15th October 2020
The FinCEN Files, as they have been dubbed by the good folks over at BuzzFeed News and the International Consortium of Investigative Journalists (ICIJ), are certainly headline-grabbing stories and they raise a lot of questions about the efficacy of anti-money laundering (AML) compliance around the globe. Seeing that the Suspicious… Read More
15th October 2020
The U.S. State Department on Wednesday warned international financial institutions doing business with individuals deemed responsible for China’s crackdown in Hong Kong that they could soon face tough sanctions. In a report to Congress, the State Department named 10 people, including Hong Kong’s chief executive Carrie Lam, all of whom… Read More
15th October 2020
AP – Police and Mexico’s federal anti-money laundering agency said Tuesday they have frozen 1,352 bank accounts that allegedly moved about $125 million on behalf of 14 crime gangs, including some of Mexico’s biggest drug cartels. While Mexico City officials have long denied that cartels operate in the capital,… Read More
15th October 2020
U.S. unemployment claims, which have surged during the coronavirus pandemic, are amplifying a compliance risk for financial institutions: unemployment insurance fraud. The Treasury Department’s Financial Crimes Enforcement Network issued an advisory Tuesday, alerting banks to red flags that could indicate illicit activity, including emerging schemes exploiting vulnerabilities created by the… Read More
15th October 2020
A senior Crown Resorts executive has conceded a litany of serious failures by the casino operator relating to alleged criminal activities, but insists it wasn’t deliberately turning a blind eye. Deputy chairman John Horvath, previously a personal physician to the late Kerry Packer and chief medical officer of Australia, made… Read More
15th October 2020
AP — The Vatican’s latest corruption scandal already had all the elements of a spy thriller: One cardinal who was fired during a “surreal” nighttime audience with the pope. Another cardinal, the nemesis of the first, who returned triumphantly to Rome after being acquitted of sexual abuse in Australia. And… Read More
15th October 2020
AP — Swiss authorities said Wednesday they are returning about $37 million in seized funds to South American soccer confederation CONMEBOL. The money is linked to a Swiss corruption investigation into CONMEBOL’S former president Nicolás Leoz of Paraguay and former secretary-general Eduardo Deluca of Argentina. Leoz and Deluca were among… Read More
15th October 2020
Afterpay has received an all-clear from the Australian financial crimes watchdog AUSTRAC over its breaches of anti-money laundering laws, but the buy now, pay later (BNPL) heavyweight isn’t entirely out of the woods when it comes to regulatory scrutiny. The $27 billion listed fintech said on Wednesday that AUSTRAC would… Read More
15th October 2020
Police seized a Lamborghini worth nearly half a million dollars during a raid on an alleged money laundering service in Auckland. The Lamborghini Huracan, worth $450,000, was seized alongside a Mercedes G Wagon worth $280,000 and five other luxury cars. A Rayglass boat and high-end motorcycles were also seized. During… Read More
15th October 2020
By Will Fitzgibbon and Mago Torres, ICIJ, 13 October 2020 ICIJ — No, this former vice president cannot have his seven planes back. In May, the International Criminal Court ruled that Jean-Pierre Bemba Gombo, former vice president of the Democratic Republic of Congo, will not be compensated for spending… Read More