What is Money Laundering? The Three Stages in Money Laundering…

Money Laundering is the process of taking ‘dirty’ funds and converting it into ‘clean’ funds. ‘Dirty funds’ are criminally-derived proceeds which are then converted into other assets so that they can be reintroduced into legitimate commerce in order to conceal their true origin or ownership – ‘clean funds’ There are […] Continue Reading »

Illicit Financial Flows – What are Illicit Financial Flows IFFs?

Illicit financial flows are the cross-border movement of money that is illegally earned, transferred, or utilized. Illicit financial flows (IFFs) generally involve the transfer of money earned through illegal activities such as corruption, transactions involving contraband goods, criminal activities, and efforts to shelter wealth from a country’s tax authorities. According […] Continue Reading »

New Zealand – Know Your Customer (KYC) Rules

  New Zealand is not a major regional or offshore financial center. Money laundering cases are infrequent in New Zealand. However, authorities note that it is difficult to estimate the extent of money laundering activities, since every serious crime that generates proceeds could lead to a money laundering offense. Money […] Continue Reading »

Mongolia – Know Your Customer (KYC) Rules

  Mongolia is not a regional financial center. There are few financial and economic crimes, although numbers have increased in the last five years. Mongolia is vulnerable to low-grade transnational crime due to the growth in tourism, investment, and remittances from abroad, but the overall rate of these crimes has […] Continue Reading »

Kazakhstan – Know Your Customer (KYC) Rules

  Kazakhstan is not a regional financial center, but has the most developed financial system in the Central Asia region. Governmental corruption, an organized crime presence and a large shadow economy make the country vulnerable to money laundering and terrorist finance. The major sources of laundered proceeds stem from corruption, […] Continue Reading »

C6 Intelligence sees 300% increase in Enhanced Due Diligence (EDD) Reports

London, UK –  C6 Intelligence Information Systems has seen a three-fold increase in its Enhanced Due Diligence (EDD) operation in the past 12 months and predicts further substantial growth in 2013. Enhanced Due Diligence (EDD) is the process of revalidation of a customer’s identity, their companies and relationships, and analysis of […] Continue Reading »

Cyprus – Know Your Customer (KYC) Rules

  Since 1974, Cyprus has been divided de facto into the government-controlled two-thirds of the island and the Turkish Cypriot-administered one-third. The Government of the Republic of Cyprus (ROC) has continued to be the only internationally recognized authority; in practice, its authority extends only to the government-controlled area. In 1983, […] Continue Reading »

Gibraltar – Know Your Customer (KYC) Rules

  Gibraltar, an overseas territory of the United Kingdom (UK), is part of the European Union. A November 2006 referendum resulted in constitutional reforms transferring powers exercised by the UK government to Gibraltar. Gibraltar has an international financial center which is small internationally, but large in comparison to its domestic […] Continue Reading »

Malta – Know Your Customer (KYC) Rules

  Malta is not a regional financial center. Malta‘s location between North Africa and Italy makes it a transit point for narcotics and human trafficking to Europe. Incidents of fraud, forgery, and embezzlement are also a concern. KNOW-YOUR-CUSTOMER (KYC) RULES:   Enhanced due diligence procedures for PEPs:   A PEP is an […] Continue Reading »

Kosovo – Know Your Customer (KYC) Rules

  Kosovo is not considered a regional financial or offshore center. The country has porous borders which facilitates an active black market for smuggled consumer goods and pirated products. According to the Customs Service, significant amounts of cigarettes and fuel are smuggled into the country. Kosovo is a transit point […] Continue Reading »