Fighting terrorism the FATF way.
An effective counterterrorist strategy must reflect the adaptive and transnational nature of terrorism. The challenge presented to lead organizations in the fight against terrorism is assessing threats and understanding terrorist group behavior with the goal to structure and implement an effective transnational response. The fight to capture and shut...

Republic Bank Ltd, a Leading Caribbean Bank, Selects Fortent's End-to-End Anti-Money Laundering Compliance Solution.
NEW YORK, December 3 /PRNewswire/ -- Risk and compliance specialist Fortent announced today that Republic Bank Limited, a leading Caribbean financial services group, has selected Fortent's complete financial crimes and anti-money laundering (AML) technology solution including transaction monitoring, Know Your Customer (KYC) and case management for implementation throughout the...

A brave new world: recent developments in anti-money laundering and related litigation traps for the unwary in international trust matters.
I. INTRODUCTION In 1998, governments and international organizations continued their active efforts to increase regulatory and criminal enforcement of various laws to stem the tide of transnational crime. These efforts were reflected in the criminalization of various business and financial transactions, the imposition of new due diligence...

Cleaning up anti-money laundering strategies: current FATF tactics needlessly violate international law *.
I. INTRODUCTION In recent months, the war against money laundering (1) has reached a crisis point. Especially after the events of September 11, 2001, the critical, if unwitting, role financial institutions play in assisting terrorist organizations to achieve their goals has gained prominence. (2) Though public attention...

Data protection conflicts between the United States and the European Union in the war on terror: lessons learned from the existing system of financial information exchange.
INTRODUCTION In the middle of 2006, two significant issues, both involving privacy and specifically data protection, came to the forefront of U.S. efforts in the War on Terror. First, in May 2006, the European Court of Justice (ECJ) annulled an agreement between the United States and the...

Combating the new generation of money laundering: regulations and agencies in the battle of compliance, avoidance, and prosecution in a post-September 11 world.
"[T]he first steps to reversing their recent dramatic gains must be to ... treat these conflicts not as law enforcement problems but as a new global trend that shapes the world as much as confrontations between nation-states did in the past. Customs officials, police officers, lawyers, and judges alone...

Drug Trafficking & Money Laundering.
The trade in illicit drugs is estimated to be worth $400 billion a year, or 8% of all international trade. In order to invest the profits of their illicit activities and avoid having their assets seized by the government, drug traffickers must transform the monetary proceeds from their criminal...

House reopens with vital bills to be discussed.
Plenary deliberations on the contentious reproductive health policy and the bill seeking to amend anew the Anti-Money Laundering Law will resume when Congress sessions reopen this afternoon after a long Christmas break. House Speaker Prospero C. Nograles said he expects the bicameral committee to submit its report...

Speaking Out.
TO say that pawnshops have mushroomed in the Philippines is probably an understatement. In fact, the Bangko Sentral ng Pilipinas has identified a total of 13,864 pawnshops operating in different areas of the country as of last year. This is nothing surprising. Pawnbroking can be traced back...

Fertilizer fund probe resumes.
The Senate Blue Ribbon Committee will give alleged runner Jaime Paule a chance to negate the accusations against him at the panel's resumption of the inquiry on the multi-million fertilizer fund controversy today. Sen. Richard J. Gordon, chairman of the committee, said the panel is expecting Paule...