3rd May 2019
A $1.7 million diamond jewelry set, allegedly bought for the mother of fugitive Malaysian financier Low Taek Jho, will be handed over to the U.S. government, U.S. prosecutors said in a court filing. Low, known as Jho Low, has been charged in Malaysia and the United States for his role… Read More
1st May 2019
Losses from the theft of cryptocurrencies from exchanges and fraud-related activities surged in the first quarter of the year to $1.2 billion, or 70 percent of the level for all of 2018, cybersecurity firm CipherTrace said on Tuesday. The value of losses from crime in the digital currency sector in… Read More
30th April 2019
The UK’s Serious Fraud Office (SFO) is seeking to expedite a backlog of cases and overhaul how it reviews evidence in an effort to focus on winning criminal convictions, the agency’s director told the Financial Times. The disclosure by Lisa Osofsky, who became the head of the SFO in August,… Read More
26th April 2019
US Justice Department investigators are recommending that Goldman Sachs plead guilty to criminal violations as part of a settlement over its purported role in facilitating a massive corruption scandal at Malaysia’s 1MDB, the Financial Times reported Wednesday. Career prosecutors within the department have submitted the recommendation to senior officials who will… Read More
25th April 2019
Billions of dollars’ worth of gold is being smuggled out of Africa every year through the United Arab Emirates in the Middle East – a gateway to markets in Europe, the United States and beyond – a Reuters analysis has found. Customs data shows that the UAE… Read More
17th April 2019
Japan’s financial regulator will require cryptocurrency exchanges to strengthen internal oversight of the so-called “cold wallets” used to store digital money, a source with direct knowledge of the matter told Reuters on Tuesday. The move by the Financial Services Agency (FSA) highlights the difficulties in ensuring security of virtual currencies,… Read More
16th April 2019
France will push for the European Union to adopt a regulatory framework on cryptocurrencies similar to the one it brought in last week at a national level, becoming the first major country to do so, French Finance Minister Bruno Le Maire said on Monday. The French parliament last week approved… Read More
4th April 2019
Britain’s Serious Fraud Office will soon outline procedures for corporations that choose to waive their client-attorney privileges when voluntarily disclosing illicit activity, the head of the agency said Wednesday. Speaking at the Royal United Services Institute in London, SFO Director Lisa Osofsky called on companies to work more closely with… Read More
1st April 2019
After almost three decades in senior compliance roles at large financial firms including Bank of New York Mellon’s Pershing and Goldman Sachs Group Inc, Jeff Horowitz made an unconventional career move. In July he became chief compliance officer at cryptocurrency exchange Coinbase, taking a leap into the more lightly regulated… Read More
11th March 2019
The global nature of trade brings with it huge compliance risks, exposing businesses to a wide array of rules and regulations requiring them to mitigate their exposure to money laundering and other financial crimes. One of the biggest risks that businesses face is employing third parties, be they suppliers, agents,… Read More