India’s Central Board of Direct Taxation (CBDT) announced this week that India is close to reaching agreements with Singapore, UAE and Hong Kong to better deal with the challenges of preventing the movement of black money between jurisdictions. According to the Central Bureau of Investigation in India, Indian citizens have… Read More
A 55-year-old man was arrested by police at Vienna airport on Monday, 21st December 2015 on suspicion of money laundering and tax evasion in connection with the trading of carbon emissions certificates. The arrest is linked to investigations of ‘carousel trades’ in 2009 and 2010. Carousel trades exploit… Read More
Another high-profile arrest has been made in relation to the Silk Road online drug marketplace. Canadian Roger Thomas Clark was arrested in Thailand this week by the FBI. The US Department of Justice alleged that Clark played a major role in the success of Silk… Read More
The US Internal Revenue Service (IRS) released its annual Criminal Investigation (CI) report this week. CI is the only federal law enforcement agency with jurisdiction over federal tax crimes, and its purpose is to enforce US law and support tax administration. The report shows that in… Read More
 This week, a joint campaign developed by the Home Office, the Accountancy Affinity Group, the Law Society and the Solicitors’ Regulation Authority was launched to raise accountancy and legal professionals’ awareness of the warning signs of money laundering. Named ‘Flag it Up!’, … Read More
This week, Ernst & Young Fraud Investigation & Dispute Services (FIDS) announced their list of anticipated trends in fraud and corruption for 2016. FIDS noted that anti-bribery/anti-corruption enforcement has increased on a global scale, with companies feeling additional pressure from geopolitical instability and persistent cyber… Read More
The regulation of the online lending industry has come under heavy scrutiny following news that a loan issued by San Francisco-based online peer-to-peer lender, Prosper Marketplace, could have been instrumental in funding the recent San Bernardino terrorist attack. A loan of $28,500 was… Read More
Corporate scandals and continued political pressure over the past two years have resulted in UK regulators demonstrating a stricter approach and willingness to crack down on financial institutions. Accountancy firm EY recently released the Investigations Index, which examined data collected between 2013–2015 to provide insights and statistics into the penalties that UK regulators have… Read More
British multinational bank, Barclays, received a damning review from the Financial Conduct Authority (FCA) last week, which has resulted in one of the biggest fines for AML failings in UK history. The £72 million penalty was issued to the bank following the FCA review, which highlighted Barclays’ incompetence and poor handling of financial… Read More
 Following the regular meeting this week of EU finance ministers, delegates have expressed widespread support for the measures proposed by the French government to target terrorism financing. The French have identified non-banking forms of payment as a commonly used way of transferring funds for terrorism, alongside the… Read More