26th October 2016
Don’t behave like Vijay Mallya, Delhi High Court told controversial meat exporter Moin Qureshi on Wednesday directing him to return to India by mid-November and appear before the Enforcement Directorate for questioning in a money laundering case against him. “Do not behave in a fashion Vijay Mallya did,” Justice A K Pathak said as… Read More
26th October 2016
The City’s most senior regulator has pledged to clean up the behaviour of major financial firms after a “very sorry” history of scandals. Andrew Bailey, who took the helm of the Financial Conduct Authority in July after a long career at the Bank of England, said there had been two… Read More
26th October 2016
The U.S. government on Tuesday told banks to include details about cyber attacks when filing mandatory reports on fraud and money laundering, saying that will help battle digital crimes that pose “a significant threat” to the U.S. financial system. The U.S. government has long required… Read More
26th October 2016
New Zealand has edged out Singapore to take top spot for ease of doing business in the World Bank’s latest rankings, but money laundering experts warned the honour masked the darker side of the Pacific nation’s vulnerability as a channel for illegal funds. In its annual “Doing Business” report released… Read More
25th October 2016
The National Narcotics Agency (BNN) has discovered money laundering activities from the drug trade affecting nine countries, including China. The total amount of cash uncovered was Rp3.6 trillion, of which, 2.7 trillion from drug trade, stashed abroad, BNN Chief Commissioner General Budi Waseso said here, Monday. The commissioners report was… Read More
25th October 2016
The Czech central bank authorities have withdrawn the license of the Russian ERB Bank, citing violations of exposure rules relating to bond investments, poor risk management and lack of controls. The central bank  submit a court proposal for naming a liquidator of ERB. ERB Bank is believed to have been involved in… Read More
25th October 2016
The Financial Action Task Force (FATF) has urged members to shut down overseas North Korean bank branches and to sever financial ties with the North, South Korea’s Financial Supervisory Service (FSS) announced on Tuesday. The FATF, an intergovernmental body combating money laundering and terrorist financing, “strongly demanded” that members blockade… Read More
25th October 2016
The Italian who ran a money laundering operation in Malta through a network of remote gaming companies has been rewarded for collaborating with the Italian authorities by being allowed to resurrect the business he ran for the Calabria mafia,’Ndrangheta. Mario Gennaro, 39, was arrested in Malta in July 2015 together… Read More
25th October 2016
Plans to bring virtual currency exchanges and digital wallet providers within the scope of EU anti-money laundering (AML) legislation have been backed by the European Central Bank (ECB). he ECB said it “strongly supports” the proposals to extend the Fourth Anti-Money Laundering Directive (AMLD4), noting that “terrorists and other criminal… Read More
24th October 2016
Three Kent men including accountant Aquil Ahmed have been jailed after a two-and-a-half year payroll fraud that saw them steal £6.9m of UK taxes Ahmed, 60, conspired with construction services director Victor Shearer, 43, and payroll administrator Christopher Azzopardi, 37, to take VAT, Income Tax, National Insurance Contributions and Construction… Read More