WADA Independent Commission Report #2 is Out...
What is it?
World Anti-Doping Agency (WADA) has just issued Part2 of Independent Commission (IC) report in relation to investigation on activities around International Association of Athletics Federations (IAAF) and All-Russia Athletics Federation (ARAF). Part1 of the IC report was issued in Nov 2015 concluded that “there existed a consistent disregard for ethical behaviour and a conspiracy to conduct and conceal corrupt behaviour by particular highly placed members and officials of IAAF and the ARAF".
Part2 of the IC report delves into certain aspects of the investigation on various parties involved in the allegation of corruption. 1 particular point worth highlighting is the engagement of IAAF Consultants of which one of them is a Singapore person, named Ian Tan Tong Han, who through his Singapore-incorporated entity named "Black Tidings" is implicated in the return of some extorted monies via a Singapore bank account.
Aptly, "Black Tidings" in Hindi means Black Marketing or to Launder Black Money.
If you are Compliance in a bank or a FI, perhaps consider implications on transaction monitoring?
If you are Corporate Service Provider, it is necessary to consider implications on how robust your KYC procedures are today when you onboard clients to setup/incorporate entities here in Singapore.
Link to full report here : https://wada-main-prod.s3.amazonaws.com/resources/files/wada_independent_commission_report_2_2016_en.pdf