7th July 2017
A Paris court fined a Latvian bank on Thursday for taking part in a vast scheme allowing French clients to avoid paying their taxes and launder at least 200 million euros. The court convicted Rietumu Banka of money laundering and fined it 80 million euros ($91 million) for facilitating a… Read More
30th June 2017
A US judge has dismissed Wednesday a lawsuit claiming Deutsche Bank AG had failed to disclose to investors deficiencies in its anti-money laundering controls which allowed Russian customers to launder about US$ 10 billion. The lawsuit was filed in May 2016 on behalf of Deutsche Bank’s investors who bought the… Read More
1st June 2017
The parent company of Brazil meatpacking giant JBS SA will pay a fine of about $3.2 billion spread over 25 years for bribing 1,900 local politicians. Brazil prosecutors announced the leniency agreement Wednesday with J&F Investimentos.”The payments will be made exclusively by the holding company and should start in December… Read More
26th May 2017
The government has agreed not to prosecute Citigroup’s Mexico-based subsidiary despite damning evidence it aided a cross-border money-laundering scheme for years, the Department of Justice announced Tuesday. The non-prosecution agreement is in sharp contrast with the hard line that Attorney General Jeff Sessions has already laid out for blue-collar criminals. Read More
25th May 2017
The former chief compliance officer for MoneyGram International has agreed to a three-year injunction barring him from performing a compliance function for any money transmitter and to pay a $250,000 penalty for anti-money laundering (AML) failures, in a settlement announced on May 4(here) by the U.S. Treasury Department the U.S. Read More
24th May 2017
A federal appeals court in Washington ruled on Tuesday against owners of the now defunct Banca Privada d’Andorra S.A. who had sought to reverse an order by the U.S. Treasury Department declaring the institution a “primary money laundering concern.” A three-judge panel rejected calls by Ramon and Higini Cierco, former… Read More
22nd May 2017
A top Shiite cleric was on Sunday convicted on charges of money laundering and collecting funds illegally by Bahraini High Criminal Court. The High Criminal Court in a key verdict announced a one year in suspended jail sentence to Shaikh Isa Qassim, spiritual leader of now defunct opposition group Al Wefaq National… Read More
16th May 2017
Prevezon Holdings Limited, a Cyprus-based company, agreed on Friday to pay US$5,896,333.65 to the US Treasury to settle a money laundering and civil forfeiture action uncovered by the deceased Russian lawyer Sergei Magnistsky. Sergei Magnitsky Prevezon Holdings, owned by Russian businessman Denis Katsyv, and its subsidiaries were prosecuted in New York for laundering some of the US$230 million stolen by an… Read More
15th May 2017
The Supreme Court (SC) has cleared former Agriculture undersecretary Jocelyn “Jocjoc” Bolante and other respondents of money laundering charges in connection with the P728 million fertilizer fund scam. Before this, the Court of Appeals (CA) denied the government’s application to extend the freeze order issued in 2009 on Bolante’s bank… Read More
15th May 2017
Like any other profession, the compliance profession is not immune to bad apples. Lawyers know the law but have been criminally prosecuted for breaking the law. The same goes for compliance professionals. If the compliance profession wants to build credibility, it has to adopt professional standards and it has to accept… Read More