Featured Money Laundering

Indian panel recommends cryptocurrency ban

An Indian government panel has recommended banning all private cryptocurrencies and a jail term of up to 10 years and heavy fines for anyone dealing in digital currencies, which could signal the end of them in India. The panel drew up a report and draft legislation, which will be examined… Read More

Banker Bonuses Face Crackdown in Australia After Scandals

Bank executives in Australia may have to wait as long as seven years to receive their bonuses and face a greater emphasis on improving culture and governance, under regulatory proposals spurred by a string of scandals across the financial industry. In other changes, financial measures will account for no more… Read More

Switzerland’s SIX to launch marijuana data service

SIX, the operator of Switzerland’s stock exchange, said it plans to launch a data service for more than 30,000 securities connected to marijuana related businesses (MRB) to help investors assess their exposure to cannabis-linked companies. Aimed at investors who don’t want their money being used for buying securities involved in… Read More
23rd July 2019
The new chief executive officer of Danske Bank A/S says he wants anyone with good ideas about how to run his firm to contact him. About 1 1/2 years after Danske was slammed by its financial regulator for having a culture that… Read More
23rd July 2019
The UK National Crime Agency (NCA) has seized gold worth approximately £4 million as part of a money-laundering investigation into a suspected South American drug cartel. Law enforcement officials interdicted the gold in June at Heathrow Airport, where it was in the process of being shipped from the Cayman Islands… Read More
22nd July 2019
Britain has kicked off a review of how regulation of finance could be improved after Brexit, saying it would not tweak the existing set-up of watchdogs introduced in the aftermath of the financial crisis a decade ago. The European Union has been the source of financial rules in Britain for… Read More
22nd July 2019
Abdulla Yameen, the former president of the Maldives, pled not guilty to charges of money laundering on Sunday, in the first hearing of a criminal court trial into the matter. Yameen, who drew the Indian Ocean island country closer to China during his tenure, is accused of receiving $1 million… Read More
22nd July 2019
A former Credit Suisse Group AG banker admitted taking millions of dollars in kickbacks as part of a scam that involved as much as $2 billion in loans to Mozambique state-owned companies. Andrew Pearse, 49, a former managing director, made the admission Friday as he pleaded guilty… Read More
22nd July 2019
Swedish cash-handling firm Loomis AB (LOOMb.ST) reported flaws in its anti-money laundering oversight on Friday and vowed to fix them. Loomis launched an investigation into its operations in May after a journalist alleged it was implicated in a Danish money laundering scandal involving foreign exchange agencies. Danish authorities… Read More
22nd July 2019
Gambling bodies are concerned an increase in the maximum wager allowed on betting machines would lead to increased money laundering, according to correspondence seen by the Sunday Independent. TDs have been told the controversial Gaming and Lotteries Bill would enable criminals to place bigger bets and make greater gains on… Read More
22nd July 2019
Efforts to improve anti-money-laundering controls continue to weigh on the financial results of Nordic banks, which have faced allegations in recent months of moving dirty money. The region’s largest lenders— Swedbank AB, Nordea Bank ABP and Danske Bank A/S—said this week that investments in new compliance systems and… Read More
19th July 2019
AP — Finance chiefs from the Group of Seven rich democracies issued a stark warning on Thursday that cryptocurrencies like the Libra digital money recently unveiled by Facebook should not be allowed before “serious regulatory and systemic concerns” are addressed. France, which this year chairs the G-7 gatherings on topics… Read More
19th July 2019
A U.K. court froze 10 million pounds ($12.5 million) of property that authorities suspect was bought with money from drug trafficking, armed robberies and supplying firearms. On July 12, the National Crime Agency secured a so-called Unexplained Wealth Order against eight properties owned by an unidentified businessman in the north… Read More