- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-08-01T17:01:00
The International Police Organization (Interpol) will launch a pilot anti-money laundering initiative in Africa that will trace and recover funds stolen by corrupt officials and criminals.
The launch of Interpol’s pilot program, called Silver Notices, was announced Monday by Garba Baba Umar, Interpol vice president for Africa, during a four-day training workshop for Nigerian law enforcement agencies in Abuja, Nigeria, according to a press release.
Umar said money laundering across Africa and the entire world has assumed a “monstrous dimension,” and Interpol has designed Silver Notices to combat the menace.
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Gartner agreed to pay nearly $2.5 million as part of a settlement with the Securities and Exchange Commission addressing alleged violations of the Foreign Corrupt Practices Act in South Africa.
The Financial Action Task Force placed Nigeria and South Africa on its list of countries requiring increased monitoring because of deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.
ABB agreed to pay $327 million in penalties to settle coordinated charges it paid bribes to win South African energy contracts. The company entered into a three-year deferred prosecution agreement with the DOJ for violations of the Foreign Corrupt Practices Act.
Recent events have put a spotlight on the role of the U.K. Gambling Commission, following its investigation into privileged information allegedly being used to bet on the date of the U.K. general election.
Brian Nelson, Treasury Department under secretary for terrorism and financial intelligence, warned in a letter that Florida’s “anti-woke” banking bill may “materially undermine” financial institutions’ compliance with federal AML/CFT laws and U.S. sanctions.
The U.K.’s Financial Conduct Authority asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.
