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EU Threatens to Go After Money-Laundering Laggards With Lawsuits

A number of European Union countries failed to meet a Jan. 10 deadline to fully apply strict new measures against money laundering, compounding the bloc’s challenge in weeding out dirty money. The European Commission, the EU’s executive arm, is preparing to launch so-called infringement procedures next month to… Read More

Fewer letterbox companies in the Netherlands, as regulations begin to bite

The number of letterbox, or shell, companies registered in the Netherlands has fallen by almost one third over the past five years, the Financieele Dagblad said on Tuesday. Tougher rules for trust offices and more stringent supervision by the central bank are among the reasons for the… Read More

Britain’s Tax Agency Offering Contract for Tech to Combat Crypto Tax Evasion

Britain’s tax agency is inviting contractors to provide a tech tool to help Britain’s tax agency combat crypto cybercriminals. What the agency wants The technology, which Her Majesty’s Revenue & Customs (HMRC) posted on Jan. 17 in an open contract call worth 100,000 pounds sterling, should gather intelligence through… Read More

22nd January 2020

UK SARs fall from key company formation agents

The number of suspicious activity reports filed by company formation agents has fallen by more than half to only 23, despite government attempts to improve the system. There was a 56.6 per cent decline in SARs to the National Crime Agency in the year to March 2019 from trust and… Read More

21st January 2020

Luxembourg’s fund sector faces risk of abuse

Drug trafficking, fraud, forgery, tax crimes, corruption and bribery are “very high threats” to the Luxembourg funds industry, according to a study by the country’s financial regulator. The risk for abuse is high in the Grand Duchy, according to the CSSF’s first national risk assessment of money laundering and terrorist… Read More

21st January 2020

Facebook’s ‘Failed’ Libra Cryptocurrency Is No Closer to Release

Facebook Inc.’s Libra cryptocurrency starts 2020 looking no closer to release, with authorities in its base in Switzerland raising fresh questions about its suitability as a global currency. Swiss finance minister Ueli Maurer said on Dec. 27 in Bern that the country can’t approve Libra in its current form, telegraphing… Read More

21st January 2020

‘Suspicious’ that Malta’s FIAU not given resources when investigating PEPs – former director

If the police did nothing on reports compiled and sent by the Financial Intelligence Analysis Unit, what was the point of having these reports, former FIAU director Manfred Galdes said. He said it was suspicious that the FIAU lacked resources – and were not given any – at the time… Read More

17th January 2020

Lebanon central bank asks banks to review politicians’ transfers: circular

Lebanon’s central bank has asked banks to review transfers of funds abroad by politicians and government employees between Oct. 17 and Dec. 31, when anti-government protests led banks to enforce informal capital controls that blocked such transfers. The move appeared to be a step towards probing movements of money out… Read More

17th January 2020

U.S. allows time to wind down deals hit by fresh Iran sanctions

The U.S. Treasury Department said on Thursday it will allow for a 90-day period to wind down transactions in certain sectors of Iran’s economy hit with fresh U.S. sanctions last week. The period, good through April 9, allows transactions in the construction, mining, manufacturing or textiles sectors of Iran’s economy… Read More

16th January 2020

AUSTRAC partners with UK Gambling Commission to share compliance info

The Australian Transaction Reports and Analysis Centre (AUSTRAC) and the U.K. Gambling Commission (UKGC) announced that they have signed a memorandum of understanding (MoU) to share both regulatory and compliance information between the agencies. This agreement has been reached to help the agencies better fight organized crime organizations. In… Read More

15th January 2020

Trump administration sanctions 7 Venezuelans over failed National Assembly takeover

The Trump administration has sanctioned Venezuelan officials including lawmaker Luis Parra after their failed attempt last week to forcibly seize control of the opposition-led National Assembly. Venezuela’s embattled president, Nicolas Maduro, attempt to forcibly install Parra as the new National Assembly chief on Jan. 5 while the military… Read More

15th January 2020

U.S. Blacklists Two Companies It Says Exploits North Korean Workers

The U.S. blacklisted two companies, including a China-based firm, that it says are involved in exploiting North Korean workers in violation of United Nations prohibitions against labor exports. The U.N. banned North Korean labor exports as part of an effort to squeeze international revenues it says are used by the… Read More

15th January 2020

British Tax Havens to Share Data With Russian Authorities

British offshore tax havens will send information about Russian assets registered in their jurisdictions to the Russian tax authorities, despite London and Moscow having cancelled an international agreement which facilitates the sharing of such financial information. Jersey, Guernsey and the Isle of Man are set to share details on bank… Read More

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Halkbank Hit With U.S. Demand for Millions in Contempt Fines