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Estonia orders Danske Bank to shut down following money laundering scandal

The Financial Supervision Authority of Estonia (FSA) has ordered Danske Bank’s local unit to cease operating and finalise its affairs within eight months, citing its financial crime scandal which revealed that €200 billion was allegedly laundered through its system. In a statement, the Estonian regulator said the bank would… Read More

Teenager who joined IS group in Syria to lose UK citizenship

Shamima Begum, a teenager who left London when she was aged 15 to join Islamic State in Syria, has had her British citizenship revoked, according to a letter sent to her family published by ITV News on Tuesday. Begum, who gave birth to a son at the weekend, was discovered… Read More

China seizes $1.5 billion in online lending crackdown

AP — Chinese police have investigated 380 online lenders and frozen $1.5 billion in assets following an avalanche of scandals in the huge but lightly regulated industry, the government announced Monday. Beijing allowed a private finance industry to flourish in order to supply credit to entrepreneurs… Read More

18th February 2019

Malaysian court allows ex-Goldman banker to return to U.S. to face 1MDB charges

Roger Ng, a former Goldman Sachs Group Inc banker caught up in the 1Malaysia Development Berhad (1MDB) fraud scandal, will be allowed to return to the United States to face criminal charges against him there, a Malaysian court ruled on Friday. Ng has been detained in Kuala Lumpur since Nov. Read More

15th February 2019

London money laundering: Faces behind scam targeting elderly man revealed

(Convicted launderer: Avinash Kakumanu) Two men have been jailed and another given a suspended sentence for their part in a fraud which saw a London-based 84 year-old man lose over £70,000. Avinash Kakumanu, Dinesh Alavala and Ranjit Nellikondi tricked the victim into believing he was helping the authorities. According to… Read More

15th February 2019

Prominent art dealer sentenced to prison for tax fraud

AP — A prominent New York City art dealer once accused by Alec Baldwin of fraud was sentenced to 2½ years in prison Thursday for evading over $3 million in federal taxes, a crime that left her rejected in some art circles and saying she feels… Read More

15th February 2019

Rabobank fined over poor anti-money laundering controls, KYC, beneficial ownership

Dutch lender Rabobank has been fined just over €1 million over its anti-money laundering controls, including know your customer (KYC), customer due diligence (CDD) and beneficial ownership issues. The penalty was issued by the Dutch regulator, the Dutch National Bank (DNB), which reviewed the bank’s files for some years up… Read More

15th February 2019

Q and A: EU money laundering blacklist explained

The European Commission has published its list of high-risk third countries – dubbed the blacklist – which it says have weak anti-money laundering and terrorist financing regimes. It says the list was established after an ‘in-depth’ analysis, and the that the method reflected the ‘stricter’ criteria of the Fifth Anti-Money… Read More

14th February 2019

‘World famous’ kingpin El Chapo found guilty over drugs, money laundering conspiracy

Drug kingpin Joaquin ‘El Chapo’ Guzman Loera, who is estimated to have generated billions in illicit proceeds, has been found guilty of all 10 counts against him, including participating in a money laundering conspiracy and narcotics trafficking. Also known as ‘El Rapido,’ Guzman was convicted on Tuesday by a federal… Read More

13th February 2019

Europe: Drug dealers used Hawala, gold laundering to move millions monthly

Police in France and Italy have swooped in on suspected members of a gang that operated a ‘complex’ network which involved moving dirty cash to Algeria from Europe. The criminal cash flows are estimated at €5 to €7 million per month. “Money originating mainly from drug trafficking and tax evasion… Read More

11th February 2019

Serious Fraud Office: British exec convicted of bribery in £3 billion Saudi deal

A former sales boss at a London firm has pleaded guilty over allegations he made corrupt offers to influence officials in Saudi Arabia to award the company contracts worth billions. British national David Lufkin, who worked as Global Head of Sales for Petrofac International Limited, is now awaiting sentencing… Read More

11th February 2019

Schumer announces fentanyl sanctions bill before China talks

AP — The Senate’s top Democrat is introducing legislation to “hold China accountable” and sanction laboratories and other traffickers who export fentanyl to the United States. The bill, which will be introduced by Sen. Charles Schumer, of New York later this week, is likely to add to growing tension between… Read More

11th February 2019

UK: Bank staff prevent £38m scams, fraudsters say tax paid via bitcoin machine

A new scheme that trains bank staff to spot the signs of a scam and help customers deemed at risk has helped prevent £38 million in fraud, an industry group said. Under the Banking Protocol, staff can request an immediate police response to the bank if they believe someone is… Read More

Must Read

Estonia orders Danske Bank to shut down following money laundering scandal

Commerzbank spends 600 million euros on compliance, driven by U.S. monitor – Q4 results

Teenager who joined IS group in Syria to lose UK citizenship

Pence urges Europe to quit Iran deal, stop busting sanctions

MTN faces more problems in Uganda as authorities query its sales figures