15th November 2019
About seven years ago, the U.K. agency set up to prosecute errant executives and publicly traded companies started taking on some meaty cases. The Serious Fraud Office investigated everything from derivative traders to top brass at blue-chip darlings Barclays Plc and engine maker Rolls-Royce Holdings Plc. Now some academics,… Read More
14th November 2019
The Financial Action Task Force (FATF) will “hold governments to account” for failing to crack down on the criminal exploitation of corporate formation laws, the head of the intergovernmental group said Wednesday. In an editorial published in the Financial Times, FATF President Xiangmin Liu called on nations to immediately… Read More
12th November 2019
AP — A Malaysian judge on Monday ordered former Prime Minister Najib Razak to enter a defense at his first corruption trial linked to the multibillion-dollar looting at the 1MDB state investment fund that helped spur his shocking election ouster last year. Defense lawyers said Najib was shocked he wasn’t… Read More
12th November 2019
With flames leaping from the stage, ear-splitting music pumping from loudspeakers and a screaming crowd, the sell-out event at London’s Wembley Arena seemed more like a rock concert than a financial sales conference. But as Alicia Key’s Girl On Fire began to fade, an electrified silence swept across the auditorium… Read More
12th November 2019
The revelation last week that fugitive Malaysian businessman Low Taek Jho, better known as Jho Low, holds a Cypriot passport has sparked a fresh flurry of speculation over his whereabouts, as authorities attempt to track him down for alleged financial crimes linked to defunct state fund 1Malaysia Development Berhad. The… Read More
11th November 2019
Four members of a family have turned over more than a dozen properties across the United Kingdom and Spain worth US$10.3 million after British authorities accused them of buying them with dirty money. The National Crime Agency says Shane Davies, 47, his wife Rhianna, 34, mother Sheila, 66, and… Read More
11th November 2019
The Bank of England has warned HSBC Holdings Plc for two years in a row that it hasn’t done enough to tackle concerns about how the bank handles risks including financial crime and staff conduct. Samir Assaf, HSBC’s top investment banker, told executives on a conference call this week… Read More
8th November 2019
UK financial institutions and other firms filed a record number of suspicious activity reports (SARs) between April 2018 and March of this year, but only a third of the reports citing potential money laundering prompted criminal investigations. In an annual report published Tuesday, the National Crime Agency (NCA) said… Read More
8th November 2019
Prosecutors in Montenegro halted an investigation into nearly 22 million euros illegally paid to privileged clients of a failing financial institution while it was under the management of the Central Bank, even as smaller account holders lost their savings. The state prosecutor’s office ended its probe into the Central Bank’s… Read More
8th November 2019
Recent commentary on AUSTRAC and the risk of money laundering, as well as high profile investigations into banks such as Westpac and money remitters like PayPal, has raised some important points around how Australia governs funds coming into and going out of the country. At a time when… Read More