Category: Financial Crime

North Korea is the most isolated country on the planet, but it still finds ways to steal billions of dollars

Financial Crime, Sanctions
The Department of Justice said last month that North Korea has used cyberattacks to steal over $1 billion since 2015 to fund its nuclear weapons program. Heavy sanctions, imposed by both the US and the UN, prevent North Korea from participating in the formal global economy. The regime often circumvents these sanctions, mostly through secretive ship-to-ship transfers of luxury goods, chemicals, and coal, which is North Korea’s primary export. North Korea’s nuclear program is essential to the Kim regime, and it devotes all the resources it can to increasing and improving its arsenal. The rise of digital currencies has created…

Albanian Government Made No Significant Progress Against Money Laundering and Financial Crime in 2020

Financial Crime, Money Laundering
Albania is a source country of cannabis and a home base for organized crime groups moving narcotics from source countries into European markets. Albanian nationals are heavily involved in trafficking illicit narcotics throughout Europe but the government needs to do more, according to a new US State Department report. The International Narcotics Control Strategy Report provides a country-by-country analysis of crime including drug trafficking, money laundering, and the government’s response. It found that Albanian cannabis is sent to Turkey and exchanged for heroin and cocaine which is then smuggled across Europe by Albanian nationals. Furthermore, the illicit profits of these…

Financial Crime Surges in 2020 Following Shift to Digital Banking and Commerce

Financial Crime
A huge rise in financial crime was recorded last year, driven by the rapid shift to digital banking and commerce following COVID-19 lockdowns. This is according to Feedzai’s Financial Crime Report Q1 – 2021, which compared the volume of financial fraud and crime in Q4 and Q1 2020, with the latter quarter mainly unaffected by the pandemic. The study found there was a 650% surge in account takeover (ATO) in Q4 compared to Q1, with malicious actors taking advantage of the growth in online accounts during the crisis. The authors noted that the expansion of online banking and real-time payment…

What does the Biden Administration mean for FinCrime?

Financial Crime
January 20, 2021. Inauguration Day. The end of an era. Following four years under President Donald Trump, the United States will have a new president. What should we expect under the administration of President Joe Biden and Vice President Kamala Harris? Your answer to this question will likely depend on your top priorities. At FINTRAIL, we have been working to help our clients understand and prepare for any and all financial crime-related changes that are anticipated under the new administration. While some specifics are up in the air, it is clear that tackling illicit finance will be a top priority.…