Perspectives of an ex Federal Prosecutor who is familiar with Mossack Fonseca on likely responses of Australian authorities (ATO, AFP) to the Panama Papers.
Australia has recently undergone a Financial Action Task Force (FATF) evaluation. A recent Radio National program considers AUSTRAC’s emphasis on education rather than regulation and enforcement and analyses its effectiveness.
U.S. Presses St. Kitts to Better Monitor Its Citizenship Program
The hypothetical scenario I detailed in my blog post of 3 May 2014 bears similarity to the situation currently playing out between the United States government, various sanctioned banks including in Iran and the tiny Caribbean nation of St Kitts and Nevis.
For more information see The Wall Street Journal article “U.S. Presses St. Kitts to Better Monitor Its Citizenship Program”.
Are you prepared for the new AML/CTF compliance obligations? Click to read more.
This is a useful summary of changes to the customer due diligence requirements of the AML/CTF Rules.
The changes come into effect from 1 June 2014 however an implementation period applies until 1 January 2015.
In addition to civil penalties, failure to report a suspicious matter can also expose a reporting entity to a criminal prosecution for money laundering.