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Is money laundering endemic and unstoppable?

In our post yesterday We are losing the battle against fraud = more new regulations and procedures on fraud, we wrote about how new regulations are inevitable as we are losing the war against fraud. Today’s report from the Wall Street Journal Risk & Compliance Journal show how endemic money laundering is world-wide:

  • Scam artists in China give money laundering new meaning. (SCMP)
  • A Thai actress appeared in court on a money-laundering case. (Bangkok Post)
  • Indonesia may join the FATF. Laos left the body’s “gray list.” (Jakarta Globe, Xinhua)
  • A Spanish judge denied bail to a former soccer club president awaiting trial on money-laundering charges. Two Cayman soccer officials were arrested on money-laundering charges. (AP, TeleSUR, Jamaica Gleaner)
  • The new Filipino central bank chief prioritized money-laundering amendments. (UNTV)
  • Brazil arrested a drug lord who was on the lam for 30 years and who used plastic surgery to evade authorities. (OCCRP)
  • A Nigerian court admitted evidence in a governor’s money-laundering trial. (Sahara Reporters)
  • Banks in Rwanda received tips on fighting money laundering from a U.S. expert. (New Times)
  • European anti-money laundering experts are visiting Cyprus. (Famagusta Gazette)
  • A fresh warrant was issued for a Pakistani model in a money-laundering case. (FE)
  • De-listed shell companies in India face a money-laundering probe. Meanwhile, Indian authorities continue their work on money-laundering cases. (The Hindu, PTI, IANS, Hindustan Times, PTI)

(Source and copyright: Wall Street Journal.)


CTMfile take: As we wrote yesterday, expect more AML regulations and technologies. It is not going to be easy or pretty, as the global community overcomes money laundering which is neither endemic or unstoppable.

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