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Malta: Whistleblower Maria Efimova fears for her safety amid threats and new arrest warrants

Just when she thought the persecution was over, Maria Efimova, the whistleblower who helped expose the corrupt ties between organised crime and Malta’s political establishment, found that the nightmare was back. On Monday 17 November, Pantelis Varnava, Efimova’s husband, was put under arrest in Crete following a request from Cyprus’… Read More

Westpac flags $1.2b hit to earnings on misconduct costs, write-downs

Westpac has flagged a $1.2 billion hit to earnings caused by write-downs across its insurance businesses, a growing remediation bill and mounting costs related to the landmark legal case over anti-money laundering law breaches. The big four bank said on Monday its life insurance business would be written down by… Read More

Corporate Compliance Cuts Raise Prospect of Looser Internal Oversight

Corporate compliance departments are finding themselves in the crosshairs of corporate cost-cutters, raising concerns about the potential for mistakes or misbehavior to go undetected. Layoffs and furloughs in compliance departments have arrived in sectors hardest hit by the coronavirus pandemic, according to consultants, researchers and compliance officers. Companies less affected… Read More

1st April 2020

Trade Misinvoicing: A Common TBML Typology

Trade is the backbone of the global economy and all of us benefit from the trading of products and services across the continents. Global Trade Atlas (GTA) expected an increase in the real value of global trade in both 2020 and 2021 to respectively 188,70.58 and 197,94.77 USD billion. While… Read More

28th January 2020

Soccer leaker Rui Pinto named as Luanda Leaks whistleblower

A professional soccer whistleblower has been named as the source behind a global exposé of the siphoning of Angolan wealth by Africa’s richest woman and her family. Led by the International Consortium of Investigative Journalists, Luanda Leaks reveals how Isabel dos Santos, amassed a fortune of more than $2… Read More

8th January 2020

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

19th December 2019

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

18th December 2019

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

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