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Malaysia ‘open’ to settling with Goldman and dropping 1MDB charges

Goldman Sachs has been negotiating with the Malaysian authorities to drop criminal charges against three of its subsidiaries in connection with three bond issues by 1Malaysia Development Berhad, or 1MDB. The government is seeking $3.3 billion in compensation from the U.S. investment bank, accusing it of helping a Malaysian businessman… Read More

New Information Emerges Regarding Scale of Troika Laundromat

Troika Laundromat: inside Europe’s latest money laundering scandal Reports of a new money laundering scheme, the Troika Laundromat, highlight the brazen use of illegitimate funds within the world of the ultra-wealthy Like a vast, corruptive beast, money laundering has loomed large over Europe in recent months. Scandal after scandal has… Read More

Enhancing Financial Inclusion: Telecoms and AML in Nigeria

The rapid development of mobile money is creating unprecedented opportunities for poor people in developing countries to more actively participate in the economy. For millions of underserved individuals around the world, a mobile phone represents more than just a tool for communication; it’s a payment terminal in the pocket. Every… Read More
10th April 2019
London-based Standard Chartered Bank will pay $1.08 billion to settle sanctions and anti-money laundering violations uncovered by US and UK investigators in a deal that will extend its deferred prosecution agreement through April 2021. Of that its total monetary outlay, $947 million will go to resolve investigations by the US… Read More
29th March 2019
The United Kingdom’s Financial Conduct Authority (FCA) has fined Goldman Sachs International (GSI) £34,344,700 for failing to submit accurate data relating to over 200 million transactions over a period of almost ten years, ending as recent as 2017. The lender was unable to ensure it provided complete, accurate and timely… Read More
29th March 2019
Swedbank president and CEO Birgitte Bonnesen has been dismissed from her role, a day after authorities raided the bank’s headquarters over a money laundering probe in the Baltics. The investigation is understood to be tied to the Danske money laundering scandal, which claimed the scalp of Danske… Read More
22nd March 2019
Britain’s Serious Fraud Office (SFO) has secured the forfeiture of £1.52 million over a fraudster’s properties using new powers under the 2017 Criminal Finances Act. The properties were originally purchased with fraudulently obtained cash by Birmingham-based Nisar Afzal (61), who fled Britain for Pakistan in the mid-2000’s, according to the… Read More
21st March 2019
Authorities in Kenya have arrested six individuals regarding $20 million in counterfeit notes that were stored in a personal safety deposit box at a branch of Barclays Kenya. “The fake notes in 100 Dollar denominations were recovered from the Bank’s Safe Room,” the Kenyan Directorate of Criminal Investigations (DCI) said… Read More
18th March 2019
Hong Kong’s Securities and Futures Commission (SFC) has penalised leading global lenders over due diligence failures pertaining to a number of initial public offerings (IPOs). Standard Chartered was fined HK$59.7 million for issues such as failing to make ‘reasonable’ due diligence enquiries regarding the listing of a forestry management firm. Read More
15th March 2019
Professional accounting bodies in the United Kingdom are more focused on representing their members than robustly supervising anti-money laundering standards, the government’s AML supervisory unit said. Its findings in a new report have revealed ‘poor standards,’ with an alarmingly high number saying they are worried about taking robust action. “92%… Read More
15th March 2019
The Financial Conduct Authority (FCA) has hit phone company Carphone Warehouse with a £29 million penalty for failings that resulted in the mis-selling of its insurance service Geek Squad. Carphone Warehouse failed to properly train its sales staff, the FCA found. Staff were trained to recommend Geek Squad to customers… Read More
15th March 2019
Denmark’s financial watchdog said on Wednesday a Danish branch of Swedish bank SEB should obtain additional information on customers associated with high money-laundering risk as part of a check-up on the bank. “The Financial Supervisory Authority (FSA) estimates that the branch’s inherent risk of being misused for money laundering or… Read More
14th March 2019
The European Union has published its updated list of non-cooperative jurisdictions for tax purposes, dubbed the tax haven blacklist, adding ten jurisdictions to the existing five states. The new additions include Bermuda and the UAE. “Those jurisdictions did not implement the commitments they had made to the EU by… Read More