Featured Money Laundering

Next Hurdle in Treasury’s Corporate Transparency Push? Verification

The U.S. Treasury Department last month kicked off the process of establishing a long-awaited corporate ownership registry. The agency is already facing sharply diverging views on how it should work. Top of mind for financial institutions and other stakeholders is how ownership information that is submitted to the Treasury’s Financial… Read More

FCA opens investigation into collapse of Greensill Capital

The City watchdog has opened the door to a criminal prosecution of Greensill Capital and confirmed that it is investigating the failed lender. Nikhil Rathi, chief executive of the Financial Conduct Authority, said that the regulator was “investigating matters relating to Greensill Capital”. His comments came in a letter to… Read More

How bell-ringers and a bowls team are among groups caught up in HSBC’s money laundering blitz

Village bell-ringers and local bowls clubs are having their bank accounts closed by HSBC in a crackdown on money laundering. Last month, Money Mail revealed how the international bank had shut down the account of a pigeon racing club, and we have since heard from other community groups which have… Read More
12th May 2021
Shell companies sure make strange bedfellows. A New York real estate tax lawyer — who did work for former President Donald Trump decades ago — in 2011 purchased a shell company whose creators later became key investors in a mystery $100 million company that owns just a small… Read More
12th May 2021
By Katya Bleszynka, Insight Crime, 10 May 2021 InSight Crime — Millions of dollars in state funds were allegedly laundered through a religious non-profit in the Dominican Republic, showing how minimal oversight of these faith groups makes them ideal vehicles for embezzlement. On May 10, security… Read More
11th May 2021
The potential merger of Crown Resorts and Star Entertainment will put renewed pressure on state governments, casino regulators and casino operators to permanently end the use of junket companies that bring international gamblers to Australia. The Covid-19 pandemic had already ended the use of junket companies… Read More
11th May 2021
Danske Bank’s notorious Estonian branch housed hundreds of U.S. taxpayers and businesses amongst its portfolio of suspicious non-resident-customers, states an internal legal memo that Berlingske has access to. The »comprehensive memorandum« is dated to the beginning of 2019 and was prepared by Danske Bank’s lawyers in various countries where the… Read More
11th May 2021
By David Leask, openDemocracy, 10 May 2021 openDemocracy — At the end of 2018, a softly spoken British executive matter-of-factly told the European Parliament how to clean tens of billions of dirty dollars. Howard Wilkinson’s voice shook slightly as he described to MEPs how money from the… Read More
11th May 2021
The government is set to introduce new rules on forfeiture, management and auction of properties and assets relating to Anti-Money Laundering (AML) cases and transfer of investigations and prosecution of AML cases from police, provincial anti-corruption establishments (ACEs) and other similar agencies to specialised agencies to achieve remaining benchmarks of… Read More
11th May 2021
Local WhatsApp groups have been one of the silver linings of the pandemic, creating community ties and support networks. Yet loan sharks are increasingly using these groups to extort money from their victims, according to England’s Illegal Money Lending Team (IMLT), an organisation that prosecutes illegal lenders and… Read More
11th May 2021
The U.S. Department of Justice has dropped a probe into Deutsche Bank AG’s role in the 1MDB scandal, removing a potential legal headache as Malaysia steps up its demands for compensation. The DOJ sent a letter to notify the German bank that the investigation had been closed, people familiar… Read More
11th May 2021
If you head into your bank with $10,000 in cash and ask to deposit it, the bank must report that transaction to the Financial Transactions and Reports Analysis Centre of Canada – FINTRAC. If you buy precious metals or stones with that much cash, the store must also report it… Read More
10th May 2021
When federal regulators late last year accused one of the world’s most popular cryptocurrency platforms of illegally selling $1.38 billion worth of digital money to investors, it was a pivotal moment in efforts to crack down on a fast-growing market — and in the still-nascent industry’s… Read More