Tweet The key issue at the International Conference on Peace and Security in Iraq today was terrorist financing – how the ISIS got to be financed thus far and how to disrupt its financing. The Conference, convened by the President of France and of Iraq, was convened to discuss ways to deal with the growing threat […]
Tweet Banks and financial institutions around the world are closely watching the Linde v. Arab Bank case unfold in New York City. It’s the first civil trial against a bank for alleged violations of the AntiTerrorism Act of 1990 (“ATA“), 18 USC 2331. The litigation seeks to hold the Arab Bank, a third party, liable for injuries resulting from acts […]
Tweet According to this article in the New York Times, governments of the European Union have paid at least $125 million to terrorist organizations, mostly Al Qaeda, since 2008 and $66 million of that was paid last year. The US Treasury Department estimates the figure is closer to $165 million and believes that ransom payments […]
Tweet Listed terrorist group takes over energy infrastructure The Security Council of the United Nations today called on its members not to engage in financial or commercial transactions with listed terrorist groups, in particular involving the sale of oil from Syria or Iraq that would involve the financing of terrorism. Anti-terrorism and sanctions laws In […]
Tweet UAE debates tougher AML laws The United Arab Emirates is proposing amendments to its anti-money laundering legislation that, if approved, may be one of the most stringent anywhere. That’ s because it will allow the incarceration of officers for failures to report transactions suspected of involving money laundering or terrorist financing without a due […]
Tweet US Treasury Undersecretary for Terrorism on Bitcoin, Banks, AML and Regulation The US Treasury Undersecretary for Terrorism and Financial Intelligence, David S. Cohen, discussed the risks of digital currencies and Bitcoin in a Bloomberg talk in New York City today. Mr. Cohen said the regulation of Bitcoin coming down the pipe may require financial […]
Tweet Federal government to regulate bitcoin and other digital currencies As was widely anticipated, the federal government announced today that it will amend federal legislation to require the regulation of digital currencies like bitcoin in order to eliminate the potential risks of digital currencies being used for terrorist financing and money laundering. Interestingly, the proposed […]
Tweet Canada is among a handful of countries where the diamond industry is being used for money laundering and terrorist financing, according to a report by a global financial crime body. The report by the Financial Action Task Force, a Paris-based global body that sets standards to combat money laundering and terrorist financing, says that […]
Tweet The independent reviewer of the U.K.’s terrorism legislation has released his latest report (the “Report“) highlighting terrorism developments over the last 12 months in the U.K. Some interesting parts of the Report are as follows: Terrorist acts targeted against Jewish people According to the Report, there were several terrorist incidents in the U.K. principally […]
Tweet The Auditor General of Canada, Michael Ferguson, released his Spring 2013 Report (the “Report“) today and among the key findings, found that $3.1 billion in funding to programs to combat terrorism in Canada is unaccounted for. Moreover, the Report found that some of the $12.9 billion approved for fighting terrorism in Canada went to pay […]