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Higher cost to implement Malaysia’s new compliance rulings

Bank Negara Malaysia’s (BNM) reporting institutions, especially insurance operators, Lembaga Tabung Haji (TH) and money services, will incur higher operating cost to comply with the central bank’s money laundering rulings. The central bank recently released comprehensive guidelines on anti-money laundering and countering financing of terrorism (AML/CFT) to stem illegal transfers. Read More

UK watchdog chases law firms over money laundering rules

The solicitor’s watchdog is pursuing law firms that have failed to fulfil anti-money laundering rules after evidence showed high levels of non-compliance. It has written to 6,500 compliance officers for legal practices asking them to make a declaration that they have a firm-wide money laundering risk assessment in place. All… Read More

US Senate approves Nord Stream 2 Russia-Germany pipeline sanctions

US lawmakers on Tuesday approved sanctions on companies and governments working on the controversial Nord Stream 2 pipeline that will link Germany with Russian gas. Companies providing services such as pipe laying are being targeted, as Washington tries halt the completion of the $10.5 billion (€9.6 billion) pipeline, which would transport gas under… Read More

18th December 2019

Australian regulator investigates Westpac directors, executives after scandal

Australia’s banking regulator will use its increased investigative powers for the first time to examine whether Westpac Banking Corp (WBC.AX) directors and executives broke the law as part of the bank’s money laundering scandal. Westpac will be required to hold an extra A$500 million ($339 million) in capital… Read More

10th December 2019

Swedbank revamps management after money laundering probe

Swedbank (SWEDa.ST) said on Monday its chief risk officer was leaving as the Swedish bank’s new CEO revamps its structure to regain customer trust after a money laundering scandal sent its shares down 40% in the past year. Helo Meigas will leave the bank along with head of… Read More

9th December 2019

EU to consider tougher tax haven listing

A group of European Union countries is calling for the bloc to cast a wider net when listing tax havens and to consider imposing stricter sanctions for countries facilitating tax avoidance, according to an EU document and an EU official. The document, prepared by the Danish government and seen by… Read More

21st November 2019

Banker On The Run

When Lithuania’s AB Bankas Snoras imploded in 2011, its main shareholders, Vladimir Antonov and Raimondas Baranauskas, had already left for the United Kingdom, where Antonov had accomplished a long-held dream to take over the Portsmouth Football Club. On Nov. 24 of that year Antonov, a Russian, and Baranauskas, a Lithuanian,… Read More

8th November 2019

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

7th November 2019

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

6th November 2019

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

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