AML CFT Risks and Typologies

Lakshmi Kumar and Kaisa de Bel, Global Financial Integrity on U.S. Real Estate Money Laundering

Course Duration: 19 minutes
Course Points: 15

In this Partner Video, Lakshmi Kumar, Policy Director, Global Financial Integrity and Kaisa de Bel, Policy Analyst, Global Financial Integrity present the main highlights of the report on ‘Acres of Money Laundering: Why U.S. Real Estate is a Kleptocrat’s Dream’, which provides a comparative analysis of real estate money laundering regulations in the G7.

This report explores the world of global money laundering and demonstrates the ease with which criminals choose the U.S. real estate market as their preferred destination to hide and launder proceeds from illicit activities.

Lakshmi and Kaisa speak about the main findings of the report and their applicability across other jurisdictions. They discuss likely policy responses from the government and international agencies.

The report uncovers many interesting findings:

  • From cases reported in the last five years, over USD 2.3 billion have been laundered through the real estate sector in the U.S.
  • Real estate money laundering is a problem that spans the entire U.S., and not just the high value markets.
  • Over 80 per cent of the money that is being laundered in the U.S. through the real estate sector came from outside the U.S.
  • Over 50 per cent of the cases involved a Politically Exposed Person (PEP).
  • Almost 37 per cent of the cases involved commercial real estate.
  • The use of anonymous shell companies and complex corporate structures continues to be the number one money laundering typology.

Expert Speak: Panel Discussion on Key APAC Trends and Challenges

Course Duration: 75 minutes
Course Points: 75

This panel discussion took place at the Fintelekt Asia AML/CFT 3rd Annual Summit 2021, held virtually from July 5-9, 2021. This panel was moderated by Arpita Bedekar, Director – Strategy & Planning, Fintelekt Advisory Services. The panelists included Serge Ceniza, First Vice President and Chief Compliance Officer, Philippine Business Bank, Theresa Karunakaran, Former General Manager, Reserve Bank of India, Md. Abdullah Al Mamun, CAMLCO & Head of Vigilance, Dutch-Bangla Bank; and General Secretary – AACOBB Bangladesh and Srinivas Vaman Gollapudi, Joint President and Business Head – Trade Finance and Commercial Operations, Kotak Mahindra Bank.

Expert Speak: Stephen Cutler, Omnipay

Course Duration: 42 minutes
Course Points: 40

Stephen Cutler, Chief Enterprise Risk and Compliance Officer, Omnipay speaks about Mitigating AML Risks in Remittances in this presentation from Fintelekt Asia AML/CFT 3rd Annual Summit 2021, held virtually from July 5-9, 2021.

Conversations: Mark Nuttall, Hill & Associates Limited

Course Duration: 34 minutes
Course Points: 30

In this video from the Fridays with Fintelekt series, Shirish Pathak, Managing Director, Fintelekt Advisory Services is in conversation with Mark Nuttall, Country Manager at Hill & Associates Limited. The conversation covers reasons for low rate of conviction or asset confiscation related to money laundering and terrorist financing crime, challenges faced by AML/CFT ecosystem because of crime becoming increasingly multinational, ways in which AML/CFT stakeholders can become better engaged with combating crimes like human trafficking, wildlife trafficking and other environmental crimes, increasing efficiency in international cooperation and need for rationalization in the existing cooperation mechanisms, information sharing with the Law Enforcement Agencies (LEAs) and impact of Covid-19 on the money laundering and terrorist financing landscape and cyber crime.

Julia Yansura, Global Financial Integrity on The Gold Standard: Addressing Illicit Financial Flows in the Colombian Gold Sector through Greater Transparency

Course Duration: 25 minutes
Course Points: 25

This conversation between Shirish Pathak, Managing Director, Fintelekt Advisory Services and Julia Yansura, Program Manager, Latin America and the Caribbean, Global Financial Integrity (GFI) summarizes the recently launched report by GFI called The Gold Standard: Addressing Illicit Financial Flows in the Colombian Gold Sector through Greater Transparency. The report was launched in collaboration with Cedetrabajo and the Alliance for Responsible Mining.

This report examines illicit gold mining practices in Colombia and its effects on local mining communities, the environment, and trade.

Webinar: Illicit Gold Trade and TBML Policy Options

Course Duration: 51 minutes
Course Points: 50

This two-part webinar series, run by Fintelekt Advisory Services in association with the Global Financial Integrity (GFI), explored issues in gold trafficking as a key money laundering and financing tool for criminal groups and sanctions evasion.  The topic for this webinar is “Illicit Gold Trade and TBML Policy Options” and was aired on October 21, 2020.

This webinar discussed the policy options for the Indian government and the private sector to address the risks of TBML in the illicit gold trade and the effectiveness of ongoing policy measures.

Speakers:
ARPITA BEDEKAR, Director – Strategy & Planning, Fintelekt Advisory Services
LAKSHMI KUMAR, Policy Director, Global Financial Integrity

Webinar: Illicit Gold Trade and Using Trade Data and Financial Tools to Fight Money Laundering and Transnational Organized Crime

Course Duration: 56 minutes
Course Points: 55

This two-part webinar series, run by Fintelekt Advisory Services in association with the Global Financial Integrity (GFI), explored issues in gold trafficking as a key money laundering and financing tool for criminal groups and sanctions evasion.  The topic for this webinar is “Illicit Gold Trade and Using Trade Data and Financial Tools to Fight Money Laundering and Transnational Organized Crime” and was aired on October 14, 2020.

This webinar looked at the use of trade data and other financial tools to examine how the illicit trade in gold can be more effectively understood and tracked. Through a combination of the country and company level export data, the webinar showed investigative techniques to identify TBML risks, as well as other red flag indicators of heightened money laundering risks.

Speakers:
ARPITA BEDEKAR, Director – Strategy & Planning, Fintelekt Advisory Services
LAKSHMI KUMAR, Policy Director, Global Financial Integrity

Expert Speak: Pramod Kumar Dahal, NMB Bank, Nepal

Course Duration: 41 minutes
Course Points: 40

Pramod Kumar Dahal, Chief – AML, CFT, Internal Audit & Company Secretary, NMB Bank speaks about The Progress of the AML/CFT Regime in Nepal in this presentation from Fintelekt’s South Asia AML/CFT 10th Annual Summit 2020 held virtually from December 7-9, 2020.

Expert Speak: Lakshmi Kumar, Global Financial Integrity

Course Duration: 43 minutes
Course Points: 40

Lakshmi Kumar, Policy Director, Global Financial Integrity speaks about Trade-Based Money Laundering including specific typologies in South Asia and trade finance challenges in this presentation from Fintelekt’s South Asia AML/CFT 10th Annual Summit 2020 held virtually from December 7-9, 2020.

Expert Speak: Thinley Dorji, Bank of Bhutan

Course Duration: 9 minutes
Course Points: 5

Thinley Dorji, Head – Risk Management, Compliance & AML/CFT Division, Bank of Bhutan speaks about The Progress of the AML/CFT Regime in Bhutan in this presentation from Fintelekt’s South Asia AML/CFT 10th Annual Summit 2020 held virtually from December 7-9, 2020.

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