Weekly roundup: FATF report examines money-laundering in the gold market, AUSTRAC discovers increased illicit financial flows through Western Australia, World Bank highlights the scale of criminal organisations’ laundering activities in Colombia and more
The Financial Action Task Force (FATF) has released a report detailing more than a dozen cases of how gold could be used to launder money via existing legislative vulnerabilities. The report comes at a time when the financial regulators worldwide are seeing a shift in criminal behaviors in response to anti-money laundering measures.
An Australian Transaction Reports and Analysis Centre (AUSTRAC) investigation has found that criminal gangs were using a number of Western Australian bank branches to launder millions of dollars destined for offshore accounts.
Following recent high-profiles cases, China’s central bank and other government agencies have vowed to increase anti-money laundering efforts. Vice-Governor of the central bank, Guo Qingping, delivered a report outlining further plans following ministerial meetings in Beijing last Friday.
The Unit of Financial Information and Analysis (UIAF) and the World Bank announced last week that criminal organizations in Colombia were profiting to the tune of between $5 and $7 billion (14 to 20 trillion pesos) annually through money laundering. The illegal money laundering industry in the country is suspected to make up between 2-3% of the country’s entire GDP.
And finally, UK Prime Minister David Cameron announced this week that the UK would increase efforts to stem the flow of illicit funds into the UK housing market through offshore money laundering schemes. The announcement follows similar statements by the National Crime Agency (NCA) and HM Treasury, which has already collected almost 150% of last years total taxes from homes owned by overseas corporations in the first three months of the current tax year.
Arachnys weekly update
New sources: 39
Source of the week:
The Department of Treasury Resource Center, the resource center contains an archive of official documents, judgements and notices from policy, sanctions, enforcement and terrorism related matters.