15th October 2020
AP – Police and Mexico’s federal anti-money laundering agency said Tuesday they have frozen 1,352 bank accounts that allegedly moved about $125 million on behalf of 14 crime gangs, including some of Mexico’s biggest drug cartels. While Mexico City officials have long denied that cartels operate in the capital,… Read More
15th October 2020
U.S. unemployment claims, which have surged during the coronavirus pandemic, are amplifying a compliance risk for financial institutions: unemployment insurance fraud. The Treasury Department’s Financial Crimes Enforcement Network issued an advisory Tuesday, alerting banks to red flags that could indicate illicit activity, including emerging schemes exploiting vulnerabilities created by the… Read More
15th October 2020
A senior Crown Resorts executive has conceded a litany of serious failures by the casino operator relating to alleged criminal activities, but insists it wasn’t deliberately turning a blind eye. Deputy chairman John Horvath, previously a personal physician to the late Kerry Packer and chief medical officer of Australia, made… Read More
15th October 2020
AP — The Vatican’s latest corruption scandal already had all the elements of a spy thriller: One cardinal who was fired during a “surreal” nighttime audience with the pope. Another cardinal, the nemesis of the first, who returned triumphantly to Rome after being acquitted of sexual abuse in Australia. And… Read More
15th October 2020
Police seized a Lamborghini worth nearly half a million dollars during a raid on an alleged money laundering service in Auckland. The Lamborghini Huracan, worth $450,000, was seized alongside a Mercedes G Wagon worth $280,000 and five other luxury cars. A Rayglass boat and high-end motorcycles were also seized. During… Read More
14th October 2020
Despite a high profile crackdown the Chinese government continues to support the sale of pangolin parts for use in traditional medicine, according to a new report. The Environmental Investigation Agency (EIA) found that 221 companies remain licensed to sell pangolin scale products, including global pharmaceutical company China Beijing Tong… Read More
14th October 2020
Deutsche Bank AG was fined 13.5 million euros ($16 million) by Frankfurt prosecutors over money-laundering violations related to work with Danske Bank A/S. The bank failed on more than 600 occasions to file timely alerts to authorities about suspicious transactions, Frankfurt prosecutors said in a statement Tuesday. A related criminal… Read More
14th October 2020
The billionaire financier Leon Black, one of Wall Street’s most powerful executives, was facing questions from clients after Jeffrey Epstein was arrested last year on federal sex trafficking charges. The two men had known each other for decades, and investors of Mr. Black’s investment company, Apollo Global Management, wanted… Read More
14th October 2020
Free-trade zones (FTZs) are designed to attract trade by suspending the collection of customs duties. These incentives are frequently coupled with advantages such as simplified customs inspection procedures, liberalised incorporation regimes and physical infrastructure superior to that available elsewhere in the same country. These features can be attractive to legitimate… Read More
14th October 2020
Commissioner Patricia Bergin, SC, has scorched Crown Resorts’ risk management strategies as counterproductive “gobbledygook” for the average employee as part of the NSW inquiry into the casino giant. Toni Korsanos said she was unaware of debate surrounding her status as an “independent” director when she joined Crown’s board in… Read More