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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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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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