AML Conversations Corruption is a Hot Topic This Week
6 snips
Dec 1, 2023 This week, experts unpack the urgent need for business integrity in rebuilding Ukraine. IRS efforts target holiday charity scams, while new FinCEN initiatives focus on counterterrorism financing. Key insights reveal how cryptocurrency is used by Hamas and the impact of U.S. sanctions. The discussion highlights the IMF's governance framework, stressing how corruption can hinder development loans. Lastly, the connection between corruption, money laundering, and compliance is explored, along with upcoming community education initiatives.
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Charity Scam Awareness
- Be aware of charity-related scams, especially around the holidays.
- Use the IRS database to verify legitimacy before donating.
Increased Counterterrorism Financing Efforts
- Financial Intelligence Units (FIUs) are increasing efforts to combat terrorism financing.
- This involves enhanced intelligence sharing and public-private partnerships.
Hamas and Cryptocurrency
- Hamas is using cryptocurrency for fundraising, prompting increased scrutiny.
- The U.S. Treasury has sanctioned Hamas operatives and issued alerts to financial institutions.