Sweden, Estonia to jointly probe Swedbank over alleged money laundering
22nd February 2019
Sweden, Estonia to jointly probe Swedbank over alleged money laundering
Swedish and Estonian finance watchdogs have opened a joint investigation into allegations that Swedbank played a role in the Baltic money laundering involving Danske Bank, the two supervisory bodies said on Thursday. A Wednesday Swedish TV report alleged that money laundering could have occurred in relation to at least 40… Read More
Banking: UBS fined €4.5 billion over money laundering, tax fraud
22nd February 2019
Banking: UBS fined €4.5 billion over money laundering, tax fraud
The French trial court on Wednesday found UBS AG and UBS (France) SA guilty of illicit solicitation and laundering the proceeds of tax fraud. It assessed a penalty of EUR 3.7 billion and EUR 15 million respectively and civil damages of EUR 800 million, or about 4.5 billion euros… Read More
Estonia orders Danske Bank to shut down following money laundering scandal
21st February 2019
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
20th February 2019
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
20th February 2019
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
Malaysian court allows ex-Goldman banker to return to U.S. to face 1MDB charges
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
London money laundering: Faces behind scam targeting elderly man revealed
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
Prominent art dealer sentenced to prison for tax fraud
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
Rabobank fined over poor anti-money laundering controls, KYC, beneficial ownership
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
Q and A: EU money laundering blacklist explained
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
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