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The concept of a risk-based approach (RBA) has become the cornerstone of financial crime compliance globally. Unlike rule-based frameworks, an RBA prioritises resources and actions based on the relative level of risk a business or customer presents. This dynamic approach is essential in an era where financial crime threats are continuously evolving. This article explores…

Trust and Company Service Providers (TCSPs) play a vital role in corporate structuring, estate planning, and financial administration, offering legitimate services to businesses and individuals worldwide. However, their ability to set up and manage trusts, shell companies, and offshore entities also makes them a prime target for organised criminals seeking to launder illicit funds. Several…

Trust and Company Service Providers (TCSPs) play a crucial role in facilitating legitimate business activities by setting up companies, managing trusts, and providing financial administration services. However, their ability to establish and manage corporate structures, combined with privacy protections and international financial networks, makes them a prime target for organised criminals seeking to launder illicit…

Accounting professionals play a crucial role in financial management, compliance, and advisory services for businesses and individuals. However, their access to sensitive financial information and ability to legitimise transactions make them attractive targets for organised criminals seeking to launder illicit funds. Criminal organisations exploit accounting firms, auditors, and financial consultants to disguise the origins of…

Introduction Human trafficking and money laundering are interconnected crimes that thrive on exploitation and the misuse of financial systems. Human trafficking generates billions of dollars in illicit profits annually, much of which is laundered to integrate the proceeds into the legitimate economy. Addressing this nexus is critical to dismantling trafficking networks and protecting vulnerable populations.…

Introduction Terrorism financing (TF) poses a significant threat to global security, particularly in fragile and conflict-affected states. These states often struggle with weak governance, porous borders, and limited resources, making them vulnerable to exploitation by terrorist networks. Addressing legislative weaknesses is critical to combating TF in these environments. This article explores the challenges faced by…

IntroductionAs financial crimes become increasingly complex and cross-border in nature, governments are exploring ways to enhance the efficiency and effectiveness of anti-money laundering (AML) and counter-terrorism financing (CTF) efforts. One emerging trend is the consolidation of AML/CTF functions into centralised authorities, tasked with oversight, enforcement, and coordination across jurisdictions. While centralisation offers opportunities to streamline…

IntroductionCombating money laundering (ML) and terrorism financing (TF) requires collaboration between governments, financial institutions, and private organisations. Public-private partnerships (PPPs) are pivotal in this fight, fostering the sharing of intelligence, expertise, and resources. By aligning legislative frameworks with operational needs, PPPs create a more coordinated approach to detecting and disrupting financial crime. This article explores…

IntroductionBeneficial ownership registers have emerged as a powerful tool in the fight against financial crime, including money laundering (ML), terrorism financing (TF), and tax evasion. These registers provide transparency by identifying the individuals who ultimately own or control companies, trusts, and other legal entities. By reducing anonymity, beneficial ownership registers help regulators, financial institutions, and…