Featured Money Laundering

German regulator orders online bank N26 to step up controls against money laundering

Germany’s financial markets watchdog (BaFin) ordered the fintech N26 Bank on Wednesday to step up controls to ensure it is better protected against money laundering. In March the online bank, launched in 2013, made negative headlines when German newspapers reported that a customer’s account had been hacked and emptied of… Read More

Judge refuses to block Trump bank subpoenas

AP — A New York judge refused Wednesday to block congressional subpoenas seeking financial records from two banks that did business with President Donald Trump, making it clear it wasn’t a close call. U.S. District Judge Edgardo Ramos said in a ruling delivered from the bench that Trump and his… Read More

U.S. readies sanctions, charges over Venezuela food program: sources

The United States is preparing sanctions and criminal charges against Venezuelan officials and others suspected of using a military-run food aid program to launder money for President Nicolas Maduro’s government, according to people familiar with the matter. These actions are expected to be taken within the next three months as… Read More
23rd May 2019
Senior executives at eight banking institutions in China’s Tianjin were warned by the city’s top Communist Party official against corruption, the country’s graft-buster said on Wednesday. Tianjin’s Party boss Li Hongzhong criticized some officials at Tianjin’s financial institutions for having “lost morality” and “seriously violating the Party’s rules and discipline”,… Read More
23rd May 2019
Pakistani authorities should tighten supervision of traditional cash transfer methods as part of a wider overhaul of financial sector regulation to stem outflows of corrupt money, a British think-tank said. Pakistani Prime Minister Imran Khan was elected to power last year on an anti-corruption platform and vowed to bring home… Read More
23rd May 2019
AP — The European Union’s police agency says an international law enforcement operation has smashed an organized crime gang that earned hundreds of millions of euros in drug and cigarette trafficking, assassinations and money laundering. Europol said Wednesday that more than 450 police and customs officers in Spain, the United… Read More
23rd May 2019
Washington urged South Africa on Wednesday to extradite Mozambique’s former finance minister Manuel Chang to the United States to face charges related to a $2 billion debt scandal, after it was decided he be sent to his home country. Chang has been in custody in South Africa since December when… Read More
23rd May 2019
French prosecutors have described a web of corruption once rife in world athletics, including bribes paid to cover up athletes’ positive drugs tests, in an indictment recommending that Lamine Diack, the Senegalese former head of the IAAF, and his son stand trial. The indictment handed to judges by France’s financial… Read More
23rd May 2019
It’s been 30 years since the Sommet de l’Arche in Paris established the Financial Action Task Force (FATF) to combat money laundering. So where have we come to in Europe and what remains to be done? The last three decades are not without their accomplishments. Money laundering has been criminalised… Read More
23rd May 2019
Democratic senators on Tuesday questioned a US official about his bureau’s scrutiny of Deutsche Bank in light of a report alleging that the lender withheld regulatory filings linked to President Donald Trump. In a hearing on beneficial ownership regulations by the Senate Banking Committee, Democratic lawmakers repeatedly asked the director… Read More
22nd May 2019
Reports of suspicious financial activity in the Vatican reached a six-year low in 2018, an internal watchdog report showed on Tuesday, continuing a trend officials said showed reforms were fully embedded. The annual report by the Vatican’s Financial Information Authority (AIF) also showed that Vatican’s cooperation with international financial regulators… Read More
22nd May 2019
Mexico’s government will auction a Lamborghini, homes and other assets seized from gangsters and at least one former politician, officials said on Tuesday, part of a “Robin Hood” program to use millions of dollars in ill-gotten gains to aid the poor. The first auction, set for Sunday, will seek bids… Read More
22nd May 2019
AP — A Virginia man who previously headed the Newport News-Williamsburg International Airport has been indicted on charges related to the airport’s loan to a defunct airline. News outlets report Ken Spirito was arrested Monday on charges including money laundering. An indictment unsealed that day says he worked to hide… Read More