Featured Featured

Money laundering: UK Lawyer helped fraudsters, gangsters in 80 property deals

A solicitor who provided conveyancing services for a gang of drug dealers and fraudsters and helped launder their dirty cash has been jailed for seven years. Police discovered the Handforth-based professional’s activities while investigating the operation of an organised crime gang that had been laundering the proceeds of their criminal… Read More

Money laundering: ‘Rise in UK suspicious activity reports should not mask failing system’

The increase in the number of suspicious activity reports (SARS) filed by the private sector should not mask the inadequacy’s of Britain’s financial crime prevention regime, according to anti-corruption campaigners. New figures from the National Crime Agency show that the number of SARS filed edged up to almost half… Read More

Financial crime: UK announces consultation on bitcoin, cryptoassets guidance

Britain’s Financial Conduct Authority (FCA) has launched a consultation into guidance on the cryptoasset activities it regulates. The watchdog said the move is aimed at providing clarity for firms about whether their cryptoasset activities fall under its regulation, and [for them to] ensure they are compliant and have appropriate… Read More
24th January 2019
Four former Barclays (BARC.L) executives conspired to commit fraud by hiding 322 million pounds of payments to Qatar in return for cash injections in 2008, a prosecutor alleged at the opening of one of London’s most high-profile criminal trials. Former chief executive John Varley and three former directors are the… Read More
24th January 2019
A solicitor, who was also a money laundering reporting officer (MLRO), has been fined £45,000 for failing to conduct anti-money laundering checks for wealthy clients believed to be linked to the Panama Papers scandal. Khalid Mohammed Sharif, a partner at London-based Child & Child, was involved in the law firm’s… Read More
24th January 2019
A group comprising the world’s top banks has published guidance on how financial institutions should carry out sanctions screening. The notes are derived from regulatory requirements and global industry best practice, it said. “[The guidance] is not intended to suggest all FIs should apply all elements in this… Read More
23rd January 2019
Cristiano Ronaldo has reportedly accepted a €18.8m fine and 23-month jail term over tax evasion charges in Spain. The award-winning football player is alleged to have avoided paying tax between 2010 and 2014, in a case centred around image rights deals. Ronaldo is reported to have acknowledged incidents amounting to… Read More
23rd January 2019
A former UBS (UBSG.S) banker accused of selling information about wealthy German tax evaders to German authorities was convicted of economic espionage by a Swiss court on Monday. Rene S., as the 45-year-old ex-banker was called during court proceedings, was sentenced to 40 months in prison and must pay fines… Read More
22nd January 2019
AP — France’s data privacy watchdog fined Google 50 million euros ($57 million) on Monday, the first penalty for a U.S. tech giant under new European data privacy rules that took effect last year. The National Data Protection Commission said it fined the U.S. internet giant for “lack of transparency,… Read More
22nd January 2019
The president of German financial watchdog BaFin has urged firms to treat the fight against money laundering as a ‘very high priority,’ and called for better coordination in Europe to tackle the crime. In a recent speech, BaFin chief Felix Hufeld referred to reports of suspected cases of money laundering… Read More
22nd January 2019
Britain’s National Crime Agency (NCA) has seized a property worth £1.7 million from a Staffordshire-based woman who, with her firm, used money from drug dealers to purchase a number of properties. A Civil Recovery Order by Consent was made at the High Court in London on 14 January, leading to… Read More
21st January 2019
A Portuguese man arrested in Hungary on suspicion of extortion and secrecy violations hacked football bodies’ documents – which later appeared on the Football Leaks website – because he was “outraged” by criminality in the sport, his lawyers said. The man, named by his lawyers as 30-year-old Rui Pinto, was… Read More
21st January 2019
Use of bitcoin as a form of payment doubled in 2018 on darknet market sites, where users can buy anything from illegal drugs to fake IDs, even though the price of the cryptocurrency crashed, according to a study by data firm Chainalysis. Bitcoin transaction volumes on darknet markets rose throughout… Read More