12th February 2019
Deutsche Bank has sharply scaled back its role as a correspondent bank, an executive said on Monday of a business line that has dragged it into a money laundering scandal involving Danske Bank. Deutsche Bank’s global correspondent banking portfolio is now around 40 percent smaller than it was in 2016,… Read More
12th February 2019
An art dealer who made over a million dollars when he sold a painting and set up a scheme to avoid paying tax on it has been jailed. New Jersey-based Brian Gimelson made more than $1.2 million over the sale of a purportedly original painting by the Italian painter Michelangelo… Read More
11th February 2019
A former sales boss at a London firm has pleaded guilty over allegations he made corrupt offers to influence officials in Saudi Arabia to award the company contracts worth billions. British national David Lufkin, who worked as Global Head of Sales for Petrofac International Limited, is now awaiting sentencing… Read More
11th February 2019
AP — The Senate’s top Democrat is introducing legislation to “hold China accountable” and sanction laboratories and other traffickers who export fentanyl to the United States. The bill, which will be introduced by Sen. Charles Schumer, of New York later this week, is likely to add to growing tension between… Read More
11th February 2019
A new scheme that trains bank staff to spot the signs of a scam and help customers deemed at risk has helped prevent £38 million in fraud, an industry group said. Under the Banking Protocol, staff can request an immediate police response to the bank if they believe someone is… Read More
8th February 2019
The U.S. Justice Department is investigating a former U.S.-based oil trader for Brazil’s Petrobras already charged in his home country with taking part in a corruption scheme involving commodity companies Vitol SA, Glencore PLC and Trafigura AG, according to people familiar with the matter. It was the first confirmation that… Read More
8th February 2019
A year before Saudi journalist Jamal Khashoggi was killed, Crown Prince Mohammed bin Salman told an aide he would use “a bullet” on the journalist if he did not return home and end his criticism of the government, the New York Times reported on Thursday. The crown prince’s comments to… Read More
8th February 2019
The United Kingdom’s National Crime Agency (NCA) has considered up to 140 unexplained wealth orders (UWOs) to date, according to an official. UWOs require individuals to explain how they obtained an asset where it is suspect that their income would be insufficient to obtain it. So far the agency has… Read More
8th February 2019
Deutsche Bank has been accused of deliberately refusing to shed light on its financial crime issues to an EU committee investigating money laundering and other financial crime in the bloc. In recent months, the top German lender has been named as one of the main banks linked to the… Read More
7th February 2019
Fraudulent schemes involving cryptocurrency firms are among the three most commonly reported scams, according to the Financial Conduct Authority (FCA), which also stated that investments scams resulted in over £197 million of reported losses in 2018. The FCA on Wednesday urged investors to be vigilant to the threat posed by… Read More