Fiat currency is legal tender that is backed by the sole faith of the central government or bank that issued it, rather than a commodity such as gold. Examples are the US Dollar (USD), Japanese Yen (JPY) and UK Sterling (GBP). Whilst central, public bodies in charge of the issuance of money has been in
FATF or the ‘Financial Action Task Force’ was chartered by the Group of Seven industrial nations to foster the establishment of national and global measures to combat money laundering. It is an international policy-making body that sets anti-money laundering standards and counter-terrorist financing measures worldwide. Its recommendations, whilst widely implemented into nations’ legislation, do not
The Financial Conduct Authority or ‘FCA’ – formed in 2013 – is the United Kingdom’s financial regulatory authority overseeing U.K. financial markets and “58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the economy in the United Kingdom”. An independent agency, the FCA has the power to
The Financial Crimes Enforcement Network or ‘FinCEN’ is a U.S. agency – bureau of the Treasury Department – that fights financial crime. Its motto is “follow the money”. This Financial Intelligence Unit (FIU) supports local, state, federal and international law enforcement investigations to safeguard the financial system from illicit use and to fight against money
The FinCEN Files are a trove of information and analysis released in 2020 by the International Consortium of Investigative Journalists that sought to uncover vast gaps in money laundering actions by the traditional financial sector and institutions. Amongst some of the accusations leveled at the big banks was over-arching complacency in fighting back against malicious
Fingerprints of Activity is a financial investigatory method to identify accounts of known blockchain services and methods used by the perpetrators. By identifying the ‘modus operandi’ of a single suspect or of a group of threat actors, financial investigatory units (FIUs) can faster apprehend suspects and seize their assets. Related Articles Battles of Dirty Money and Blockchain: How
Refers to new applications, processes, products or business models that are being applied to improve the efficiency and security of financial services. Related Articles
First In, First Out or ‘FIFO’, is an asset-management and valuation method in which assets produced or acquired first are sold, used, or disposed of first. The FIFO method is used for cost flow assumption purposes. Under FIFO, it is assumed that the cost of inventory purchased first will be recognized first. The dollar value
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