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23rd October 2020

Lawyers, accountants and real estate agents should report suspicious activity: AUSTRAC boss

The head of the financial crimes watchdog says she is concerned lawyers and real estate agents are being used for money laundering, as the government considers whether to impose tough new reporting obligations on them. Austrac chief executive Nicole Rose said the decision on whether to bring lawyers, accountants and… Read More

23rd October 2020

EU imposes sanctions on Russian military intelligence chief

The European Union imposed sanctions on the head of Russia’s military intelligence, Igor Kostyukov, and another Russian on Thursday, accusing them of stealing Angela Merkel’s emails in a 2015 hacking attack on the German parliament. Russia in May denied the accusations as a “hackneyed story” and said the EU lacked… Read More

23rd October 2020

European Central Bank upgrades whistleblowing framework

The European Central Bank yesterday unveiled an enhanced internal whistleblowing framework designed to help employees flag wrongdoing without fearing retaliation for their own careers. In a statement, the ECB said the tool would “enable staff to speak up in confidence” and anonymously if they detected suspected wrongdoing and highlight “potential… Read More

23rd October 2020

200 law firms suspended in UAE for failing to comply with AML procedures

A total of 200 law firms in the UAE that had failed to comply with anti-money laundering procedures have been suspended from practicing for one month. The Ministry of Justice has also called upon law firms to take necessary measures against money laundering and terrorist financing, Wam reported. The necessary… Read More

23rd October 2020

Malaysia: Money laundering suspects also involved in forex investment fraud

The police revealed that a call centre for an international gambling syndicate masterminded by two men believed to be involved in a recent money laundering case was also involved in a foreign exchange (forex) investment fraud cases. Bukit Aman Criminal Investigation Department (CID) director Datuk Huzir Mohamed said investigations found… Read More

23rd October 2020

Australian police probe alleged Vatican funds transfer amid Pell trial

Australian police are investigating the alleged transfer of Vatican funds to Australia amid the prosecution of former Vatican treasurer George Pell for child sex abuse and have referred the matter to an anti-corruption body. The Australian Federal Police (AFP) confirmed on Wednesday they have received information from Australia’s financial crimes… Read More

23rd October 2020

German arrest order for Panama Papers lawyers faces hurdle

AP – A German arrest order for two Panamanian lawyers whose firm was at the center of an international tax evasion scandal faces a substantial obstacle: Panama’s constitution prohibits the extradition of its citizens. Juergen Mossack and Ramón Fonseca are sought by Cologne prosecutors on charges of being an… Read More

22nd October 2020

Westpac’s ties to Puerto Rico Bank Euro Pacific spark calls for financial crime reform

Westpac’s links to an offshore bank at the centre of a sweeping international money laundering and tax evasion probe have sparked fresh calls for reform of the financial sector’s approach to curbing crime. The nation’s second biggest bank, which was embroiled in a major money laundering scandal last year that… Read More

22nd October 2020

US-Sanctioned Hong Kong Shipping Lines Linked to Single Shanghai Resident

Four Hong Kong shipping companies sanctioned this week by the U.S. Department of State for doing business with an Iranian state shipping line have been traced to a single name, purportedly belonging to a person based in Shanghai, an RFA investigation has revealed. The U.S. on Monday named Reach Holding… Read More

22nd October 2020

Why India and Pakistan are wrangling over money launderer Altaf Khanani

Altaf Khanani was considered one of the world’s most-wanted money launderers. The Pakistani fraudster was involved in the illicit international movement of money between countries like Pakistan, the United Arab Emirates, the US, the UK, Canada and Australia. His organization also moved money for drug cartels and terrorist groups such as Hezbollah and al-Qaida. After a massive hunt… Read More

Must Read

Global dirty money watchdog revamps rules to battle weapons financing – U.S.

Anti-money laundering agency keeps Pakistan on watch list

Julius Baer to Withhold Millions in Bonuses from CEOs Who Oversaw AML Lapses: FT

How an irrepressible Serbian arms dealer found a conduit to Saudi Arabia through Qatar

UBS Cuts Ties With Ivory Coast Clients, SonntagsZeitung Reports