5th February 2019
A key government-appointed inquiry into misconduct and other issues within the Australian banking sector has highlighted a need to reform culture within the industry, and revealed issues of ‘greed’ within industry, where the drive for profit supersedes customer care. In its final report published on Monday, the Royal Commission said… Read More
5th February 2019
The British government has signed an order to extradite Indian liquor and aviation tycoon Vijay Mallya, the UK’s Home Office said in a statement on Monday. The order follows a London court’s ruling in December that Mallya, who moved to Britain in March 2016, be extradited to India to face… Read More
5th February 2019
France, Germany and the United Kingdom (E3) have announced the creation of a new platform aimed at facilitating legitimate trade between European firms and Iran, which will operate under the ‘highest standards’ of financial crime compliance, officials said. Called INSTEX SAS (Instrument for Supporting Trade Exchanges), the special purpose vehicle… Read More
4th February 2019
The Monetary Authority of Singapore (MAS) has clarified its stance on whether remittance firms can lend out money following a query about their operations. The query, which was published in the Straits Times, said that many maids were being paid through a remittance firm. In its response, the… Read More
4th February 2019
International payments network SWIFT said on Saturday it had signed an agreement with Bangladesh’s central bank to help it rebuild its infrastructure after hackers used it to steal $81 million in 2016 in the world’s biggest cyber heist. Unidentified hackers, suspected to be from North Korea, carried out the heist… Read More
4th February 2019
AP — Albanian police have cracked down a suspected visa ring issuing fake documents to help people illegally go to Western European countries, Britain, the United States and Canada. A police statement Saturday said 32 people, including a border policeman, were arrested and four others are… Read More
4th February 2019
Businessman and Putin critic Bill Browder has hit out at what he says is the United Kingdom’s reluctance to investigate money laundering. He also alleged that British lawmakers took bribes to prevent probes. Addressing the European Parliament this week, Browder said: “Some people are benefiting from this flow of money… Read More
4th February 2019
Denmark’s top lender Danske Bank has been named the winner of the 2019 Corrupt Actor of the Year over its €200 billion money laundering affair exposed in 2018, and which was considered to the biggest scandal in Europe. Details of the stunning banking scandal were made bare in… Read More
1st February 2019
Danish and Estonian financial regulators are blaming each other for the Danske Bank money laundering scandal, which has highlighted the need for better cross-border surveillance. Denmark’s largest lender is being investigated in Denmark, Estonia, Britain and the United States over 200 billion euros ($229 billion) of suspicious payments through its… Read More
1st February 2019
The European Commission has added Saudi Arabia to an EU draft list of countries that pose a threat to the bloc because of lax controls against terrorism financing and money laundering, two sources told Reuters on Friday. The move comes amid heightened international pressure on Saudi Arabia after the murder… Read More