The Londoner

Tens of billions of dollars every year move through opaque law-firm bank accounts that create a gap in U.S. money-laundering defences , according to a Wall Street Journal analysis. These accounts were used by suspects in a multibillion-dollar scandal involving a Malaysian state investment fund known as 1MDB , according to a Justice Department description of events. They also played a part in  a Florida Ponzi scheme , in a case related to an  official of Equatorial Guinea  and in a dozen other U.S. money-laundering cases over the past decade, case records show. Law firms lump together client money they are holding for short periods, such as while real-estate sales are pending, into pooled bank accounts , and the law firms face no requirement to disclose whose cash is in the accounts. Banks say they generally see only a law firm’s name. Money often stays in the accounts for only a few days or weeks. At the request of law firms’ clients, funds can be sent from the ac

By Sikander Hayat  Before we start to have a look at the KYC requirements for a Trust, we need to understand some basics about this entity type. 1.       What kind of legal entity is a Trust 2.       How many kinds of common Trusts structures are there 3.       Who normally use Trust entities and 4.       From Money Laundering point of view, what are the major risks From money laundering point of view, Trusts can be a very tricky type of entity as it can be structured in such a way to avoid detection of real beneficiaries . Trusts can also be used as avehicle for tax evasion . Trusts can be set up in jurisdictions which are very opaque and make it difficult for any law enforcement agencies or counterparties to be sure of who is actually behind the trust.  We also need to watch out for situations where: 1.       The client establishes a trust when there seems to be little reason to do so 2.       The trust is established in a jurisdictionwhich has

Central Banks are not a very difficult entity to on-board as a counter party because risk based approach will suggest that it is one of the least risky proposition if done correctly. Here are the main steps to perform counterparty check on a Central Bank: 1.        Check on Bank for International Settlements (BIS) that it listed on that website.  The name should match exactly and link should take you to your potential counter party’s website.  The website link for BIS is https://www.bis.org/ .  This is the confirmation that your counterparty is a central bank. 2.        Get the proof of existence and name. This can be achieved by using central bank’s website and Bankers Almanac. Bankers Almanac is an acceptable source for most banks. The link to their website is https://www.bankersalmanac.com/formslogin.aspx# This is not a free resource and your organization will have to pay for this website but it is very important source for banking institutions as it can con

By Sikander Hayat  Syria is suffering and whole Muslim world is suffering because of over emphasis on religious identity . Shia , Sunni and countless other sects are fighting to implement their form of Islam.  Islam is a simple religion but people have hijacked it and made it into something which it is not. At the heart of all wars is this fight for identity. Geopolitical forces are using this rift to further their aims.  Sipah Sihaba, Siphah Mohammad, Lashkar-e-Jhangwi etc. are symptoms of a deeper malaise in Pakistani society.  Following article defines one of these struggles taking place in Pakistan.  http://real-politique.blogspot.co.uk/2013/11/are-you-real-muslim-pakistans-quest-for.html

By Sikander Hayat I needed to apply for a smart NICOP for my son and went to Pakistan Embassy with the required documents. You need to book an appointment before turning up at the embassy. The web address for booking the appointment is   http://www.phclondon.org/appointments/  . The address for London embassy is 34-36 Lowndes Square, London SW1X 9JN . The nearest tube station is Knightsbridge. I had an appointment at 1500 hours and reached there with the appointment confirmation printout. You need to have you the following docs with you if you are a British National You appointment printout Your original detailed birth certificate & photocopy British Passport & photocopy Pakistani passport of your parents and photocopy If your parents do not have the passport than their NICOP and photocopy There are six steps to the process : You meet first team which confirms that you actually have an appointment and check that you have the requir