Up to 100 lawyers probed for ‘enablement,’ a special article from US federal fincrime expert, verbal beating for Keatinge over ‘sneering’ AMLA remarks

IT’S only a few days ago that we carried a special article from Dr Katie Benson of Manchester University on the expanded definition of ‘enablers’ in economic crime. Now comes news that the UK’s National Crime Agency (NCA) Crime Agency is investigating up to 100 lawyers for allegedly enabling human trafficking. This is big news and one of the few occasions law enforcement crosses the invisible line into the work of legal professionals. We will watch the case with much interest and carry a full report below.

Today we also carry a special analysis from Elizabeth Bethoney, CAMS-FCI on her views of the world of financial crime and its current challenges. Elizabeth is a stand-out figure in the field, being a former #DEA and #CIA agent as well as working with the U.S. Department of the Treasury's FinCEN agency. Now an AML SME for SymphonyAI NetReveal she give an overview of what she has learned in her time with the US government and the work she’s currently doing with some of the country’s largest banks. Well worth a read to give you a 360 degree view on developments.

“Sneering” and “pathetic.” That was the view of two influential Members of the European Parliament (MEPs) about a social media post from UK-based RUSI staffer Tom Keatinge. Keatinge on Wednesday made remarks about the new EU AML Authority’s requirement for a conference room to host meetings of the bloc’s 27 Member State FIUs which the parliamentarians took issue with. “Pathetic really…” was the view of Frances Fitzgerald MEP, vice president of the parliament’s largest group, the EPP. A member of the powerful ECON committee, Billy Kelleher MEP described Keatinge’s comments as “sneering.” At least one senior official in the European Commission described the post as ill-advised. “I am not impressed,” the official told AML Intelligence. Given the amount of time Keatinge travels around Europe giving his advice to others he probably should have known a lot better. Oh to be a fly on the wall when no-nonsense financial services Commissioner Mairead McGuinness – and Fitzgerald’s EPP colleague - realises she’s agreed to meet RUSI in London on Monday. In any event neither RUSI or Mr Keatinge responded to requests for a comment on his remarks. We have the full story below.

And before you dive into the news digest below, there are just 15 tickets left for the ‘European Anti-Financial Crime Summit 2023’ in Dublin next Thursday.

It’s set to be the AFC event of the year attracting decision-maker/senior level delegates from across the EU and UK. There will be a special presentation from Britain’s National Crime Agency (NCA) on the progress of the ‘Combatting Kleptocracy Unit’ it leads; #HMRC will give an update on the latests flows of illicit assets – and where they are ending up; the head of France’s #TRACFIN will give an exclusive presentation; and Dr Marcus Pleyer, Deputy DG at Germany’s finance ministry reveals his view of the future of European AFC.

The Summit will be opened by Ireland’s Minister for Financial Services Dr Dr. Jennifer Carroll MacNeill TD and will also hear a Special Address from Eurogroup President Paschal Donohoe. Why go to an AFC conference to hear sales pitches when you can go to the real-thing and get insights from the experts on the frontline? Book here to be in with a chance to get the remaining tickets HERE

Now here’s your Friday news digest:

CHICKEN AND EGG PARADOX ANALYSIS: Globally an estimated $2 trillion is laundered annually, and money laundering typologies are proliferating,  writes Elizabeth Bethoney in this analysis piece. In response, pressure is mounting on financial institutions and regulators to work together to implement effective anti-money laundering (AML) measures. And where they are not working together effectively, regulators are being moved to force change in the financial industry. Elizabeth, who’s worked in FinCEN, the CIA and DEA shares her experiences and looks into her crystal ball to see how to respond to the fincrime epidemic. Find her insights here: The chicken and egg paradox of AML effectiveness – by ex FinCEN and CIA expert Elizabeth Bethoney

MURDER PROMPTED BY AML COMPLAINTS - ALLEGATION: THE OWNER of a Latvian bank is facing trial for conspiracy to murder a lawyer who accused the lender of money laundering. Mihails Ulmans, a beneficial owner of LPB bank, is accused of prompting the shocking daylight murder of insolvency lawyer Mārtiņš Bunkus, who raised AML concerns about the bank with authorities. Bunkus reportedly became suspicious that LPB was engaged in money laundering when he came across evidence as he was winding up another company. Find the full shocking story here: Owner of Latvian bank accused of murder conspiracy in AK47 killing of lawyer who raised AML concerns with authorities

LAWYERS SUSPECTED OF HUMAN TRAFFICKING ENABLEMENT : BRITAIN's National Crime Agency (NCA) is preparing to pursue up to 100 lawyers it fears are helping traffickers get asylum for people in the UK. The agency is identifying solicitors who may be breaching their professional code or committing crimes by providing services to organised crime. UK Ministers had claimed Albanian criminal gangs are misusing the modern slavery and asylum system at a time when record numbers of people are referred to the Home Office as potential victims of exploitation. Read the developing story here: Britain’s National Crime Agency probing up to 100 lawyers suspected of helping traffickers secure asylum for people in UK

KEATINGE’S BRUSSELS VERBAL BEATING: COMMENTS made on social media by a fincrime staffer at the British Royal United Services Institute (RUSI) about the requirements of Europe's new AML Authority (AMLA) have been met with dismay in Brussels. Remarks UK-based Tom Keatinge poking fun at AMLA's requirement for a large conference room to host meetings of Member State delegations were variously described by MEPs as "pathetic" and "sneering." The comments which drew criticism were made after the European Commission last week circulated a memo to Member States bidding to host the agency and describing the requirements for space for the 400 staff, who will regularly host EU and international delegations. Read why two influential MEPs are not happy with his comments and officials in the European Commission are far from impressed. And what will European Commissioner for financial services Mairead McGuinness have to say when she meets RUSI on Monday? She is known to be a straight-shooter with no truck for such scepticism. Neither RUSI nor Mr Keatinge responded to requests for a comment: ‘Sneering’ remark on Europe’s new AML Authority (AMLA) by UK-based RUSI staffer raises eyebrows in Brussels

THERE ARE STILL SOME TICKETS LEFT FOR THURSDAY’S SUMMIT IN DUBLIN, BUT YOU’LL HAVE TO HURRY.  SECURE YOUR PLACE  

UK CALL TO REGULATE CRYPTO AS GAMBLING: Bitcoin, ether and other cryptocurrencies should be regulated as gambling given they are potentially used by fraudsters and pose significant risks to consumers, a panel of UK lawmakers said in a report on Wednesday. Britain is planning its first rules for crypto assets, which currently only comply with anti-money laundering safeguards. Bitcoin and ether account for two-thirds of all crypto assets and are not backed by any currency or asset, leading to volatility in prices and the potential for all money invested in them to be wiped out, the report from parliament's treasury committee said. Read the full story here: Crypto should be regulated as gambling, UK lawmakers say

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Have a great Friday 👋

Alisha and the team at AMlintelligence.