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Pakistan faces claim over London luxury flats seized from ex-PM

Pakistan’s government is facing an embarrassing high court case after allegedly failing to pay a multimillion-pound bill for tracking down properties once owned by the country’s disgraced former prime minister Nawaz Sharif. The asset recovery firm Broadsheet has launched an unusual claim for about £17m… Read More

Why Some Banks Are Ditching Their State Regulators

A national bank regulator is trumpeting his agency’s oversight as a good business proposition. Banks are taking him up on it. Fifth Third Bancorp is the latest company to seek supervision from Trump-appointed regulators who have struck a friendlier tone with the industry. The Office of the Comptroller of… Read More

Latvian Court Declares PNB Bank Insolvent After ECB Suspension

A Latvian court declared the country’s sixth-biggest lender insolvent, sealing the demise of the last bank to level accusations in a high-level corruption scandal. The decision, which Latvia’s Financial and Capital Market Commission said was taken on Thursday, comes almost a month after AS PNB Banka became one of only… Read More
12th September 2019
Federal prosecutors in Los Angeles have been working for three years to recover assets around the world that were allegedly acquired with billions of dollars stolen from Malaysia’s 1MDB fund by people associated with former prime minister Najib Razak. But the question of whether the civil forfeiture lawsuits for overseas… Read More
23rd August 2019
Switzerland’s vaunted private banking scene is tipped to shrink further with a third of banks struggling to make ends meet in the face of adverse conditions. An annual health check of the sector has forecast that smaller players could be “driven to extinction”. A study of 87 private banks by… Read More
21st August 2019
The Dominican Republic’s top prosecutor said on Tuesday that the Caribbean nation’s largest drug trafficking gang has been dismantled, a group that allegedly used two former professional baseball players to launder assets. Former Major League Baseball pitcher Octavio Dotel was arrested earlier on Tuesday, while Luis Castillo, also a former… Read More
19th August 2019
Malaysia’s former prime minister, Najib Razak, on Monday faces the biggest of five trials linked to a multi-billion-dollar scam at state fund 1MDB, although lawyers are seeking a delay to allow time for the completion of a previous trial. Najib, who lost a general election last year, has been hit… Read More
16th August 2019
The Latvian lender which accused the country’s central bank head of corruption is failing and will be shut down, European banking authorities said on Thursday. PNB Banka, one of the smallest lenders under ECB supervision with just 550 million euros of assets, has seen “significant deterioration in its capital situation… Read More
12th August 2019
Malaysia filed criminal charges on Friday against 17 current and former directors at subsidiaries of Goldman Sachs Group Inc (GS.N) following an investigation into a multi-billion-dollar corruption scandal that led to the demise of state fund 1MDB. The U.S. bank has been under scrutiny for its role in… Read More
9th August 2019
Following the discovery of Bernard Madoff’s multibillion-dollar Ponzi scheme in late 2008, US Treasury Department officials ordered the hedge fund manager’s primary bank, JPMorgan Chase, to determine whether any other clients were violating laws or regulations.   Compliance officers in JPMorgan’s private banking arm subsequently launched a review of… Read More
1st August 2019
A Northern Irish woman accused of having links to paramilitary criminals has been ordered to explain how she bought six properties worth £3.2m. The National Crime Agency said the woman is believed to be associated with criminals involved in paramilitary activity as well as cigarette smuggling gangs and is at… Read More
1st August 2019
The United Kingdom’s Financial Conduct Authority (FCA) finalized a policy statement Wednesday on the kinds of crypto-related products that fall under its regulatory remit. The final guidance, which does not address pending anti-money laundering (AML) obligations for crypto-related firms, clarifies that the FCA has supervisory authority over security tokens, which… Read More
1st August 2019
The signs were there. Jahangir Hajiyev, chairman of the biggest bank in Azerbaijan, and his wife, Zamira, appeared to be living on dirty money. Between 2003 and 2015, the couple spent a fortune in the U.K. They dished out 11.5 million pounds ($14.3 million) for a townhouse in the ritzy… Read More