In conversation with Mark Nuttall, Hill & Associates Limited
Reasons for low rate of conviction or asset confiscation related to money laundering and terrorist financing crime
Challenges faced by AML/CFT ecosystem because of crime becoming increasingly multinational
Ways in which AML/CFT stakeholders can become better engaged with combating crimes like human trafficking, wildlife trafficking and other environmental crimes
Increasing efficiency in international cooperation and need for rationalization in the existing cooperation mechanisms
Information sharing with the Law Enforcement Agencies (LEAs)
Impact of Covid-19 on the money laundering and terrorist financing landscape and cyber crime
In conversation with Dr. Christian Kaunert, International Centre for Policing and Security
International co-operation around countering terrorism and commonalities in the counter terrorism approaches across various geographies
Success of economic sanctions to combat terrorist
Role of international organizations, like the FATF, in influencing country’s policies and procedures or setting standards and their implementation by organizations
Emerging typologies of terrorism financing as a result of Covid-19 pandemic
Role of banks and other financial institutions in fighting terrorism
In conversation with Diphat Tembo, Financial Intelligence Centre, Zambia
The Financial Intelligence Centre (FIC), which functions as the Financial Intelligence Unit (FIU) of Zambia
Summary of the country’s level of compliance with the FATF Recommendations and the effectiveness of Zambia’s AML/CFT system, as well as follow up work that has taken place on strengthening the system based on the last mutual evaluation
Key highlights from the FIC’s Annual Trends Report
Practical difficulties that banks and other reporting entities in Zambia face while complying with regulatory reporting requirements and implementation of the right AML frameworks in their institutions
Thoughts on whether the FATF process for mutual evaluation and ranking of countries is democratic
FIC’s expectations from banks, financial institutions and other reporting entities in the country to ensure that AML/CFT compliance improves in Zambia
In conversation with George Pearmain, Government of Jersey
The key highlights, findings and recommendations of the recent National Risk Assessment (NRA) that will be useful in other countries gaining a better understanding of the threats and vulnerabilities facing Jersey
Managing the risk of international finance centres (IFC) facing being used either as placement centres or as transit points for large funds related to money laundering or corruption
Impact of the NRA on revision or formation of regulations and laws related to financial crime compliance for various sectors
Differences in running n NRA for an IFC, as compared to a ‘mainstream’ jurisdiction and critical success factors for a successful NRA.
Learnings from her long career spanning regulation, advisory and law enforcement
The ‘tone from the top’, building a culture of AML/CFT compliance, and reinforcing this across levels within the organisation
Understanding where the breakdown in compliance usually happens
The challenges that regulators are facing and what might be required to create a more effective system bearing in mind recent incidents such as the FINCEN leaks
Systemic deficiencies caused by current regulatory approaches at financial intelligence units and possible solutions
Best practices that banks and other reporting entities should follow when dealing with regulators and law enforcement agencies
Advice to the compliance community to ensure that they can still be effective and efficient at their jobs.
In conversation with Daniel Thelesklaf, AML/CFT and Anti-Corruption Expert
Top expectations from banks and other reporting entities and the regional evolution AML/CFT
Regulatory arbitrage exploited by money launderers due to differences in regulatory/compliance maturity amongst nations and discussion on specific areas of international co-operation that might result in more consistency in AML frameworks applied across the globe
Scope for improvement in effective implementation of global standards, and whether the FATF process for mutual evaluations is democratic
Thoughts on modern slavery and the Liechtenstein initiative
Challenges that come up while setting up public private partnerships, realistic expectations and best practices
Advice to compliance officers in reporting entities to deal with the currently volatile regulatory, political and social environment
In conversation with Tanya McCartney, Bahamas Financial Services Board
The role and responsibilities of the Bahamas Financial Services Board
The current level of compliance and effectiveness with the FATF Recommendations and the follow up or remediation work that is underway or specific reforms that have been undertaken towards strengthening the integrity of the AML/CFT regime
Whether the FATF process for mutual evaluation and ranking of countries is democratic
Practical difficulties that banks and other reporting entities in The Bahamas face while complying with regulatory reporting requirements and implementation of the right AML frameworks in their institutions
What are regulators doing to play a dual regulatory and developmental role to shepherd the reporting entities to comply better
The position of banks, financial institutions and other types of reporting entities in the country on the increased regulation and efforts to prevent financial crime in The Bahamas.
In conversation with Philip Hunkin, Director - FIU, Isle of Man
Bringing together the financial sector and other reporting entities, both from a regulatory and development point of view
Steps that have been taken to strengthen beneficial ownership controls
Views on imposing penalties
Risk assessment on the impact of COVID-19 in respect of financial crime on the Isle of Man
Experiences around public private partnerships
The critical success factors for Isle of Man in ensuring that risks emanating due to money laundering and terrorist financing are minimised in a sustainable manner
In conversation with Matt Friedman, The Mekong Club
The most challenging aspects of working in the area of countering modern slavery
Changes required in the perception of bank compliance officers to detect suspicious transactions and better preparing banks to implement red flag indicators or conduct due diligence more effectively
The nexus between criminals, politicians and the police
Advice to compliance teams on tangible steps they should take to help stop modern slavery
In Conversation with Duncan Jepson, Liberty Shared
The extent of modern slavery globally, and geo-political issues that have influenced trends over the last decade
The expansion of modern slavery from being a human rights issue to also being a financial crime issue – the causes, milestones and resultant knowledge for the banking community
Advice to banks and regulators doing enough to better identify and report suspicious transactions related to modern slavery
The relation of proceeds of modern slavery to other predicate crimes and indirect impact on national security
Steps to be taken by banks to implement the correct red flag indicators and conduct optimum customer due diligence to identify possible offences in their customers’ supply chain of operations
In Conversation with Sydney Asubo, Financial Intelligence Authority, Uganda
Overview of the FIA, the challenges it faced since it was formed, and how it galvanized the financial sector and other reporting entities / accountable persons together to ensure adequate reporting of suspicious transactions
Key findings of the NRA, its recommendations, and the subsequent progress in the country in terms of policy implementation
Changes in levels of predicate offences over the last few years, both domestic and trans-national
Trends and expectations in quality and quantity of reporting suspicious transactions reports
Is the FATF process for mutual evaluation and ranking of countries democratic, especially since many countries would have fewer resources and therefore should there be different methodologies for countries with differing challenges, so that they are not unfairly positioned on the global financial stage
In Conversation with Dev Odedra, Minerva Strategem Consulting
Why is media portrayal about AML so sparing, despite the wide-ranging impact of money laundering or terrorism on the general public?
How important would it be to improve the media portrayal of AML especially for the purposes of widening the reporting net and extending it to DNFBPs?
How can different stakeholders – banks, financial institutions, regulators, law enforcement agencies, other gatekeepers – leverage the media to increase public awareness?
How would better championing of the role of the AML compliance officer help?
In Conversation with Tom Keatinge, Royal United Services Institute
Understanding changes in the business models of terrorist organisations and organised crime groups due to the pandemic, with increased criminal activity around digital platforms and cyber space;
Recommendation to regulators and banking sector to better understand, identify and mitigate this risk practically and effectively and lessons to be learnt for the future; and
Key findings from recently published RUSI papers on advancing a risk-based response to terrorist financing and the intersection of corruption, terrorism and terrorist financing, to not only raise awareness around these issues but to actually address them.
