’s new AML Authority. MEPs and EU national governments meet on the 22nd to vote on the location. As a precursor, MEPs and representatives of national governments will question the nine bidding cities at hearings at the European Parliament on Tuesday next.
Authorities in the UK have said they will not decide until next year at the earliest on whether to go ahead with a state-backed digital pound that would provide an alternative to payments operated by banks and technology companies. The Bank of England and Britain's finance ministry said they would continue preparatory work following a public consultation which drew 50,000 responses, many raising privacy concerns.
In the stranger than fiction category it was revealed the United Nations has opene a Russian bank account. The UN said it opened the bank account in 2022 as Western sanctions complicated the use of normal payment channels . The organisation also said it had received membership fees from three Russian banks to a U.N. climate funding programme. Sovcombank, one of Russia's 13 most important credit institutions according to the central bank, said the U.N. had opened an account with an undisclosed, non-sanctioned Russian lender, to allow for transactions in roubles.
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THIS IS YOUR END OF WEEK NEWS DIGEST:
HAWALA STORY HERE: Britain’s National Crime Agency has sentenced a man to eight years in prison for laundering money from people smuggling networks. In a statement, the #NCA revealed that Iranian Asghar Gheshalghian was convicted last week of “running an unregistered money services business from an office block in Wood Green, as part of a network of bankers transferring money using the Hawala system.” “He acted as a trusted middleman, accepting payments from migrants or their families, and then releasing money to the criminal gangs following the completion of their journeys to the UK, charging a commission at the same time,” they added.
CORPORATE IRELAND BACKS BID FOR AMLA: CORPORATE Ireland this week backed the government’s bid to lure Europe’s new #AML Authority (#AMLA) to Dublin. #Ibec – the group which represents Ireland’s major corporations including big tech, banking, fintech and pharmaceuticals, made a strong push for the country to host the new authority.
SUMMIT HEADLINER: EUROGROUP President Paschal Donohoe is to officially open the ‘European Anti-Financial Crime Summit 2024’ taking place in Dublin on May 16 next. Mr Donohoe is president of the Finance Ministers grouping across the Eurozone and one of the most influential figures in the EU economy. He joins a stellar line-up of speakers from across the EU, UK and US who will discuss the most topical issues facing Chief Compliance Officers, #MLROs, #FCC and #AFC teams in #Banking, #Fintech, FSIs and #Gaming. Read the story here: Eurogroup President Paschal Donohoe to officially open ‘European Anti-Financial Crime Summit 2024’ on May 16
UK LEFT UNDECIDED: British authorities will not decide until next year at the earliest on whether to go ahead with a state-backed digital pound that would provide an alternative to payments operated by banks and technology companies. The Bank of England and Britain's finance ministry said they would continue preparatory work following a public consultation which drew 50,000 responses, many raising privacy concerns."No final decision has been made to pursue a digital pound - also called a central bank digital currency," the BoE and finance ministry said in a joint statement.
ENABLING CLIMATE PAYMENTS AMID SANCTIONS: The United Nations said it opened a Russian bank account in 2022 as Western sanctions complicated the use of normal payment channels and has received membership fees from three Russian banks to a U.N. climate funding programme since then. Sovcombank, one of Russia's 13 most important credit institutions according to the central bank, on Monday said the U.N. had opened an account with an undisclosed, non-sanctioned Russian lender, to allow for transactions in roubles. "There has been a Russian bank account opened by the U.N. Secretariat, consistent with our policy to assist all member states to pay their assessed contributions, failing which they lose their right to vote," a U.N. spokesperson said.
FINMA'S NEW CEO: Switzerland's financial regulator, #Finma, has announced the appointment of Stefan Walter, the outgoing director of the European Central Bank (ECB), as its new Chief Executive Officer (CEO). Hailing from Germany and currently overseeing risk supervision at the ECB, Walter is set to assume his role at Finma in early April, according to The Financial Times. Walter is expected to navigate Finma through a period of significant changes in the wake of the failure of one of Switzerland's major banks in March last year.
BIG BILLS: Cryptocurrency lender #Nexo is seeking $3 billion in damages from Bulgaria over an aborted criminal investigation that the company alleges scuppered its plans for a U.S. stock market listing and a soccer sponsorship deal, legal filings seen by Reuters show. Nexo AG, a Swiss unit of Cayman Islands-based Nexo Capital, alleges the investigation tarnished its reputation and destroyed shareholder value, according to a document filed with the World Bank's International Centre for Settlement of Investment Disputes (ICSID).
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