Tag Archives: money laundering

How Tesla Prevents Corruption

Recently while researching material for one of my anti-money laundering (AML) training courses, I came across the 5 page anti-corruption policy of Tesla, the electric car company. It states in bold print…. ‘Boiled down to its essence, our policy is: Don’t offer any bribe to anybody, anytime, for any reason.’ Tesla’s brief and to the… Read More

Don’t Be a Money Mule

The term money mule refers to the transfer of illegally obtained funds between bank accounts on behalf of others. According to a recent report by FraudSMART in the first 6 months of 2021 alone, over 700 ‘money mule’ transactions totalling €5 million moved through several bank accounts. The majority of these cases involved accounts belonging… Read More

In excess of 100 companies registered at Dublin family home

A recent article by the Independent revealed that a Rathfarnham family home address had been used in the registration of over 100 companies. See the full article here. The article reports that two tenants resident at the address, had use the owner’s address without his knowledge.  This highlights a major weakness in the CRO’s procedures… Read More

The New AML Regulator for Europe

The European Union has for some time, been trying to work out how best to combat financial crime that impacts EU finances. Formally launched on 1 June this year, a new office, the European Public Prosecutor’s Office (EPPO) has been created. It was first established in 2017 with powers to investigate and prosecute crimes against… Read More

Beneficial Ownership – more consistency needed in the EU

In a May 2021 report by Transparency International (TI) called ‘Access Denied? Availability and Accessibility of Beneficial Ownership Data in The European Union’ the authors explain how the great majority of countries across the European Union (24 out of 27) have a private central beneficial ownership information register in place. The three that do not… Read More

Low Levels of Suspicious Transaction Reports

According to statistics quoted by Chartered Accountants Ireland recently, there are over 2,100 entities registered to make reports on the GoAML website of the Garda Síochana. This is one of the two websites where anti-money laundering (AML) reports must be made in Ireland. The other being the Revenue Commissioners www.ros.ie website. However the surprising aspect… Read More

Oops Non-Compliance

In last week’s blog we alerted readers to the first of the two types of anomaly that ‘designated persons’ are obliged to notify to the relevant registration authority: A discrepancy – there is an error on the Beneficial ownership Register; or Non-compliance – the Beneficial Ownership details on the register are blank (we believe this… Read More

Don’t tell me about Discrepancies

In last week’s blog we alerted readers to the two types of anomaly that can occur on the Register of Beneficial Ownership: A discrepancy – there is an error on the Beneficial ownership Register; or Non-compliance – the Beneficial Ownership details on the register are blank (we believe this to be the case for approximately… Read More

Are you the Beneficial Owner?

The Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021 contains the latest list of new responsibilities on ‘designated persons’ (accountants among others) to corroborate the beneficial ownership details of client entities being taken on. Incidentally, the Law Reform Commission has published the consolidated version of this legislation and its available at this… Read More

Money Laundering Crimes up over 100%

A recent The Irish Times report shows that recorded money laundering crimes more than doubled since the start of Covid-19 compared to the previous year. 524 money-laundering crimes were recorded in 2020, up from 234 in 2019. There were only 83 money laundering offences reported in 2018, and less than 50 a year between 2012… Read More