15th July 2019
India has told a tribunal the local auditing affiliate of international accounting group Deloitte Touche Tohmatsu is misreading a key federal law as the firm seeks to avoid a five-year ban on new business, according to legal documents reviewed by Reuters on Sunday. Deloitte Haskins & Sells LLP is contesting… Read More
15th July 2019
A new UK plan to tackle economic crime would fail to hold companies sufficiently liable for illicit activity beyond bribery and tax evasion, anti-corruption campaigners told the Financial Times. Under current laws, British firms can only be deemed guilty of other financial crimes if the “directing mind”—a senior manager… Read More
12th July 2019
U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook’s proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to “become a bank.” “I am not a fan of Bitcoin and other Cryptocurrencies,… Read More
9th July 2019
Noah Holdings Ltd., one of China’s largest wealth managers, levied accusations of fraud against Camsing International Holding Ltd., the Hong Kong-listed company that said last week its chairman had been detained by police. The asset manager has filed a lawsuit and reported Camsing to… Read More
9th July 2019
Digitally savvy financial compliance officers are in demand in China, with multinational companies offering to pay top dollar as they look to tackle rising white collar crime in the region, but such talent is hard to find, according to international headhunter DHR International. Demand for professionals with experience in handling… Read More
9th July 2019
Shares in Punjab National Bank slid after the lender said it had reported a suspected 38 billion rupee ($554.63 million) fraud in Bhushan Power & Steel Ltd’s account, potentially delaying a sale of the firm’s assets and consequent repayments to creditors. PNB is among nearly 34 financial creditors who have… Read More
9th July 2019
A former RCMP organized crime and money laundering investigator says that fraud is a fast-growing business for gangsters that have realized Canada’s justice system is vulnerable to scams that net criminal proceeds estimated at up to $6 billion annually. And, like drug-trafficking proceeds, these funds are laundered into… Read More
4th July 2019
Fraud squad detectives have arrested a member of a gang which has made millions from ripping off customers of Airbnb and other accommodation providers. In dawn raids yesterday, they arrested the man whose gang is suspected of laundering more than €1.5m in 90 separate bank accounts across the country. It… Read More
3rd July 2019
French authorities are encouraging companies to conduct internal investigations when seeking to settle allegations of certain financial crimes—the latest in a series of reforms that brings the country closer to the U.S. model of corporate crime and punishment. Guidance explaining how such investigations can help companies secure negotiated settlements, released… Read More
25th June 2019
Former Venezuelan Oil Minister Rafael Ramirez asked a federal judge in Houston on Monday to set aside a $1.4 billion default verdict against him in a fraud suit brought by a defunct Houston oil company, according to court documents. Ramirez, who was Venezuela’s oil minister for 12 years and later… Read More