Latvian Disciplinary Cases Reveal Internal Battles Over AML Supervision
25th January 2021
Latvian Disciplinary Cases Reveal Internal Battles Over AML Supervision
In November 2009, Gunta Razane, a senior banker with a fondness for gardening, returned to Latvia with her husband after four years abroad. She took out a €21,500 loan to repair their home outside of Riga, which stood on the site of a historic watermill and had suffered damage from… Read More
Drug deals, dirty money and links to Beijing: Australian police bring down Asia’s ‘Mr Big’
25th January 2021
Drug deals, dirty money and links to Beijing: Australian police bring down Asia’s ‘Mr Big’
One of the world’s most wanted alleged drug barons – a billionaire dubbed Asia’s El Chapo – is set to finally face justice in Australia after federal police carried out a covert plot to arrest him after he was deported from Taiwan. Tse Chi Lop, 56, was arrested after departing… Read More
Swiss court finds Israeli businessman Beny Steinmetz guilty of corruption
25th January 2021
Swiss court finds Israeli businessman Beny Steinmetz guilty of corruption
In a landmark verdict in one of the mining world’s most high profile legal cases, a Swiss criminal court found Israeli businessman Beny Steinmetz guilty of corruption and forgery on Friday and sentenced him to five years in jail with a sizeable fine. The ruling after a two-week trial is… Read More
Two former Julius Baer CEOs reprimanded following money laundering inquiry
22nd January 2021
Two former Julius Baer CEOs reprimanded following money laundering inquiry
Two former CEOs of private bank Julius Baer were reprimanded on Thursday by Switzerland’s financial regulator after an inquiry into money laundering in Venezuela and corruption at soccer’s world governing body FIFA. Regulator FINMA did not name the executives but former Chief Executive Boris Collardi, now a partner at Geneva… Read More
Former Vatican Banker Convicted of Money Laundering and Embezzlement
22nd January 2021
Former Vatican Banker Convicted of Money Laundering and Embezzlement
A Vatican court on Thursday convicted a former senior official at the Vatican bank and his lawyer of embezzlement and money laundering, sending a strong signal that the church was determined to get its financial house in order. The defendants — Angelo Caloia, the president of the Vatican bank for… Read More
Italian mafia sweep nets centrist leader, white-collar workers
22nd January 2021
Italian mafia sweep nets centrist leader, white-collar workers
Italian police arrested 50 people on Thursday and placed a prominent centrist politician under investigation in a crackdown on the ‘Ndrangheta mafia that prosecutors say lays bare its efforts to launder cash and buy influence. The ‘Ndrangheta is based in the southern region of Calabria, the toe of Italy’s boot,… Read More
Men jailed over £12m ‘UK’s biggest’ fake cash plot
22nd January 2021
Men jailed over £12m ‘UK’s biggest’ fake cash plot
Three men have been jailed for a plot to supply more than £12m worth of counterfeit banknotes. Police found one of the men at a printing unit surrounded by fake £20 notes totalling £5.25m. A further £5m was found by a dog walker, while £200,000 was scattered on a railway… Read More
Biden Is Expected to Tap Michael Barr as Comptroller of the Currency
22nd January 2021
Biden Is Expected to Tap Michael Barr as Comptroller of the Currency
President Biden is expected to nominate Michael Barr, a former Treasury Department official, to a top post overseeing national banks such as JPMorgan Chase & Co. and Wells Fargo & Co., according to people familiar with the decision. Mr. Barr, who would… Read More
Biden’s regulation freeze slows FinCEN’s proposed crypto wallet rules
22nd January 2021
Biden’s regulation freeze slows FinCEN’s proposed crypto wallet rules
One of the first actions President Joe Biden has taken on his first day in office is to freeze Federal regulatory process, including the controversial self-hosted crypto wallet regulations proposed by former Treasury Secretary Steven Mnuchin. The announcement came in a White House memorandum for the… Read More
Cyprus: MPs give government two weeks to adapt anti-corruption bill
22nd January 2021
Cyprus: MPs give government two weeks to adapt anti-corruption bill
The House legal affairs committee on Wednesday finished discussion of a bill providing for the creation of an authority against corruption and gave the government two weeks to incorporate the changes into the bill so that it could be put to the vote soon. “Through discussion … views were exchanged,… Read More
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