17th January 2019
A British man has been jailed for allegedly sending funds to his brother who travelled to Syria in order to help establish an Islamic state. Sheffield-based Abdurahman Kaabar admitted sending money to his brother but denied knowing or suspecting it might be used to fund terrorism. Instead, he claimed… Read More
16th January 2019
AP — Treasury Secretary Steven Mnuchin is urging senators to vote against a Democratic resolution that would maintain sanctions on companies linked to Russian oligarch Oleg Deripaska [pictured]. Mnuchin met with Republican senators behind closed doors Tuesday in the hours before a planned Senate vote on… Read More
16th January 2019
Britain’s financial watchdog has dropped a criminal probe into Credit Suisse related to an alleged fraud in Mozambique, but is still checking the bank and individuals for any breaches of conduct rules, the watchdog said on Tuesday. In 2016, the Financial Conduct Authority (FCA) launched an investigation into the Swiss… Read More
15th January 2019
The United Kingdom is set to launch a new initiative aimed at tackling financial crime such as money laundering, fraud and bribery. The new taskforce, to be known as the Economic Crime Strategic Board, will comprise government ministers, law enforcement figures and the bosses of Barclays, Santander and Lloyds… Read More
14th January 2019
Standard Chartered’s deferred prosecution agreements (DPAs) with the US Department of Justice and the New York County District Attorney’s Office will be further extended until March 2019. Both deals were reached in 2012, and subsequently extended until 31 December 2018. The bank entered the agreements after it landed in trouble… Read More
14th January 2019
AP — The head of Iran’s nuclear program said Sunday that the Islamic Republic has begun “preliminary activities for designing” a modern process for 20-percent uranium enrichment for its 50-year-old research reactor in Tehran, signaling new danger for the nuclear deal. Restarting enrichment at that level… Read More
11th January 2019
Danske Bank A/S and four former top executives were sued on Wednesday by a U.S. shareholder that accused Denmark’s largest bank of defrauding investors and inflating its share price by hiding and failing to stop widespread money laundering at its Estonian branch. The complaint was filed in the U.S. District… Read More
11th January 2019
The European Union is failing to stem misuse of EU funds worth hundreds of millions of euros each year, and manages to recoup only about 15 percent of this sum, auditors said on Thursday. Fraudulent use of EU funds amounted to 391 million euros($451 million) in 2017, fairly typical of… Read More
11th January 2019
The Hong Kong Monetary Authority (HKMA) has reprimanded and penalised JPMorgan Chase Bank HK$12.5 million ($1.60 million) for breaching anti-money laundering rules, after a probe revealed deficiencies in customer due diligence (CDD) and other areas. According to the watchdog, the investigation found that, between April 2012 and February 2014, JPMorgan… Read More
10th January 2019
Iran said on Wednesday that it would reciprocate after the European Union added two Iranian individuals and an Iranian intelligence unit to the bloc’s terrorist list. EU ministers agreed on Tuesday to add the names to the list and freeze their assets, effective from Wednesday, as the Netherlands accused Iran… Read More