1st November 2016
EFG International has closed its purchase of Swiss bank BSI SA for about a quarter less than the originally anticipated price, after BSI shed billions of Swiss francs in managed assets amid investigations into its role in the alleged misappropriation of money from Malaysian state investment fund 1Malaysia Development Bhd. Read More
1st November 2016
Australia and China agreed on Tuesday to share intelligence about potential financial crime as part of a crackdown on cross-border money laundering and terrorism financing. Australian Justice Minister Michael Keenan, who is in Beijing, said the agreement between Australian financial intelligence agency AUSTRAC and its Chinese counterpart CAMLMAC would allow… Read More
1st November 2016
Ulster Bank has been fined €3,325,000 by the Central Bank in respect of anti-money laundering and terrorist financing failures. The move comes after Ulster Bank admitted breaching the Criminal Justice (Money Laundering & Terrorist Financing) Act 2010. It is the highest penalty imposed by the Central Bank for such breaches. Read More
31st October 2016
The international crime gang led by veteran Dublin criminal Christy Kinahan has set up 200 companies and has operated in 20 countries, a transnational investigation into his crime empire has found. It found Kinahan has copied the Italian mafia’s “golden rule” of using food companies as a front… Read More
David Chenkin of US-based lawfirm Zeichner Ellman & Krause speaks to Tom Devlin about his work. Read More
31st October 2016
The Economic and Financial Crimes Commission Monday re-arraigned the former Abia State Governor, Orji Uzor Kalu, before the Lagos Division of the Federal High Court 34 counts of money laundering. Also arraigned before the court are Udeh Udeogu, a former Director of Finance in the state, and Slok Nigeria Limited. Read More
31st October 2016
An international diamond dealer who ran a £30 million money laundering business has been jailed for 11 years. Danny Koort, 52, stored bags of “dirty money” at the Fitzrovia offices of his Kosher Diamonds business, converting it into euros before returning the cash to his criminal clients. As he flew between… Read More
31st October 2016
El Salvador’s former President Elias Antonio Saca has been arrested over accusations of embezzling millions of dollars of public funds. Prosecutors say six former officials in his government were also held. Mr Saca, 50, has not publicly commented on the accusations. He held office from 2004 to 2009. He… Read More
31st October 2016
The prosecution will call nine witnesses in its case against former BSI banker Yeo Jiawei – the first person to be tried for the key role he allegedly played in a massive money laundering operation linked to scandal-hit 1Malaysia Development Bhd (1MDB) fund. Deputy Public Prosecutor Tan Kiat Pheng, in his opening… Read More
28th October 2016
The revised licensing conditions and codes of practice (LCCP) will require gambling operators to “conduct an [appropriate] assessment of the risks of their business being used for money laundering and terrorist financing” and then implement “appropriate policies, procedures and controls to prevent money laundering and terrorist financing”. The new licensing provisions… Read More