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Featured Regulatory Update

Here’s what you need to know about Trump’s suit to keep his finances secret

The Justice Department is siding with President Trump in his fight to keep his banking records out of the hands of House Democrats. A panel of justices at the U.S. Court of Appeals for the 2nd Circuit is scheduled to hear arguments Friday morning on Trump’s appeal in… Read More

China urges Philippines to ban online gambling

China has said it hopes the Philippines will ban online gaming to support its crackdown on cross-border gambling, which it said foreign criminals had used to embezzle funds and illegally recruit workers. The Philippine gaming regulator has banned licenses for new online gaming firms, as lawmakers and some ministers have… Read More

Uganda demands financial records, donor lists of NGOs

Non-governmental organizations in Uganda have been told to submit financial information including budgets and donor lists to the authorities, an official told Reuters on Thursday, in a move rights groups said was another attempt to muzzle criticism. The government of veteran leader President Yoweri Museveni, 74, has long chafed at… Read More

23rd August 2019

Refereeing Football: The EU’s Yellow Card for Money Laundering

Professional football clubs and players’ agents will be required to report suspicious transactions to the police or face criminal sanctions, just like banks, if radical measures proposed by the European Commission are adopted. These measures are recommended in the Staff Working Document that accompanied the Commission’s recently published Supranational Risk… Read More

21st August 2019

France, Panama to launch bilateral body to fight tax evasion

France and Panama have signed a bilateral agreement in Panama City to create a group designed to curb tax fraud, announced Gérald Darmanin, French minister of public accounts. The move comes years after Panama was blacklisted amid the Panama Papers tax evasion scandal. “With Panama’s Minister of Economy and Finance, Hector Alexander, we… Read More

21st August 2019

Brazil moves money laundering intelligence unit to central bank

The Brazilian government on Tuesday issued a decree moving the Financial Activities Control Board (Coaf), which monitors nefarious financial activity such as money laundering, into a new Financial Intelligence Unit under central bank control. The measure, published in the Official Gazette, gives power to the central bank president to appoint… Read More

21st August 2019

U.K. May Delay Naming Next BOE Governor Until After Brexit

The U.K. is considering delaying two key announcements in the latest sign that Prime Minister Boris Johnson’s government is on an election footing. Chancellor of the Exchequer Sajid Javid may wait to name a successor to Bank of England Governor Mark Carney until after Britain’s planned Oct. 31 departure from… Read More

21st August 2019

Corporate Transparency Advances in Three Nations, More Tortoise than Hare

Shell companies—specifically, of the illicit sort—have so long been entangled with the concept of money laundering that one term often evokes the other. But after decades of acknowledging the problems associated with anonymous corporate ownership, and with little to show in the way of preventing the misuse of shell… Read More

20th August 2019

Paying more than $10,000 in cash could make you a criminal under proposed law

Australians could face two-year jail sentences and fines of up to $25,200 under proposed laws that limit the use of cash to $10,000 — a move some groups argue would create an Orwellian state by giving authorities greater control over people’s finances. A number of stakeholders have called on the… Read More

20th August 2019

Saskatchewan set to introduce amendments to protect against money laundering

The Saskatchewan government is set to introduce amendments to protect against criminal acts like money laundering— even if it’s a bit late. Money laundering is estimated to be worth $6.5 billion across Saskatchewan and Manitoba alone, according to a report from former B.C. attorney general and Simon Fraser University professor, Maureen… Read More

20th August 2019

EU to Revisit Stalled Money Laundering Blacklist: FT

The European Commission will revisit plans to publish a list of non-EU jurisdictions deemed to be particularly vulnerable to money laundering, an official from the economic bloc told the Financial Times. The incoming commission is expected by October to unveil an overhauled methodology on how to draft the blacklist of… Read More

19th August 2019

Standard Chartered faces Treasury fine over sanctions breaches

The Treasury is to slap Standard Chartered, the emerging markets lender, with a multimillion-pound fine for failing to prevent sanctions breaches, dealing a further blow to the FTSE-100 bank’s reputation. Sky News has learnt that the Office of Financial Sanctions Implementation (OFSI) has notified Standard Chartered that it intends to… Read More

19th August 2019

Austrac flags tough action after being ‘flooded’ with money laundering breaches

The nation’s anti-money laundering regulator warns it is likely to take more action against Australia’s top financial institutions after being “flooded” with reports of potential breaches following its landmark case against the Commonwealth Bank. Austrac chief executive Nicole Rose said the 2017 case against CBA over its mass breach of… Read More

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$16 million frozen on accounts of TBC Bank founders accused of money laundering

FBI takes down Nigerian fraudsters in $46M case

Many Swiss private banks facing ‘extinction’