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China bolsters oversight to bring financial sector in line

China’s central bank has rolled out new restrictions that would bolster governance at companies with banking, brokerage and insurance operations in a bid to prevent fraud and curb risks in the country’s financial sector. The move comes partly as a response to companies like the Tomorrow Group and Anbang Insurance Group funneling assets… Read More

Ukraine’s Top Court Deals Critical Blow To Anti-Corruption Agency

Ukraine’s Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it unconstitutional to hold officials criminally liable for intentionally providing false information on asset declarations. It also struck down several powers of the National Agency for… Read More

Global Banks in Hong Kong Breathe Easier Over U.S. Sanctions

U.S. sanctions over Hong Kong are likely to pose fewer headaches for international banks operating in the financial hub than first feared, lawyers say. Banks have been on notice since July, when President Trump signed a law targeting people the U.S. sees as undermining Hong Kong’s autonomy, and those… Read More

28th October 2020

Philippines: Senate to tackle proposals to amend AMLA

The Senate will start hearing the proposals to amend the Anti-Money Laundering Act (AMLA) to help boost the government’s efforts against the entry and flow of illegal money in the Philippines. “We expect to have an all-hands-on-deck involvement of top officials of concerned agencies in tackling this vital anti-corruption and… Read More

23rd October 2020

FinCEN Files sparks fresh UK inquiry into laundering of dirty billions

Prompted by the FinCEN Files, a powerful U.K. parliamentary committee has launched a fresh anti-money laundering inquiry 19-months after it outlined findings that the nation’s response to billions of pounds in money-laundering was “fragmented.” In light of the International Consortium of Investigative Journalists’ recent investigation, the U.K. Treasury Committee… Read More

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

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

21st October 2020

‘It’s a New Day’: Sudan Exults to Be Taken Off List of Terror States

Sudanese people and their government officials are celebrating the news that after 27 years the United States plans to remove the country from its list of state sponsors of terrorism — a move that could help Sudan revive its ailing economy and bolster its transition to democratic rule. President… Read More

21st October 2020

U.S. Broadens Sanctions to Thwart Completion of Russian Gas Pipeline

The State Department broadened the scope of sanctions targeting an unfinished Russian-backed natural-gas pipeline that has been a source of tension between Germany, Russia and the U.S. Sanctions enacted late last year focused on pipe-laying vessels for Nord Stream 2 and halted the $10.5 billion pipeline, which is… Read More

21st October 2020

National security law: Hong Kong banks told by HKMA to report suspicious transactions

Banks operating in Hong Kong have been told to report financial transactions believed to violate the city’s controversial national security law (NSL) as they would suspected incidents of money laundering or terrorism financing, according to the city’s top financial regulator. In a document posted on its website, the Hong Kong… Read More

19th October 2020

Iran says UN arms embargo lifted, allowing it to buy weapons

Iran has announced that it is now free to purchase weapons on the basis of its defense needs, as a United Nations conventional arms embargo imposed on the country expired on Sunday. “Today’s normalization of Iran’s defense cooperation with the world is a win for the cause of multilateralism and… Read More

15th October 2020

U.S. Treasury unit warns banks of unemployment fraud

U.S. unemployment claims, which have surged during the coronavirus pandemic, are amplifying a compliance risk for financial institutions: unemployment insurance fraud. The Treasury Department’s Financial Crimes Enforcement Network issued an advisory Tuesday, alerting banks to red flags that could indicate illicit activity, including emerging schemes exploiting vulnerabilities created by the… Read More

13th October 2020

Global watchdogs agree rules for stablecoins like Facebook’s Libra

Central banks set out to regulate cross-border stablecoins like Facebook’s planned Libra with a common approach on Tuesday, saying more rules may later be needed to ensure stability. The prospect of a currency-backed stablecoin being used by billions of people on Facebook has galvanised central banks into putting together rules… Read More

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Perth businessman Chris Marco’s alleged Ponzi scheme left investors billions short, court told

Dutch Police Seize $33 Million in Bitcoin from Couple Accused of Money Laundering

Ex-South Korean leader headed for jail after losing final appeal in graft case

U.S. unveils more sanctions on Iran and sells off Iranian oil