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Brazil’s Supreme Court Deals Setback to Corruption Probes

Brazil’s Supreme Court ruled on Thursday that defendants cannot be imprisoned before all their appeals are exhausted, marking a setback for graft investigations that have led to the convictions of dozens of high-ranking politicians and business leaders. The ruling, which reverses policy adopted in 2016, means that former President Luiz… Read More

How the Netherlands Built One of the World’s Worst Tax Havens

Dutch officials really don’t like it when someone calls their country a tax haven. In 2009, the Obama administration did just that, naming the Netherlands as one of a number of countries where scores of major American firms had established subsidiaries in order to avoid paying U.S. taxes. In a… Read More

Malaysian 1MDB Fugitive Became Cypriot Citizen in 2015

Cypriot former Interior Minister Sokrates Hasicos denied on Monday media reports saying Malaysian fugitive Jho Taek Low – a key figure in a multi-billion dollar embezzlement scheme – had acquired Cypriot citizenship in 2015 just two days after applying. Cypriot newspaper Politis said the businessman, known as Jho… Read More

4th November 2019

The buyers, sellers and the demand for luxury cars in China that’s fuelling the underground export market in Vancouver

In February 2015, Chinese international student David Li was just months away from graduating with a bachelor’s degree from the University of British Columbia in Vancouver. To celebrate, Li’s mother splurged on an epic graduation present: a C$160,000 (US$122,000) electric hybrid sports car, the BMW i8. With butterfly doors and… Read More

1st November 2019

U.S. Considers Targeting Spain in Latest Push Against Maduro Regime

Officials in the Trump administration are pushing for financial sanctions against Spain for what they say is its financial support of Nicolas Maduro’s regime in Venezuela, according to people familiar with the matter. The U.S. Treasury Department is considering sanctions against Spain’s central bank and measures against other entities where… Read More

1st November 2019

ING Voices Support for Creation of EU Money Laundering Body: FT

ING’s chief executive said his institution would “absolutely” support EU proposals to create a cross-border authority charged with overseeing anti-money laundering efforts in the bloc, the Financial Times reported Thursday. The comments follow the disclosure that EU finance ministers are expected to formally task the European Commission with considering… Read More

1st November 2019

Gambling Commission CEO: Malta operators must improve compliance standards

Gambling Commission CEO Neil McArthur says the level of compliance among UK-facing operators based in Malta is currently “not good enough.” Referencing the outcome of Commission research from 2018, McArthur said 45 of 123 online operators were told to submit an action plan to raise compliance standards. A further 14… Read More

1st November 2019

EU Finance Ministers to Seek Creation of Central Money Laundering Authority: FT

European Union finance ministers are expected to formally call for the creation of a central EU anti-money laundering (AML) authority, the Financial Times reported Thursday. The ministerial mandate would task the European Commission with drawing up plans for an independent enforcement body with “direct powers” to oversee AML efforts among… Read More

30th October 2019

Cyprus: Enhanced due diligence checks for passport by investment applicants

The government will soon be applying enhanced due diligence checks on foreign nationals who from now on apply for Cypriot passports via the citizenship-by-investment scheme, while at the same time it will comb through past naturalisations to ensure they comply with up-to-date eligibility requirements. Interior Minister Constandinos Petrides said on… Read More

30th October 2019

Iranians in Malaysia say banks close their accounts as U.S. sanctions bite

Banks in Malaysia are closing the accounts of Iranian individuals and companies, nearly a dozen affected people told Reuters, in a sign that U.S. sanctions are having a far-reaching impact on citizens of the Islamic republic. Although Malaysian banks seemed to be more cautious in dealing with Iranians than those… Read More

28th October 2019

EU readies stricter rules against money laundering: document

The European Union is getting ready to tighten rules against money laundering, an EU draft document shows, a year after previous reforms now deemed inadequate to tackle a series of banking scandals. EU regulators were caught off guard last year by revelations of one of the largest ever money-laundering scandals,… Read More

28th October 2019

FBI turns up the heat on banks over Sim scams

The National Fraud Intelligence Bureau (NFIB) and one of the UK’s largest mobile phone networks, EE, have raised concerns about banks’ growing reliance on text messages when authorising large payments. The calls follow the release of a declassified document by America’s Federal Bureau of Investigation (FBI) that warns about the… Read More

18th October 2019

Probe of Giuliani Allies Gathered Records on 50 Bank Accounts

U.S. authorities investigating an alleged effort by associates of Rudy Giuliani to funnel foreign money into U.S. election campaigns have collected records of financial transactions for more than 50 bank accounts as well as correspondence on 10 email addresses, a federal prosecutor said in a New York courtroom Thursday. The… Read More

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