- 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.
The U.K. has an ongoing problem with money laundering, but recent changes to economic crime law and corporate registration requirements could bring more cases to court, according to consultancy KPMG.
Enforcement actions in the first half of of 2024 by the Treasury Department’s Financial Crimes Enforcement Network highlight the importance of proactive measures in Bank Secrecy Act compliance rather than just being compliant.
The U.K Financial Conduct Authority published findings showing that financial services firms are implementing its guidance on politically exposed persons related to anti-money laundering inconsistently, with experts warning firms of reputational damage arising from potential enforcement.
