by KEMMAN | Nov 21, 2020 | Compliance, Corruption, Financial Crime, money laundering, Terrorism, Terrorism Financing
The late Pablo Escobar, famous for the wrong reasons, was regarded as the richest and most successful criminal in world history. In 1989, Forbes magazine declared Escobar as the seventh (7th) richest man in the world. He had an estimated personal fortune of US$9...
by KEMMAN | Nov 21, 2020 | Corruption, Financial Crime, governance, money laundering
Over the last 30 years, the amount of money laundered has steadily been increasing. The United Nations Office on Drugs and Crime approximately estimated that the amount of money laundered globally in one year is 2 – 5% of global GDP, or $2 trillion in current US...
by KEMMAN | Nov 21, 2020 | Compliance, Corruption, money laundering
Some few salient points for further debate, discussion and dialogue. In my book, Financial Crime Risk Management and Compliance (2016) , I have provided some simpler working definitions for everyone to be on the same page. Money Laundering (ML) is the process by which...
by KEMMAN | Nov 20, 2020 | Corruption, Financial Crime, money laundering, Traditional leaders
Surprisingly, it is not only in Africa where some Political Leaders want to cling on to power for more than three (3) decades in Office, Asia has had its own share of such leaders. The immense scale of Suharto’s dishonest conduct and greedy behavior of his alleged...
by KEMMAN | Nov 20, 2020 | Compliance, Corruption, Financial Crime, money laundering, Terrorism, Terrorism Financing
The regulatory landscape of Know Your Customer (KYC) Policies and Customer Due Diligence (CDD) requirements and expectations for Financial Institutions like Banks, Brokers, FinTech and Insurance Companies are always a moving target. In another write-ups I alluded to...
by KEMMAN | Nov 19, 2020 | Corruption, Financial Crime, governance, money laundering, Scam
In June 2020 Gregory Chifire alleged that $105 Million had been stolen at Ndola Lime through a series of transactional activities he termed “Matrix of theft of $105 million at Ndola Lime”. To the initiated, these series of financial transactional activities and...
