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Why Do Firms Use Places Like The Bahamas As Offshore Financial Centres?

Why Do Firms Use Places Like The Bahamas As Offshore Financial Centres?

In recent years, money laundering schemes have found their way into the spotlight through various news leaks. Specific disclosures from renowned lists have recently exposed various laundering schemes, including the Panama Papers and Wikileaks in 2010. These schemes bring questions to light, like why do US firms use places like the Bahamas as offshore financial centers? This list is known as the Paradise Papers.

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US Money Laundering: The Dominant Dollar

US Money Laundering: The Dominant Dollar

The US dollar is one of the most important currencies worldwide – If not THE most important currency overall. The US dollar is also one of the most important currencies for money laundering and US money laundering is already a global concern.

Obviously, this is closely related to the US of the US dollar in international business dealings. According to research, 87% of global foreign-exchange transactions involve the US dollar. Researchers also observed that at least 80% of trade finance dealings were conducted in USD. With other currencies settling at around only 5-10%, the US dollar dominates the financial world of trade.

The prominence of the US dollar makes it prone to money laundering.

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International Impacts of New York AML Regulations

International Impacts of New York AML Regulations

In 2017, the New York Department of Financial Services (NYDFS) released newly updated Anti-Money Laundering (AML) requirements. These AML regulations aim to decrease the consequences of money laundering in criminal areas such as drug trafficking, human trafficking, terrorism, and other illicit undertakings. Notably, New York AML regulations have a significant global impact.

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Money Laundering Through Casinos in Macau

Money Laundering Through Casinos in Macau

In recent times, anti-money laundering legislations have prolonged reach to non-financial corporations, including developing to prevent money laundering through casinos, including those in the infamous Macau. However, the Congressional-Executive Commission on China reports that $202 billion illegal sourced funds are moved through Macau each year, including casino laundering.

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Top 5 Famous Money Laundering Cases: Lessons Learned From Last Year’s Money Laundering Fines

Top 5 Famous Money Laundering Cases: Lessons Learned From Last Year’s Money Laundering Fines

Compliance is a defensive wall against financial crime and money laundering, but it places quite a toll on banks and financial institutions. A failure to comply with applicable laws and regulations might result in hefty fines. Most of last year’s fines relate to non-compliance with AML or KYC legislation. However, there are lessons learned that can be taken away!

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Cryptocurrency Money Laundering Red Flags

Cryptocurrency Money Laundering Red Flags

As online transactions become more widespread, vendors have to watch out for increasing threats every day – especially money laundering red flags arising from the use of cryptocurrencies like Bitcoin and others!

Money launderers are acquiring more and more ways to exploit systems anonymously – especially with cryptocurrencies.

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