29th January 2020
Bank of China Ltd. agreed to pay 3.9 million euros ($4.2 million) to settle a French probe into allegations it turned a blind eye as customers moved millions to their Asian accounts without paying European taxes. The lender will pay a 3 million-euro fine and 900,000 euros in damages… Read More
28th January 2020
The planned restructuring of Swedish oil refiner Nynas AB shows how some companies are trying to disentangle ownership to free themselves from U.S. sanctions. Stockholm-based Nynas this week said it would reorganize with the goal of getting out from under U.S. sanctions. The company is co-owned by Petróleos de Venezuela… Read More
28th January 2020
HM Revenue & Customs has helped uncover £200m worth of suspected tax evasion and money laundering in the UK. The action — which occurred as part of a series of investigations in Australia, Canada, the Netherlands, the US and the UK — is centred around a Central American financial institution… Read More
27th January 2020
Long accused of being too soft, a U.S. bank regulator has surprised its critics with tough treatment of scandal-ridden lender Wells Fargo, culminating on Thursday in more than$58 million in fines against eight former executives at the bank. Consumer groups had worried that the Trump administration’s pick to lead the… Read More
24th January 2020
The U.S. Treasury Department on Thursday blacklisted four foreign companies for allegedly supporting and facilitating Iran’s petrochemical and petroleum exports, among the latest efforts by Washington to ramp up pressure on Tehran. The Treasury alleged the four companies, based in areas ranging from Hong Kong to Shanghai to Dubai, collectively… Read More
23rd January 2020
The Swedish Gambling Authority (SGA) has taken a stance against money laundering and petitioned the Ministry of Finance to increase the maximum penalty of the gambling operators in violation of the Money Laundering Act. The Authority argued that, given the turnover of the larger gambling operators licensed in Sweden,… Read More
23rd January 2020
A number of European Union countries failed to meet a Jan. 10 deadline to fully apply strict new measures against money laundering, compounding the bloc’s challenge in weeding out dirty money. The European Commission, the EU’s executive arm, is preparing to launch so-called infringement procedures next month to… Read More
22nd January 2020
The number of letterbox, or shell, companies registered in the Netherlands has fallen by almost one third over the past five years, the Financieele Dagblad said on Tuesday. Tougher rules for trust offices and more stringent supervision by the central bank are among the reasons for the… Read More
21st January 2020
The Department of Internal Affairs (DIA) is investigating an Auckland church with links to a multi-billion dollar cryptocurrency labelled a scam. It’s the second church to be investigated by the department involving the OneCoin scheme, whose leaders have been charged with fraud by US authorities. In New Zealand, according… Read More
20th January 2020
A company that illegally processed millions of euros worth of payments for an online gambling operation will not face any criminal charges after reaching a €2.34 million settlement with the Malta Gaming Authority. An industry source familiar with the settlement said the authorities had decided to close off the case… Read More