58 red flags for terrorist financing

first_imgNumerous terrorism financing cases reveal suspicious transactions.I recently read an eye-opening report titled Terrorism Financing Indicators for Financial Institutions in the United States by Richard Gordon, an American law professor who served on the International Monetary Fund (IMF) Task Force on Terrorism Finance following the September 11, 2001 attacks. The report revealed that suspicious financial transactions could be noted in more than a dozen terrorism-related prosecutions which were analyzed as part of a comprehensive study of terrorism financing for the United Nations Counter-Terrorism Implementation Task Force (CTITF). This jarring reality compelled me to share a few highlights from these cases (discussed later in this article) as they explicitly underline how immensely important it is for financial institutions to be diligent and vigilant in their monitoring and reporting of suspicious activity.This sentiment was very strongly voiced by the Director of FinCEN last month in a speech which focused on terrorist financing and the important fact that BSA reports filed by financial institutions can identify suspicious activity which may ultimately prove to be related to the funding of terrorism. This stance was also endorsed by renowned counter-terrorism expert Richard Barrett at a congressional hearing before the Task Force to Investigate Terrorist Financing last week. Mr. Barrett testified that “Suspicious Activity Reports filed by financial institutions may provide possible indicators of terrorist planning worthy of investigation”. I have included some brief snippets from these commentaries and others below.Finally, I’ve concluded this article with 58 red flag indicators for terrorist financing from four different sources. I opted to provide readers with the original lists as compiled by these sources rather than remove redundant indicators and consolidate into a single list since the nuances of the different wording provides more detail or specifics in some cases for the noted indicators.Director of FinCEN shares that 18% of the FBI’s international terrorism cases in 2014 had related BSA filings and urges financial institutions’ “continued vigilance and support.”A few weeks ago, the Director of FinCEN, Jennifer Shasky Calvery, made terrorist financing the theme of her speech at an anti-money laundering seminar for bankers. Director Calvery informed the attendees that “The reporting your institutions provide has already proven to be an essential component in identifying foreign terrorist fighters, their financial facilitators, and the flow of funds” and she urged financial institutions’ continued vigilance and support. She provided statistics that FinCEN processes about 50,000 new filings each day and that automated business rules related to ISIL, alone, generate over 800 matches each month for further review and exploitation. She added that “Foreign terrorist fighters may use an ATM, a money services business (MSB), or a depository institution to send or receive funds to facilitate travel to Iraq and Syria”. Director Calvery stressed that “there is no doubt at FinCEN, or amongst our partners across government, that the reporting your financial institutions provide is essential to our efforts to disrupt, degrade, and ultimately defeat al-Qa’ida, ISIL and other terrorist groups”. As Juan Zarate, former Deputy Assistant to the President and Deputy National Security Advisor for Combating Terrorism so aptly put it – “Money is their [terrorist groups] enabler, but it’s also their Achilles’ heel.”Sample Case Highlights – Credit Card Fraud; Wire Fraud; Bank Fraud and Money Laundering StructuringOne noteworthy case in the above mentioned report Terrorism Financing Indicators for Financial Institutions in the United States involved two small businesses – a deli and an ice cream shop. The case highlighted 12 feeder accounts held at multiple U.S. banks. Money was deposited into the feeder accounts by various means, including check deposits, cash deposits, and wire transfers. Bank records for the 12 feeder accounts revealed 3,252 cash deposits. The deposits were structured to avoid reporting requirements. Only one of them was a cash deposit for more than $10,000 triggering a reporting requirement. However, on each of several hundred days, an aggregate of more than $10,000 was deposited into the feeder accounts. The ice cream shop also operated as an unlicensed and unregistered money transmitter and over an eight year period, $22.1 million was deposited into the feeder accounts even though the small shop only had annual revenue of about $185,000. The funds were subsequently consolidated into a central account in the U.S. using checks and wire transfers from the 12 accounts; and $21.9 million was wired from the central account on behalf of customers in the U.S. to accounts in 25 countries, ultimately making its way back to Yemen. The recipient operators who controlled the accounts in those countries exchanged the funds into local currency and distributed payments to the intended beneficiaries. Evidence showed that the money transfers were tied to funding for al-Qaeda and Hamas. This case clearly illustrates that terrorist financers often uses classic money laundering typologies regardless of whether they are trying to launder the proceeds of crime. The study concluded that “by using standard anti-money laundering typologies financial institutions should have been able to identify fourteen instances of terrorism financing as being suspicious”, even though the FI might not see on the face of it that the suspicious activity was in fact linked to terrorism financing.Other terrorist financing cases have involved bank fraud, credit card fraud, wire fraud, identity fraud and a host of criminal activities which we typically consider much less grave than the funding of terrorism. The FBI has indicated that numerous terrorist investigations have resulted from financial information provided by the financial sector and that is has assisted with connecting the dots.“Terrorism Financing Version 2.0” – Counter-terrorism Experts Highlight A Dangerous Union: The Intersection of Terrorism and Organized CrimeA distinguished panel of witnesses all emphasized one dominant trend at last week’s congressional hearing before the Task Force to Investigate Terrorist Financing – terrorists increasingly are turning to crime and criminal networks for funding. Chairman Mike Fitzpatrick commented in his opening remarks that “Terrorist groups have become entwined with trans-national criminal syndicates – or in some cases evolving into the role themselves – engaging in criminal activities which yield greater profits than simply relying on state sponsorship or big pocket donors.” Expert after expert witness confirmed that shared view. The words in their testimonies were different but their message was the same. As terrorist groups have become larger and more organized and have sought to raise more money, they have been forced into closer cooperation with organized criminals and have copied some of their methods. Although terrorists continue to raise money through “legal” means such as collecting funds from witting or unwitting donors through established charities or by direct donation, David Asher, Board of Advisors Member for The Center on Sanctions and Illicit Finance referred to the emergence of a trend which he termed “Terrorism Financing Version 2.0”. Mr. Asher elaborated that “Version 2.0 represents a vast evolution above and beyond the traditional religious charities, mosques, and jihadi financiers and involves a substantial embrace of transnational organized crime.” As illicit finance expert Douglas Farah succinctly summarized – “The TOC [Transnational Organized Crime] / terrorism divide is increasingly disappearing.”In some cases, terrorist groups primarily pursue criminal activities for fundraising purposes. According to the DEA, 22 of 59 Foreign Terrorist Organizations (FTOs) in 2014 were linked to drug trafficking. The DEA, the FBI, and the intelligence community have focused more and more attention on the nexus between drugs and terror and the U.S. Attorney for the Southern District of New York has merged its international drug and foreign terrorism sections because of the intimate link between the two. Juan Zarate who testified before the Task Force last month, stated that “America’s enemies – drug trafficking cartels, organized crime groups, militant groups, and terrorists – are finding each other, as a matter of convenience and opportunity.” Mr. Zarate emphasized that “the overlaps between the criminal underworld, illicit financial activity, and terrorist operations and funding will continue to evolve as marriages of convenience emerge in common areas of operation”.To read the 58 red flag indicators for terrorist financing from four different sources, please click here. 145SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Denise Hutchings Denise Hutchings has 35 years business experience across a broad range of industries including financial services, technology, communications as well as the public and academic sectors. Denise has worked for … Web: verafin.com Detailslast_img read more

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NAFCU watching, analyzing today’s election results

first_imgWith one-third of Senate and all House seats up for grabs in today’s midterm elections, NAFCU lobbyists will be focusing especially on outcomes for lawmakers serving on key committees with jurisdiction over financial industry and tax issues.The House Financial Services Committee and Senate Banking Committee are where key legislation affecting credit union operations and services is shaped. The House Ways and Means Committee and Senate Finance Committee are where federal tax issues – including preservation of credit unions’ federally tax-exempt status – are addressed.Pre-election polling continues to hint that Democrats are poised to possibly win control of the House while the Senate is expected to remain in Republican hands. NAFCU’s award-winning advocacy team remains active on Capitol Hill on top credit union issues. The team works with both Republican and Democratic lawmakers to advance industry needs. NAFCU/PAC has also invested in credit union-supportive candidates for the House and Senate elections. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more

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Blackstone to extend West End influence

first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img

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Weekly Update: Calling for Bipartisan Health Care Reform, Investing in Water Infrastructure, Announcing New Manufacturing Jobs

first_img The Blog,  Weekly Update Governor Wolf is continuing to fight for health care coverage for Pennsylvanians. On Tuesday, in response to recent developments on the Senate health care bill, Governor Wolf released a statement joining 10 bipartisan governor’s calling on D.C. to fix insurance markets to provide better insurance for all Americans.On Wednesday, Governor Wolf announced investments for 23 water infrastructure projects across 20 counties through the Pennsylvania Infrastructure Investment Authority (PENNVEST).Expanding manufacturing and job creation in Pennsylvania is a priority for Governor Wolf. This week, Governor Wolf announced that The New York Blower Company will be expanding its manufacturing facility and creating new manufacturing jobs in Lawrence County.Governor Wolf’s Week, July 16 – July 22, 2017Monday, 7/17/17Governor Wolf, Senator Casey Warn PA Could Lose Billions from GOP Repeal PlansWolf Administration Assists Veterans in Need of Important Military PaperworkTuesday, 7/18/7Governor Wolf, 10 Bipartisan Governors Call on D.C. to Fix Insurance MarketsWednesday, 7/19/17Governor Wolf Announces Expansion of The New York Blower Company Facility in Lawrence County Will Create 22 Manufacturing JobsGovernor Wolf Announces $75 Million Investment in Water Infrastructure Projects in 20 CountiesThursday, 7/20/17Governor’s Advisory Council Seeks Candidates for Game Commission BoardHighlights from TwitterProud to join Democratic & Republican governors from across the country to call for a new, bipartisan approach to fix our healthcare system. pic.twitter.com/e384wLUCEP— Governor Tom Wolf (@GovernorTomWolf) July 18, 2017 SHARE Email Facebook Twitter July 21, 2017 Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolf By: The Office of Governor Tom Wolf Weekly Update: Calling for Bipartisan Health Care Reform, Investing in Water Infrastructure, Announcing New Manufacturing Jobs When the president talks about “letting” the #ACA fail, what he’s really doing is undermining it in an attempt to make it fail. pic.twitter.com/AVP4cCXBff— Governor Tom Wolf (@GovernorTomWolf) July 20, 2017last_img read more

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London Marathon ‘will be postponed until October’ over coronavirus chaos

first_img Loading… Promoted ContentTop 10 Historical Mysteries That Still Haven’t Been SolvedCelebs Who Are Turning 50 This YearThe Models Of Paintings Whom The Artists Were Madly In Love WithTop 7 Best Car Manufacturers Of All TimeTop 10 Most Romantic Nations In The World6 Incredibly Strange Facts About Hurricanes10 Risky Jobs Some Women Do10 Stunning Asian Actresses No Man Can ResistThe 18 Most Visited Cities In The WorldBest & Worst Celebrity Endorsed Games Ever MadeBirds Enjoy Living In A Gallery Space Created For Them6 Extreme Facts About Hurricanes London Marathon is set to be postponed until October as the coronavirus chaos escalates. London Marathon It comes after cases in the UK climbed to 798 this afternoon as the deadly bug continues to infect the nation. The London Marathon is expected to be postponed this year due to the coronavirus pandemicCredit: Getty Images – GettySources close to the London Marathon told The Sun the event was due to be called off this afternoon. The expected confirmation will be a blow to athletes who have been training hard to hit the capital’s streets next month. It had already been feared the annual event, which draws in runners and spectators from all over the globe, would be affected as the outbreak worsened. The 40th London Marathon was due to take place on April 26, with Health Secretary Matt Hancock already warning last week it could be restricted or cancelled. Earlier today the Premier League also bowed to pressure and announced they are suspending the season for three weeks amid the coronavirus outbreak. It comes with the football world in crisis as Uefa also announced ALL Champions League and Europa League matches scheduled for next week have been postponed. The country’s top scientists has warned more than 60 per cent of Brits need to catch coronavirus to develop ‘herd immunity’ Cities and towns across Britain appeared deserted at times today as people worked from home and avoided shops and transport links over concerns about the virus. Anyone with a cough or fever must now stay at home for seven days, after an emergency COBRA meeting yesterday ramped up the fight. Last night Prime Minister Boris Johnson said schools would not close yet despite almost 600 people catching the virus, with 20 positive cases in Northern Ireland.center_img The PM yesterday confirmed Britain is in the “delay” phase to try and stem the spread. He said: “At all stages we have been guided by the science and we will do the right things at the right time.“We are not closing schools now, the scientific advice is that this could do more harm than good at this time. “Of course we are keeping this under review and this may change as the disease spreads. “Schools should only close if they are specifically advised to do so.” Ireland yesterday announced all schools there would close until the end of March to stop the infection taking hold Mr Johnson last night described the outbreak the “worst public health crisis in a generation” and “it will spread further” as he revealed new measures to try. He told the nation to stay at home if they have a cough, adding: “Many more families are going to lose loved ones before their time.” The PM admitted there would be “severe disruption”, but the Government was ready to adapt to keep people safe.” The World Health Organisation (WHO) has declared the outbreak a global pandemic as 126,000 people have been diagnosed with the killer bug across 114 countries. Read Also:Farah caught up in controversy over 2014 London Marathon injection More than 4,600 people have died – around 3,000 of them in China – after contracting COVID-19 across the globe. WHO director-general Dr Tedros Adhanom Ghebreyesus said the medical body has “rung the alarm bell loud and clear”. FacebookTwitterWhatsAppEmail分享 last_img read more

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Officials search for source of contamination in raw turkey

first_imgWashington D.C. — The U.S. Department of Agriculture’s Food Safety and Inspection Service is continuing to work with its federal partners to monitor a SalmonellaReading outbreak that may be associated with raw turkey products.At this time, the agency has not identified a single source for this outbreak.  FSIS reminds consumers to wash their hands thoroughly after handling any raw meat and poultry products, cook these products to the safe recommended temperature, and use a food thermometer. Please refer to the Centers for Disease Control and Prevention’s website for information regarding the outbreak and additional advice to consumers.last_img read more

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Volleyball hopes to end 5-match streak

first_imgLast year, the Wisconsin men’s basketball team lost six consecutive Big Ten games, yet still managed to qualify for the NCAA Tournament.With the volleyball team’s losing streak having reached five games, the Badgers hope they can mirror what Bo Ryan’s squad did last spring. To do that, however, they must win their remaining four games, and it all starts tonight on the road against Northwestern.The Badgers’ five-game slide, the program’s worst streak since it lost seven straight matches in 1995, pushed UW under the .500 mark for the first time since Sept. 26, when the team was 5-6.Now sitting at 11-14 and 6-9 in Big Ten play, the volleyball team must finish the season with a record above .500 to qualify for the NCAA Tournament. Simply put, with four matches remaining on their schedule, the Badgers know they don’t have any room for error.“We still have a chance to get into the tournament, we have to win the next four,” co-captain Caity DuPont said. “We’re just focusing on finishing the season strong, we have to be really disciplined and take care of our side of the net.“We need this. We need all four wins to get there, but at the same time we have to stay relaxed, otherwise we won’t play to the best of our abilities.”Friday, the Badgers will take on the Northwestern Wildcats, a squad they already beat in four sets earlier this season. However, at that point, the Badgers were sitting in the middle of the pack in the conference, while the loss sent Northwestern to 2-8 in the Big Ten, good for second to last place.Now, while the Badgers hold a one-game lead over Northwestern in the conference standings, after losing five straight the team will face the challenge of taking on the Wildcats at Welsh-Ryan Arena, where NU holds a 6-4 record.The Wildcats are led by Sabel Moffett, who averages 3.35 kills per set — by far the most on the Northwestern squad. UW senior Brittney Dolgner believes if the Badgers can shut her down, they will have a big advantage over their conference opponent.“They have some fast middles, I think once we get up on [Moffett] and shut her down, I think we’ll be fine,” Dolgner said. “They’re a good serve-receive team, but I think that if we exploit their weaknesses, we’ll have a good shot to win.”On Saturday, the Badgers will face No. 5 Illinois, a team that beat the Badgers in four sets on Oct. 23. However, the Illini will be without their star libero Ashley Edinger, who recently tore her ACL.But while UW will look to exploit that aspect of the Illini defense, Wisconsin head coach Pete Waite has no reason to believe Illinois will be anything short of an immense challenge for his struggling squad.“You might think you can exploit that, but they’ve obviously had some solid wins since she went down,” Waite said. “Edinger’s injury is unfortunate; we have a lot of players who know her and we know how much of a loss that is for them.”In terms of overcoming the team’s recent struggles, the one glaring statistic in every Badger loss during the losing streak has been the appalling number of attack errors, many of which have been unforced. During the streak, UW has totaled 141 attack errors compared to 207 kills during that same time span. Waite knows that to finish the season on a strong note, that trend must be reversed immediately.“They know the situation and they’re doing everything they can to come out with a victory,” Waite said. “The biggest goal for us is to keep our unforced errors down. If we do that, we can play with anybody and we can play some very good ball.”But while the team must win its four remaining games to be eligible for the NCAA Tournament, according to Waite, that thought hasn’t been in the minds of his players. According to the head coach, he and his staff have been encouraging the team to focus on the positives from earlier in the season, when it beat teams ranked as high as No. 8 in the country.“We actually do our best to distract them from the losses and try to help them still improve as a team,” Waite said. “The mind is a funny thing and sometimes you can get wrapped up in the bad things you’ve done, when there are a lot of good things you’ve done too. … We’ve played some really good ball, and we’re just stressing to do the good things you’ve been doing, and we have a shot at these teams.”last_img read more

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NBA Draft, London Olympics among major summer events

first_imgSyracuse will remain in the sports headlines throughout the summer. The men’s lacrosse, women’s lacrosse and softball teams all open postseason play in May with hopes of making deep runs in the NCAA tournament. The NBA Draft and Summer Olympics will feature former Orange athletes moving on to the next stop in their careers. And finally, the football team will open training camp in August in preparation of the 2012 season. Here’s a look at some notable events involving SU athletes to keep an eye on this summer: NCAA men’s lacrosse tournament May 12-28 Saturday at noon, Syracuse faces No. 3 seed Duke in the first round of the NCAA tournament. Revenge, a postseason hot streak and the future of its season are on the line. The Orange (9-7) lost to the Blue Devils (13-4) 12-10 on April 1, but have momentum after running through a must-win Big East tournament. Had the Orange not beaten both Villanova and St. John’s, it would have likely missed the tournament for the first time since 2007. The matchup with Duke at Koskinen Stadium in Durham, N.C., could come down to Syracuse’s ability to contain a potent attack from the Blue Devils, which average 11.24 goals per game. The hosts are the favorites, but the Orange is playing its best lacrosse all season, coming off the Big East tournament. And SU has history on its side, winning all three of its previous meetings with Duke in the NCAA tournament. An Orange upset would lead to a quarterfinals contest with the winner of Massachusetts-Colgate for a trip to the Final Four at Gillette Stadium. NBA Draft June 28 Dion Waiters is the top pro prospect out of Syracuse this season. The former SU guard is projected as a top-20 pick in the draft, which takes place June 28 in Newark, N.J. ESPN college basketball and NBA draft analyst Fran Fraschilla has said that Waiters’ ‘combination of size, speed and power to the rim’ might make him the top guard in the draft. The NBA fates of Kris Joseph, Scoop Jardine and Fab Melo will likely be decided after Waiters is selected. Joseph is rated as an early second-round pick. Melo, who declared for the draft after missing the NCAA Tournament due to an eligibility issue, is expected to go late in the first round. And SU fans will have to stay tuned through the last picks to see if a team takes a flyer on Jardine. Summer Olympics July 27 to Aug. 12 As many as 10 current and former Syracuse athletes in four different sports could be representing up to four different nations in the Summer Olympics in London. The most famous and certain of these potential Olympians is former SU basketball star and 2003 national champion Carmelo Anthony. He and current Orange head coach Jim Boeheim are expected to defend Team USA’s gold medal from the 2008 Beijing Games. Anthony started on that team and Boeheim was an assistant coach. In women’s field hockey, former SU midfielder Shannon Taylor is a strong candidate to be selected to Lee Bodimeade’s final 16-player roster. Former SU rower Mike Gennaro and alumni Martin Etem and Justin Stangel are all competing for spots on American rowing teams this summer, while Natalie Mastracci hopes to represent Canada. Flings Owusu-Agyapong looks to represent her native Ghana in the 100-meter dash and the 4×100 meter relay, while hurdler Jarret Eaton will compete in the U.S. Olympic trials June 22. SU alumni Mike LeBlanc (100-meter dash, Canada) and Ramon Sosa (110-meter hurdles, Dominican Republic) also harbor Olympic aspirations for this summer. Syracuse football training camp August Syracuse football is a team in flux. Last season, the seemingly up-and-coming Orange looked to build on its victory in the Pinstripe Bowl. But an ugly five-game losing streak to end the season kept it from reaching the postseason in 2011. SU will need to refocus when training camp begins in early August. Even with redshirt senior Ryan Nassib returning as quarterback, the entire Orange offense underperformed in SU’s 9-0 Spring Game on April 21. This summer, Nassib will need to create a rapport with Alec Lemon and Marcus Sales to help the unit go into the season with some confidence. After losing Chandler Jones and several other starters, the SU defense has some reshuffling to do, too. The Orange faces a daunting 2012 schedule, including contests against Southern California and Missouri. If Syracuse doesn’t start strong out of camp, it could be a long season. -Compiled by The Daily Orange Sports staff AdvertisementThis is placeholder text Facebook Twitter Google+ Commentscenter_img Published on May 8, 2012 at 12:00 pmlast_img read more

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Enhanced verification process enforced by the BHA

first_imgShare Share Submit Unibet backs #GoRacingGreen as lead racing charity  July 28, 2020 Additional verification procedures for all races in Great Britain have been announced by the British Horseracing Association (BHA), aimed at bringing greater accuracy for punters and bookmakers by minimising the risk of human error in the results process.Trailed extensively since March of this year, the process involves an additional line of verification is in place before the ‘weighed in’ signal is given, “whereby the Stipendiary Stewards on duty are required to verify the finishing order of the winning and placed horses”.The judging team of the BHA is to continue to retain full responsibility for all race results, and will still announce initial placing distances and times where required on course, and release this information to bookmakers and the Press Association on a provisional basis.Should a query be raised, the judge on duty will be given a signal to revisit the result until an agreement is reached, possibly resulting in the amendment of provisional results.The development of a new process has also been detailed by the BHA, giving stewards oversight of race finishes, which “aims to minimise any delays which may occur from additional verification which could impact on racing’s customers.”Brant Dunshea, Chief Regulatory Officer of the BHA, stated: “Although the initial situation which caused us to look into results verification was disappointing, the outcome whereby all those affected by the result of a race can have increased confidence in its accuracy is a positive one.“I’d like to thank all those who have been involved in the process both within the BHA and externally for their assistance in completing this project, which is now in place for all races run in Great Britain.”Furthermore, a Fast Results App “now also has a mandatory double-checking feature as each result is keyed in prior to wider distribution,” after being used by the BHA judging team since 2015. UK Racing pushes for drastic levy reforms as deep recession looms August 25, 2020 Racing DiRSG launches LGBT+ awareness module for PRIDE  June 25, 2020 StumbleUpon Related Articleslast_img read more

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