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UK seeks to confiscate convicted Nigerian politician’s loot

A British prosecutor launched a fresh attempt on Thursday to confiscate tens of millions of pounds stolen from an oil-producing state in Nigeria by its former governor, who was convicted of laundering his loot in Britain. James Ibori, who was governor of Delta State from 1999 to 2007, pleaded guilty… Read More

Goldman Profit Falls as Bank Braces for 1MDB Fine

Eight years ago, Goldman Sachs Group Inc. bankers sold bonds on behalf of a little-known Malaysian investment fund. On Wednesday, the fallout from that deal wiped out about 13% of the bank’s 2019 profits and darkened otherwise strong results. Goldman socked away an extra $1.1 billion late last year… Read More

What to Expect From U.S. White-Collar Prosecutions in 2020

The new year promises to be an interesting one in white-collar crime. Goldman Sachs is negotiating with the Justice Department to pay a penalty of about $2 billion for its role in the 1Malaysia Development Berhad scandal, known as 1MDB. Accounting fraud became a particular focus of the Justice… Read More

15th January 2020

Cash-Stuffed Secret Hideaway Discovered in Chinese Banker’s Apartment

The former chairman of one of China’s bad banks has confessed to taking millions of yuan in bribes which he kept in metal cabinets in a Beijing apartment he nicknamed “the supermarket.” Lai Xiaomin, former head of China Huarong Asset Management Co., has been charged with taking bribes,… Read More

14th January 2020

Leeds businessman subject to first “McMafia” order over alleged links to organised crime has £1.13m frozen

A Leeds businessman subject to the first “McMafia” order over alleged links to organised crime has had £1.13 million frozen by investigators. Leeds entrepreneur Mansoor Mahmood Hussain, 39, is being asked to either explain the source of his wealth or hand it over to the National Crime Agency. The latest… Read More

14th January 2020

Ex-Treasury official pleads guilty to SARS leaks about former Trump campaign chief Paul Manafort, Rick Gates, Russians

A former U.S. Treasury official pleaded guilty Monday to illegally leaking highly confidential documents about suspicious financial transactions of ex-Trump campaign chief Paul Manafort and others to reporters at BuzzFeed News. The official, Natalie Mayflower Sours Edwards, leaked so-called suspicious activity reports, or SARS, starting in October 2017 about Manafort,… Read More

13th January 2020

British companies fined £300m for money laundering breaches

British companies were fined nearly £300 million for breaching anti-money laundering rules last year, with the UK second only to the US in terms of the number of penalties handed out. Regulators in the UK imposed 12 money laundering fines last year — about half the number in the… Read More

8th January 2020

Taxing Times at HSBC

Diligent KYC360 readers should take note of the recent action by the US Department of Justice (DOJ) against HSBC Private Bank (Suisse) SA (HSBC) following the bank’s admission that it conspired with American customers to facilitate tax evasion. The bank entered into a Deferred Prosecution Agreement (DPA) with the… Read More

31st December 2019

Ethiopia charges former head of state electricity firm, others with corruption

Ethiopia on Friday charged the former head of the state electricity company and the former deputy head of military-run industrial conglomerate METEC with corruption in relation to the giant hydroelectric dam the country is building. Azeb Asnake and Mulu Woldegebriel were charged in relation to a 5.1 billion Ethiopian birr… Read More

31st December 2019

Vietnam court sentences ex-minister to life in MobiFone corruption scandal

A court in Vietnam on Saturday sentenced a former information minister to life in prison after finding him guilty of taking $3 million in bribes in connection with a controversial deal at state telecoms firm MobiFone. Nguyen Bac Son received the money to facilitate a deal in which MobiFone overpaid… Read More

31st December 2019

KYC360 Exclusive: Canada’s Abysmal Prosecution Rate for Money Laundering

The recent proclamation in The Star that, “In Canada, nearly all accused money launderers get their charges dropped”, didn’t surprise me in the least. I’ve had the privilege of interacting with hundreds of Canadian law enforcement officers and prosecutors who specialize in the prosecution of mafia bosses and money… Read More

30th December 2019

‘The Pendulum Has Swung Back’: Latin America’s Corruption Fight Stalls

The biggest corruption investigation in Latin America history began, humbly enough, at a Brazilian gas station, but as it steamrollered across the region, it took down top government officials and corporate titans alike. For those caught up in the scandal, it was a moment of reckoning. For ordinary citizens, it… Read More

27th December 2019

In Canada, nearly all accused money launderers get their charges dropped

White-collar criminals have little to fear from the Canadian judicial system, in which nearly all money laundering charges get thrown out before trial, according to statistics obtained by the Star. Eighty-six per cent of charges for laundering the proceeds of crime laid between 2012 and 2017 were withdrawn or stayed,… Read More

Must Read

Portugal probes Angola leaks as Eurobic bank distances itself from dos Santos

UK SARs fall from key company formation agents

Luxembourg’s fund sector faces risk of abuse

Australia’s Packer to face powerful Crown probe into alleged money laundering

Facebook’s ‘Failed’ Libra Cryptocurrency Is No Closer to Release