13th July 2016
New Zealand said on Wednesday it will introduce a registry of foreign trusts that local tax and law enforcement agencies could use to investigate suspected money laundering and tax evasion. The registry was recommended after an independent review by accountant John Shewan last month, in the wake of the Panama… Read More
13th July 2016
The Enforcement Directorate today arrested Financial Technologies India Limited (FTIL) founder Jignesh Shah in connection with its probe into the Rs 5,600-crore National Spot Exchange Limited (NSEL) money laundering scam. Officials said Shah was arrested under the provisions of the Prevention of Money Laundering Act (PMLA) as “he was… Read More
12th July 2016
Eurozone finance ministers have decided to start sanctions procedures against Spain and Portugal for breaching EU spending rules, reports AFP.   Both countries are accused of not making “sufficient effort” to cut their budget deficits which, according to EU fiscal rules, should be no more than three percent of GDP. Read More
12th July 2016
Principal investigator Dale Ko has tendered his resignation at the Independent Commission Against Corruption (ICAC), after the recent surprise removal of the acting Head of Operations who was involved in an investigation involving the Chief Executive. Ko was considered a “true future star,” according to one former investigator. The commission confirmed that Ko had requested an… Read More
12th July 2016
George Osborne intervened to talk down the punishment handed to HSBC by US authorities after the bank breached sanctions and money laundering rules, according to a new US congressional report. HSBC, which agreed to pay a record-breaking $1.92bn (£1.46bn) in a deferred prosecution agreement in December 2012, was spared criminal charges after… Read More
On 4 May 2016, the Governing Council of the European Central Bank (ECB) decided to discontinue the production and issuance of the EUR 500 banknote. Rob Wainwright, Director of Europol, considers whether this decision represents good news for the fight against organised crime and terrorism. Read More
12th July 2016
Simon Peh Yun-lu’s comments meant to quell speculation Rebecca Li Bo-lan’s termination was politically motivated Read More
12th July 2016
Johnson Controls Inc (JCI.N) agreed to pay $14.4 million to settle U.S. regulatory charges that its workers bribed Chinese shipbuilders and shipyards, including some owned by the Chinese government, to win business and enrich themselves. The U.S. Securities and Exchange Commission on Monday said… Read More
12th July 2016
On June 29, 2016, the Federal Government published the final version of the long-awaited regulations (Amending Regulations) to amend various regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The Amending Regulations came into force on June 30, 2016, however, there is an almost one… Read More
12th July 2016
The eldest son of Sri Lanka’s former president was arrested on a money laundering charge yesterday, days after being named shadow foreign minister. Namal Rajapakse was remanded into custody for accepting more than $500,000 from an Indian company, police told a Colombo judge. Colombo Fort Magistrate ordered Rajapakse,… Read More