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AUSTRAC strengthens ties with UK to combat financial crime

AUSTRAC cements partnerships with UK; Thailand focuses on wildlife crime; roundtable discussions on global sanctions; and a Russian warlord passes AML checks with ease.

Napier AI
February 24, 2023

UK regulators sign new memorandums of understanding with AUSTRAC to cement the fight against financial crime; in Thailand, the focus on wildlife crimes and exploitation grows as a convicted poacher goes on the run; compliance professionals around the world urge vigilance in the challenging sanctions landscape; and the role London plays as a hub for financial crimes is exposed.

Read more on these stories below:

AUSTRAC strengthens ties with UK regulators to combat financial crime

Australia's financial regulator and intelligence agency AUSTRAC has signed Memoranda of Understanding with the United Kingdom's Financial Conduct Authority and His Majesty’s Revenue and Customs (HMRC) to enhance regulatory information exchange and operational collaboration in the fight against money laundering, terrorism financing, and other serious crimes.  

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Thai wildlife poaching kingpin on the run after sentencing

Bach "Boonchai" Mai, a notorious wildlife trafficker recently sentenced to five years in prison by a Thai court, is on the run. Legal experts say that punishing high-level wildlife traffickers and seizing their assets is a critical strategy for dismantling criminal organisations involved in wildlife trafficking.

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Expert take on sanctions compliance

A recent roundtable discussion hosted by Financier Worldwide explores the challenges faced by companies and government agencies in navigating the complex landscape of international sanctions compliance and enforcement. The discussion covers the importance of having a comprehensive sanctions compliance programme, the impact of technology on sanctions enforcement, and the need for cooperation and coordination between government agencies and the private sector.

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Russian warlord circumvents AML checks using mother’s utility bills

In an ‘outrageous’ scrutiny failure, a London based law firm checks Russian warlord Yevgheny Prigozhin’s identity using his mother’s gas bill. The Wagner gang boss has been accused of being involved in human right abuses, mass executions, and rape and is on the FBI’s wanted list.  

Read more here  

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Photo by Milad Fakurian on Unsplash

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