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Money laundering: UK Lawyer helped fraudsters, gangsters in 80 property deals

A solicitor who provided conveyancing services for a gang of drug dealers and fraudsters and helped launder their dirty cash has been jailed for seven years. Police discovered the Handforth-based professional’s activities while investigating the operation of an organised crime gang that had been laundering the proceeds of their criminal… Read More

U.S. Fed investigating Deutsche’s role in Danske money laundering – Bloomberg

The U.S. Federal Reserve is investigating Deutsche Bank’s role in a money laundering scheme that has embroiled both it and Denmark’s Danske Bank, Bloomberg reported on Wednesday. Bloomberg, citing unnamed people familiar with the matter, said that the Fed’s investigation was at an early stage. – By Tom Sims and… Read More

London lawyer fined for anti-money laundering failures, PEP issues over wealthy clients

A solicitor, who was also a money laundering reporting officer (MLRO), has been fined £45,000 for failing to conduct anti-money laundering checks for wealthy clients believed to be linked to the Panama Papers scandal. Khalid Mohammed Sharif, a partner at London-based Child & Child, was involved in the law firm’s… Read More

23rd January 2019

Money laundering: Danske faces new investor lawsuit threat

Litigation funder IMF Bentham (IMF.AX) has teamed up with legal experts Quinn Emanuel and Njord Law Firm and plans to file a shareholder lawsuit against Danske Bank (DANSKE.CO) by July over a 200 billion euro ($230 billion) money laundering scandal. IMF’s European subsidiary, IMF Litigation Funding Services Limited (IMF LFS),… Read More

23rd January 2019

China banking regulator strengthens banks’ overseas compliance management

China’s banking and insurance regulator issued guidelines on Tuesday to strengthen banks’ overseas compliance management. It will pay special attention to country risk, anti-money laundering and counter terrorism risks, the China’s Banking and Insurance Regulatory Commission said in a statement on its website. (Reporting by Shu Zhang and Beijing Monitoring… Read More

23rd January 2019

Seriously attacking real money laundering; A simple solution to a complicated problem

By Robert Mazur Testimony in the ongoing New York federal trial of “El Chapo” Guzman offered a repeat of facts heard in hundreds of similar trials since the prosecution of Al Capone. Despite that blaring reminder, governments, including the one now prosecuting El Chapo, appear to turn a deaf… Read More

22nd January 2019

German banking regulator calls for better coordination, ‘urgent’ action in anti-money laundering

The president of German financial watchdog BaFin has urged firms to treat the fight against money laundering as a ‘very high priority,’ and called for better coordination in Europe to tackle the crime. In a recent speech, BaFin chief Felix Hufeld referred to reports of suspected cases of money laundering… Read More

22nd January 2019

UK: Firm laundered cocaine dealers’ cash through buying property; assets seized

Britain’s National Crime Agency (NCA) has seized a property worth £1.7 million from a Staffordshire-based woman who, with her firm, used money from drug dealers to purchase a number of properties. A Civil Recovery Order by Consent was made at the High Court in London on 14 January, leading to… Read More

21st January 2019

Danske Bank faces €28 million money laundering probe in France

French authorities are considering launching an investigation into scandal-hit Danske Bank over violating anti-money laundering rules involving transactions worth millions of euros. In recent days, the French Tribunal de Grande Instance de Paris Court issued Danske with a letter summoning it to an interview to discuss matters relating to an… Read More

20th January 2019

Malaysia open to talks if Goldman pays $7.5 billion, minister says

Malaysia’s finance minister said on Friday the government would be ready to discuss dropping criminal charges against Goldman Sachs (GS.N) linked to the 1MDB scandal if the bank pays $7.5 billion in reparations. Goldman Sachs is being investigated by Malaysian authorities and the U.S. Department of Justice for its role… Read More

18th January 2019

Anti-money laundering: Estonia rejects plans for ‘unexplained wealth orders’

Estonia has dropped plans for a rule that would demand people suspected of benefiting from suspected criminal cash prove the source of their wealth is legitimate. Estonia has been thrust into the limelight in recent months following a €200 billion money laundering scandal stemming from the Estonian branch… Read More

17th January 2019

Plan to boost powers of EU finance watchdogs set to be put on hold

European Union finance ministers are set to put on hold a plan to strengthen the bloc’s financial watchdogs, as some states led by Luxembourg oppose ceding their national powers to supervise money managers, according to EU officials and documents. The reform, proposed by the EU executive commission in 2017, was… Read More

17th January 2019

Goldman Sachs CEO apologises for ex-banker’s role in 1MDB scandal

Goldman Sachs Group Inc (GS.N) Chief Executive Officer David Solomon (pictured) on Wednesday apologised to the Malaysian people for former banker Tim Leissner’s role in the sovereign wealth fund 1MDB scandal, but said the bank had conducted due diligence before every transaction. Goldman is being investigated by Malaysian authorities and… Read More

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Money laundering: UK Lawyer helped fraudsters, gangsters in 80 property deals

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U.S. Fed investigating Deutsche’s role in Danske money laundering – Bloomberg