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What 6AMLD Doesn’t Say About Legal Liabilities

With only a day to go before the deadline for EU member-states to transpose the bloc’s Sixth Anti-Money Laundering Directive (6AMLD), significant questions remain unanswered about how it will be enforced on a national-level. In an apparent response to recent banking scandals, the directive will make the “aiding and… Read More

UK’s Big Four auditors await shake-up as corruption probes add up

Britain’s audit sector, dominated by the so-called Big Four accountancy giants, is shortly expected to discover how it must reinvent itself amid a series of probes into alleged corruption, including one linked to the collapse of German electronic payments group Wirecard. UK authorities want the industry to separate audit and… Read More

U.K. Court Freezes Up to $5 Billion Tied to Alleged Kazakhstan Bank Theft

A U.K. civil court froze up to $5 billion in assets including stakes in luxury hotels, cash in bank accounts in half a dozen countries and a Burger King franchise, as part of an international legal saga that ensnared Kazakhstan’s richest businessmen, according to court documents. The Business and Property… Read More

2nd December 2020

Wirecard: Gardaí investigate alleged €400m fraud at Irish arm

Gardaí are investigating an alleged €400 million fraud at electronic payments company Wirecard’s Irish arm, the High Court heard on Monday. The firm, which has its headquarters in Germany, reported in June that €1.9 billion was missing from its accounts, prompting an inquiry that led to the arrest… Read More

2nd December 2020

EU, FATF lists causing correspondent banking problems in Bahamas

The Bahamas’ inclusion on the European Union’s (EU) black list and Financial Action Task Force’s (FATF) gray list, has caused some local financial institutions to be refused service by correspondent banks, Attorney General Senator Carl Bethel said on Friday, adding that those lists have left The Bahamas at a competitive… Read More

2nd December 2020

Feds step up efforts to target Venezuelans accused of money laundering in Miami

Federal authorities are stepping up their efforts to seize millions of dollars deposited in Miami bank accounts that they say were used to pay kickbacks to Venezuelan government officials for inflated contracts with the national oil company, PDVSA. The latest target: Natalino D’Amato. The contractor is accused of selling $160… Read More

2nd December 2020

U.S. accuses China of ‘flagrant’ North Korea sanctions violations, offers $5 million reward

The United States accused China on Tuesday of “flagrant violation” of its obligation to enforce international sanctions on North Korea and offered rewards of up to $5 million for information about sanctions evasions. Deputy Assistant Secretary for North Korea Alex Wong accused China of seeking to undo a United Nations… Read More

2nd December 2020

Australia’s Westpac hit with a second bank regulator penalty

The Australian bank regulator said on Tuesday it was forcing Westpac Banking Corp to raise its cash reserves after it fell short of prudential standards, its second enforcement action in a year against the country’s No. 3 lender. The Australian Prudential Regulation Authority (APRA) said a review of the bank’s… Read More

2nd December 2020

Finance minister orders external audit of Quebec casinos after investigation into Mafia perks

Quebec’s finance minister has ordered an external and independent audit of the province’s casinos. The move comes after Quebec French-language news channel TVA’s investigative unit found Mafia leaders had received access to luxury perks through the Montreal Casino, including tickets to shows, meals and free hotel rooms. Finance Minister Eric… Read More

2nd December 2020

U.S. imposes sanctions on Chinese firm accused of undermining democracy in Venezuela

The United States imposed sanctions on Monday on Chinese firm China National Electronics Import & Export Corporation (CEIEC), accusing it of supporting Venezuelan President Nicolas Maduro’s efforts to undermine democracy. The U.S. Treasury Department said in a statement the Chinese company supported the leftist government of Maduro in its “efforts… Read More

2nd December 2020

Hong Kong leader drops plan to extend anti-bribery laws to chief executive post

Hong Kong leader Carrie Lam Cheng Yuet-ngor will not extend the city’s anti-bribery laws to cover her own chief executive position, reneging on a promise she made in her election manifesto three years ago. Lam said amending the law would affect her “constitutional role” in the… Read More

1st December 2020

New EU Prosecutor’s Office Takes Aim at 50-Billion-Euro-a-Year ‘Carousel Fraud’ Schemes

By Will Neal, OCCRP, 30 November 2020 OCCRP — OCCRP spoke with the head of the new European Public Prosecutor’s Office about the challenges in fighting the widespread — but often-ignored — criminal scheme. “No one’s interested in value-added tax. It’s just not sexy enough.” There’s an edge of… Read More

1st December 2020

The public knew he was crooked in 2009. Big banks helped him stash millions until 2017.

By Will Fitzgibbon, ICIJ, 30 November 2020 ICIJ — JPMorgan Chase, America’s largest bank, helped move millions of dollars for a New Jersey con man long after he was first accused of ripping off customers looking for good deals on the used cars of their dreams. Many borrowed from… Read More

Must Read

What 6AMLD Doesn’t Say About Legal Liabilities

UK’s Big Four auditors await shake-up as corruption probes add up

U.K. Court Freezes Up to $5 Billion Tied to Alleged Kazakhstan Bank Theft

Wirecard: Gardaí investigate alleged €400m fraud at Irish arm

EU, FATF lists causing correspondent banking problems in Bahamas