Advanced Money Laundering: The Bahamas

COURSE OVERVIEW

Considering that the jurisdiction is under heavy scrutiny and monitoring it is critical that the organizational and national monitors are equipped with real world experiences that have proven to be successful in their application. The Advanced AML has been designed for professionals that have a bit of time and sophistication with money laundering. The course,  will assist participants in clearly spotting, understanding, investigating and discussing some of the more advanced money laundering schemes.

Topics

Introduction:  Understanding the Laws and their origin – In General

By the end of the session, participants will be able to discuss:

  • Know the origin of the problems that were to be addressed
  • Origin of the updates to the systems of AML Laws
  • The role of international bodies in AML – Laws and Regulation
  • Current events and the impacts of those events on law and perception
  • Current cross boarder tensions
  • Impacts of FATCA and GIIN Number
  • Impacts of beneficial ownership identification requirements
  • Anticipated future changes and impact for The Bahamas
  • The Bahamas ranking compared to rest of world is good

Session One:  What we are used to seeing

By the end of the session, participants will be able to discuss:

  • Look at what was a common money laundering practice and see how the practice has evolved overtime. The idea is not new but the means are changing.
  • The overriding importance of really knowing your client.
  • Discuss the different structures and agreements used in papering over money laundering to make the movement of money seem legit. TBML is by far the most common and effective.
  • Understand which of your clients are required, as custodians and / or with discretionary authority of 3rd party funds, must be AML compliant.
  • IVTS – Hawala, Hundis, Fei Chien – prohibited by possible.

Session Two: New Schemes

By the end of the session, participants will be able to understand:

  • Cash Money Laundering – its still around and killing the €500 note will not help.
  • Cash and the pass of the briefcase in Kenya
  • The use of shipping companies to lauder money.
  • Trade based money laundering
  • Crowd Funding for money Laundering
  • Securities Private Placements for Money Laundering
  • Mirror Trading
  • The use of custodians for money laundering
  • How Law firms are used to lauder money
  • Real Estate used for laundering money
  • The use of Art and Antiquities
  • The use of Warehouse receipts
  • The use of Intangible Assets
  • The use of Merger & Acquisitions
  • The use of Parallel Companies
  • Mirror Trading
  • The use of faux gifts, awards, directorships and scholarships
  • Cash is not always wrong – wires and checks are not always good

Session Three: Red Flags

By the end of the session, participants will be able to understand the issues with:

  • Understanding why screwed up White Markets make for profitable Black Markets
  • More moving parts then a Swiss watch
  • Circular logic and testing for economic sense
  • Bursts, sinks, paired, linked, outliers, perfect, and other transactions that bear a closer look
  • Perfect paperwork
  • Posh surrounding and de-linked control
  • A rush to the end and intimidation
  • Hints at Corruption
  • Political Exposed Persons and Corporately Exposed Persons

Session Four: Getting it Right

By the end of the session, participants will be able to:

  • Review AML policy manual and update
  • Align incentives and avoiding perverse incentives
  • Know KYC as a profit booster
  • Be able to file the Suspicious Activity Reports on complex cases
  • Reduce the cost of compliance.
  • Prepare for the inevitable bad client.
  • Nothing wrong with high risk clients and why one MSB is riskier then 30 MSBs

Session Five: Future-casting

By the end of the session, participants will be able to:

  • Discuss impacts of trading blocks
  • Know FinTech – and its impact on our todays and tomorrows
  • See Conflict Commodities
  • Forecast capital flight events
  • Know the real impact of virtual currencies
  • Meet the entrepreneurs from nowhere and everywhere

Who Should Attend

  • Law Enforcement
  • Regulators
  • Fraud Investigators
  • Financial Crime Experts
  • Money Laundering Reporting Officers
  • Senior Compliance Officers
  • Chief Auditors
  • Chief Risk Managers
  • Chief Operating Officers
  • Chief Financial Officers
  • Chief Executive Officers

About the Presenter 

L. Burke Files

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