15th July 2019
A new UK plan to tackle economic crime would fail to hold companies sufficiently liable for illicit activity beyond bribery and tax evasion, anti-corruption campaigners told the Financial Times. Under current laws, British firms can only be deemed guilty of other financial crimes if the “directing mind”—a senior manager… Read More
12th July 2019
Credit Suisse is ensnared in a Swiss criminal probe into alleged money laundering involving a criminal organization and the illegal drug trade. The Swiss attorney general has named the investigation “Bulco”: prosecutors are investigating alleged money laundering by a criminal organization, weekly Schweiz am Wochenende (in German) reported. The… Read More
12th July 2019
A Spanish effort to prosecute a gang that used Bitcoin automated cash machines suspected of being a front for illegal-drug payments has exposed a hole in European anti-money-laundering controls, law-enforcement authorities in the country said. Rules designed to force money handlers to vet their clients don’t apply to the cash… Read More
12th July 2019
Wall Street’s industry-funded watchdog on Thursday said it plans to be more transparent about its process for determining when a securities brokerage qualifies for a reduced penalty in exchange for so-called “extraordinary cooperation.” The Financial Industry Regulatory Authority (FINRA) said settlements it reaches with brokerages for regulatory violations will include… Read More
12th July 2019
A fugitive luxury jeweler, who was initially dropped from the U.K.’s high-profile Tabernula insider-trading case because he was too ill, was convicted of laundering the proceeds of the scheme with the help of offshore companies and false invoices, the financial regulator said. Richard Baldwin set up a company in Panama… Read More
12th July 2019
The sprawling, multibillion-dollar Malaysian development fraud scandal that has toppled a prime minister and stretched from Hollywood to Wall Street is threatening to implicate another major global financial institution: Deutsche Bank AG. The U.S. Justice Department is investigating whether the German lender violated foreign corruption or anti-money-laundering laws… Read More
11th July 2019
A federal judge in New York ordered former BTA Bank JSC chairman Mukhtar Ablyazov to pay the Kazakh lender’s legal fees for the discovery process after he failed to hand over evidence in a lawsuit accusing him of laundering hundreds of millions of dollars in U.S. real estate. U.S. Read More
11th July 2019
The Prime Minister’s Office (PMO) has called for expeditious freezing of bank accounts belonging to shell companies after some of them were found to be active, after around 350,000 inactive companies were struck off the official records since 2016-17. Nripendra Misra, principal secretary to the Prime Minister, wrote a letter… Read More
11th July 2019
Prosecutors in Peru have raided the home of former first lady Nadine Heredia in a sweeping operation linked to alleged corruption connected to a massive gas pipeline constructed by the disgraced multinational Odebrecht. The Heredia home was one of 26 properties targeted by anti-corruption forces probing corruption in the construction… Read More
11th July 2019
Three of Australia’s biggest banks will have to set aside an additional A$500 million ($348 million) each until they have strengthened risk management and reimbursed customers for wrongly charged fees, the prudential regulator said on Thursday. Westpac Banking Corp (WBC.AX), Australia and New Zealand Banking Group Ltd (… Read More