Tag: aml

AI, Geopolitics, Middle East

Iraqi Banks Used U.S.-Created System to Funnel Funds to Iran

Colin Henderson

New York Fed’s process to move Baghdad’s oil earnings lacked key money-laundering safeguards, resulting in illicit transfers that financed terrorist groups for years David S. CloudSept. 8, 2024 at 9:00 pm ET His three Baghdad banks wired tens of billions of dollars in that time outside the country, ostensibly for car parts, furniture and other imports. He was one of the biggest operators in an ad hoc banking system set up around two decades ago under the U.S. occupation that gave the Federal Reserve Bank of New York a key role in processing Iraq’s international transactions.  Years later, when the … Continue reading Iraqi Banks Used U.S.-Created System to Funnel Funds to Iran

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Government of Canada releases National Inherent Risk Assessment

Colin Henderson

The NIRA provides an overview of money laundering and terrorist financing risks posed to various business types and sectors before the application of mitigation measures. Its also the first AML/ATF Regime Strategy published by Canada and demonstrates the importance of public accountability and transparency to the success of the Regime. The report contains priorities grouped under the following four themes: Increasing operational effectiveness; Addressing legislative and regulatory gaps; Improving Regime governance and coordination; and Contributing to international community efforts to combat money laundering and terrorist financing. Thank you Josep Dixon FINTRAC for the notification of the release- LinkedIn Executive Summary … Continue reading Government of Canada releases National Inherent Risk Assessment