Tax Havens and their relevance in Financial Crime

In the money laundering process, criminals go to extremes to cover their tracks and maximise their harvest takeaway whilst remaining undetectable. Criminals utilise complicated ownership structures and various evasion tactics to achieve this. One of the most effective methods for this is via tax havens.   Tax havens by definition, offer a lower or null tax liability compared to the country of origin, which is highly desirable for anyone dealing with large sums […]

Quantifying Sanctions Risk in the UK

The amount of money, resources and time a company chooses to invest in sanctions screening is a risk-based decision based on their perception of their sanctions risk. For most firms, the likelihood of finding a sanctioned name in their customer base is probably slim – some have millions of customers and have rigorous on-boarding processes. […]

Financial Crime – Quality Assurance Planning and MI

This is the fourth article in a series on the topic of Quality Considerations for Financial Crime Teams.   Click here for the first article which set out some high-level definitions for Quality Assurance (QA) and Quality Control (QC) and how they need to work together.   Click here for the second article which went into a […]

SQA – Sanctions Assessment Centre Release v6.8

SQA have deployed the latest version of our Sanctions Screening Assessment Centre (SAC) v6.8, now available for User download. This latest release contains lots of new user functionality, including: New communication preference options and communication test function to improve communications options for accessing the SQA Server for lists download. The ability to include gender information […]

Country Risk Associated with International Wildlife Trafficking

As of last year, The FATF (Financial Action Task Force) made International Wildlife Trafficking (IWT) one of their priority issues to tackle. This industry is the 4th largest international crime and has arguably the most devastating environmental impact out of any criminal act or proceed. To achieve this status, many factors are to be considered […]

OFAC SDN’s Geography

As we reach the end of yet another term of office in America, it is a good time to review how the content of the OFAC SDN list has been changing over time.  The graph below represents Country rank in terms of which countries have the most SDNs listed – it looks back as far […]