13th February 2019
The European Union needs tougher anti-fraud controls including a central body able to enforce laws against money laundering, European lawmakers said on Friday, describing financial crime as as a security problem for the continent. Curbs should be more uniform across the EU and its framework for swapping financial intelligence is… Read More
12th February 2019
Senior executives could be jailed for several years if they mismanage workers’ pension schemes under new plans announced by the British government. The move follows efforts to toughen the state’s approach against the abuse of pension funds, following high-profile pension scheme failures such as at retailer BHS and construction firm… Read More
12th February 2019
An art dealer who made over a million dollars when he sold a painting and set up a scheme to avoid paying tax on it has been jailed. New Jersey-based Brian Gimelson made more than $1.2 million over the sale of a purportedly original painting by the Italian painter Michelangelo… Read More
11th February 2019
A former sales boss at a London firm has pleaded guilty over allegations he made corrupt offers to influence officials in Saudi Arabia to award the company contracts worth billions. British national David Lufkin, who worked as Global Head of Sales for Petrofac International Limited, is now awaiting sentencing… Read More
11th February 2019
A new scheme that trains bank staff to spot the signs of a scam and help customers deemed at risk has helped prevent £38 million in fraud, an industry group said. Under the Banking Protocol, staff can request an immediate police response to the bank if they believe someone is… Read More
11th February 2019
The Tribunal de Grande Instance de Paris in France has launched an official investigation into Danske Bank regarding suspicion of money laundering linked to its non-resident customers portfolio. The probe covers transactions amounting to around €21.6 million. anske has been ordered to post bail of €10.8 million. The… Read More
7th February 2019
Fraudulent schemes involving cryptocurrency firms are among the three most commonly reported scams, according to the Financial Conduct Authority (FCA), which also stated that investments scams resulted in over £197 million of reported losses in 2018. The FCA on Wednesday urged investors to be vigilant to the threat posed by… Read More
7th February 2019
Germany’s banking watchdog BaFin conducted 70 inspections at financial firms in 2018 regarding compliance with anti-money laundering (AML) and counter financing of terrorism (CFT) provisions. Such inspections tend to focus on ‘key areas’ and are conducted on the basis of current events or the particular features of an institution. Read More
6th February 2019
In the wake of Danske Bank’s money laundering scandal, an EU committee will visit Estonia and Denmark this week to meet regulators, prosecutors and the bank’s new management to discuss ways to crack down harder on fraud. Between 2007 and 2015, 200 billion euros ($228 billion) of suspicious payments from… Read More
5th February 2019
An accountant alleged to have committed financial crime offences related to the Panama Papers has appeared in court, according to the International Consortium of Investigative Journalists (ICIJ), which published details of the scandal when it first broke. Richard Gaffey pleaded ‘not guilty’ before the District Court for the Southern District… Read More