Chinese firms’ missing $6 billion tests regulators’ resolve
20th May 2019
Chinese firms’ missing $6 billion tests regulators’ resolve
Cash is considered among the hardest assets for a company to fake, which is why the disappearance of a combined $6.1 billion from two Chinese companies has dumbfounded investors and forced regulators to take action. Drugmaker Kangmei Pharmaceutical Co Ltd, a constituent of MSCI’s global indexes, in April said an… Read More
BC Money Laundering Inquiry Raises Questions for the Rest of Canada
20th May 2019
BC Money Laundering Inquiry Raises Questions for the Rest of Canada
British Columbia’s recently announced probe into suspected money laundering has drawn promises of cooperation from federal officials along with new questions for other provinces. On Wednesday, British Columbia (BC) Premier John Horgan announced that his government would conduct a public inquiry into the “extent, growth, evolution and methods of money… Read More
FinCEN Renews AML Reporting Requirements for Title Insurers in Nine States
16th May 2019
FinCEN Renews AML Reporting Requirements for Title Insurers in Nine States
The US Treasury Department on Wednesday renewed an order requiring title insurers to identify individuals using companies to purchase residential real estate in 12 metropolitan areas. The geographical targeting order (GTO), issued by the Financial Crimes Enforcement Network (FinCEN), applies to purchases of homes valued at $300,000 or more whenever… Read More
European Commission prepares raft of banking reforms after Brexit
16th May 2019
European Commission prepares raft of banking reforms after Brexit
The European Commission is working on its largest regulatory push on banking since the financial crash that could curb Britain’s access to the bloc, according to an internal draft document seen by Reuters. In the 12-page strategy document, EU officials outline provisional financial services plans for the bloc’s executive body,… Read More
In SRA Report, Signs of Work Ahead for Law Firms and Regulators Alike
15th May 2019
In SRA Report, Signs of Work Ahead for Law Firms and Regulators Alike
More than 40 percent of the 59 law firms recently examined by the Solicitors Regulatory Authority (SRA) are facing potential disciplinary actions for anti-money laundering (AML) compliance failures. That SRA, which focused its review on firms in England and Wales that offer trust and company services, found compliance deficiencies at… Read More
EU to remove UK, Dutch overseas territories from tax haven blacklist
15th May 2019
EU to remove UK, Dutch overseas territories from tax haven blacklist
European Union finance ministers are set to remove this week the British overseas territory of Bermuda, the Dutch Caribbean island of Aruba and Barbados from the bloc’s blacklist of tax havens, an EU official said on Monday. The three islands were added to the list in March because the EU… Read More
EU threatens legal steps against Romania over rule of law
14th May 2019
EU threatens legal steps against Romania over rule of law
The European Commission said on Monday it would take legal action against Romania unless it reversed measures that undermine the independence of its courts and the fight against corruption. The executive Commission, which is the guardian of the EU treaties, has repeatedly said laws introduced by Romania’s ruling Social Democrats… Read More
Money Laundering in British Columbia Property Reached $5 Billion USD in 2018, Experts Say
13th May 2019
Money Laundering in British Columbia Property Reached $5 Billion USD in 2018, Experts Say
Criminals had placed an estimated $7 billion CAD in real estate in the Canadian province of British Columbia (BC) as of last year, according to a report published Thursday. The sum made up nearly five percent of the total property-related transactions in the province and accounted for an approximate 5-percent… Read More
FCA Turning to ‘Machine Learning’ Techniques to Identify Misconduct
9th May 2019
FCA Turning to ‘Machine Learning’ Techniques to Identify Misconduct
The UK’s Financial Conduct Authority (FCA) is increasingly turning to machine-learning technology to identify companies and individuals that launder money and pose other risks to the financial sector, an official said Wednesday. As part of that effort, the FCA is backing the development of technical solutions, particularly in relation to… Read More
EU should take over supervision of bank money-laundering risks: ECB’s Enria
7th May 2019
EU should take over supervision of bank money-laundering risks: ECB’s Enria
The euro zone should favor mergers of banking groups in the bloc and take over the supervision of money-laundering risks from national authorities, the European Central Bank’s top watchdog said on Friday. Andrea Enria’s remarks followed a series of money-laundering scandals at European banks which have exposed vulnerabilities in the… Read More
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