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Featured Fraud

Luxembourg’s fund sector faces risk of abuse

Drug trafficking, fraud, forgery, tax crimes, corruption and bribery are “very high threats” to the Luxembourg funds industry, according to a study by the country’s financial regulator. The risk for abuse is high in the Grand Duchy, according to the CSSF’s first national risk assessment of money laundering and terrorist… Read More

Internal Affairs probes second Auckland church over cryptocurrency links

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

HSBC aware of Huawei’s ties with Iran unit before arrest of founder’s daughter, documents show

The Canadian extradition proceedings of Huawei Technologies chief financial officer Meng Wanzhou hinge on allegations she made a fraudulent presentation to HSBC in 2013 over the technology giant’s business ties in Iran, but recently revealed documents show the bank had been aware of Huawei’s business relationships in the Middle Eastern… Read More

20th January 2020

Monzo bank ‘freezing accounts for no apparent reason’

The rise of Monzo has been nothing short of remarkable. Rave reviews from customers who universally loved its app-based banking, plus awards and glowing write-ups from the likes of Which?, helped it to become the UK’s fastest-growing bank. But what has led to so many customers claiming they have been… Read More

20th January 2020

SPAC Nation: the South London church, a £2.5m Surrey mansion and a sham loan storm at HSBC

When a fleet of luxury cars dropped off the well-heeled pastors of a South London church near Mayfair on New Year’s Eve, their lavish black-tie gala was marred by a media storm surrounding allegations of financial fraud. But as churchgoers gathered for selfies, they seemed to take scant notice… Read More

15th January 2020

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

14th January 2020

Getting the Economic Crime Plan Done: Why Economic Crime Matters for Johnson’s ‘Global Britain’

The UK’s first ever cross-government, public-private Economic Crime Plan, a collection of policy, legislative and operational commitments, was published just days before the passing of the baton from Theresa May to Boris Johnson. In this respect, the plan could be viewed as a cuckoo in Prime Minister Johnson’s policy… Read More

14th January 2020

Luxembourg’s financial crime watchdog bemoans lack of firepower

Five years after the LuxLeaks revelations, the fight against white collar crime is failing to take off, according to the magistrates in command. This is due to a lack of qualified staff and the increasing complexity of financial transactions. The two men in charge of the fight – Patrick Konsbruck, deputy… Read More

9th January 2020

Billionaire’s Letters to Congo’s Kabila Were Sought by U.K. Fraud Watchdog

U.K. fraud prosecutors sought an Israeli billionaire’s correspondence with the former President of Democratic Republic of Congo Joseph Kabila as part of one of their largest bribery investigations, a lawyer for the Serious Fraud Office said at a London trial. SFO attorney Jonathan Hall described the request at the… Read More

9th January 2020

Millions spent on Northampton Town’s missing-£10m probe

More than £3m has been spent on a “corruption” inquiry into a missing loan to a football club. Northampton Borough Council loaned £10.25m to Northampton Town in 2013 and 2014 to redevelop Sixfields stadium, but the funds seemingly vanished. The council has paid out £2.3m to find the money… Read More

8th January 2020

London Police Consider Asset Freezes in Crackdown on Violence

Unexplained wealth orders, touted as a tool for seizing high-end London real estate from overseas kleptocrats, may soon be put to use against midlevel drug dealers and other criminals fueling violence in the U.K. capital, a senior investigator told ACAMS moneylaundering.com. UWOs, which place the burden on suspected criminals and… Read More

8th January 2020

Recordings Show Najib’s Effort to Seek Help on 1MDB Scandal

Malaysian investigators played audio recordings of former premier Najib Razak seeking help from people including a member of Abu Dhabi royalty and former prosecutors to try to untangle himself from the 1MDB scandal in 2016. One of the clips show Najib reaching out to Abu Dhabi’s Crown Prince… Read More

8th January 2020

Former Barclays Executive Tells Jury That He Isn’t ‘That Clever’

Former Barclays Plc executive Roger Jenkins told a London jury at his fraud trial that he and his colleagues wrestled with how an arrangement to pay Qatar fees for a 2008 deal would look to outsiders before adding that he was “not that clever.” Answering questions from Ed Brown,… 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