EU to consider tougher tax haven listing
9th December 2019
EU to consider tougher tax haven listing
A group of European Union countries is calling for the bloc to cast a wider net when listing tax havens and to consider imposing stricter sanctions for countries facilitating tax avoidance, according to an EU document and an EU official. The document, prepared by the Danish government and seen by… Read More
Vatican investments linked to global money laundering investigations
9th December 2019
Vatican investments linked to global money laundering investigations
A fund in which the Vatican’s Secretariat of State has invested tens of millions of euros has links to two Swiss banks investigated or implicated in bribery and money laundering scandals involving more than one billion dollars. The fund is under investigation by Vatican authorities. The fund, Centurion Global Fund,… Read More
Westpac external audits flag ‘partially effective’ systems
9th December 2019
Westpac external audits flag ‘partially effective’ systems
Westpac has not completed a comprehensive external audit of how it manages risk in more than two years, with the last review finding the bank’s systems were only “partially effective”. In a letter to Westpac’s then chief risk officer Alexandra Holcomb in August 2017, audit firm EY said the design… Read More
EU agrees steps toward tighter money-laundering supervision
9th December 2019
EU agrees steps toward tighter money-laundering supervision
European Union finance ministers on Thursday backed plans for greater powers to combat money laundering after a series of revelations about large amounts of dirty money flowing through European banks. The EU last year experienced its largest money-laundering scandal when it emerged that 200 billion euros ($220 billion) in suspicious… Read More
Credit Suisse Blocks Prosecutor Using Critical Finma Report
6th December 2019
Credit Suisse Blocks Prosecutor Using Critical Finma Report
Credit Suisse Group AG has acted to block Geneva prosecutors from using details of a critical report by the country’s financial regulator into the bank’s failure to prevent fraud at its wealth management unit. The bank asked Geneva prosecutor Yves Bertossa to seal the report, which he is legally… Read More
€131m worth of suspicious transactions at Satabank
6th December 2019
€131m worth of suspicious transactions at Satabank
Over 300 reports of suspicious transactions at Satabank worth in excess of €130 million have been flagged by global services firm EY since it was entrusted to administer the bank’s assets by the financial regulator. The move had followed the suspension of the bank’s licence by the Malta Financial Services… Read More
Trump Moves Toward Labeling Mexican Cartels as Terrorist Groups
5th December 2019
Trump Moves Toward Labeling Mexican Cartels as Terrorist Groups
The Trump administration is moving forward on calls to classify Mexican drug cartels as terrorist organizations after the killing of nine U.S. citizens in Mexico, with top officials seeking to reach a decision this week, according to three people familiar with the matter. President Donald Trump is scheduled to meet… Read More
Remittance-dependent Tajikistan blocks Russian wire transfer service
5th December 2019
Remittance-dependent Tajikistan blocks Russian wire transfer service
A Russian wire transfer service popular among Tajik migrant labourers has been cut off from the Central Asian nation’s banking system, it said on Wednesday, after Dushanbe rerouted all remittances into a new processing centre. More than a million Tajiks work in Russia, sending home about $2.6 billion a year… Read More
U.S. Bank Examiners Need Clarity on Money Transmitter Accounts: GAO
4th December 2019
U.S. Bank Examiners Need Clarity on Money Transmitter Accounts: GAO
U.S. financial regulators need to issue additional guidance for bank examiners charged with reviewing how lenders monitor accounts held for money transmitting businesses, the Government Accountability Office (GAO) said Tuesday.  In a 79-page report on why banks have shed accounts for the firms in recent years, the GAO concluded… Read More
U.S. Banks No Longer Required to Report Hemp Growers as Suspicious, Regulators Say
4th December 2019
U.S. Banks No Longer Required to Report Hemp Growers as Suspicious, Regulators Say
Banks are no longer required to file suspicious activity reports on customers who cultivate hemp, industry regulators said. A group of financial regulators on Tuesday clarified the compliance requirements for banks whose customers produce hemp, a variety of the cannabis plant that is often used for its fiber… Read More
Popular

Isabel dos Santos Facing Fraud Charges; Banker’s Death Linked to Investigation

‘HSBC suddenly blocked my bank account – and left me without a penny to live on’

EU Threatens to Go After Money-Laundering Laggards With Lawsuits

Northern Ireland: Seven arrested in £215-million money laundering investigation

UK SARs fall from key company formation agents

Must Read

‘Robber baron’ with famous friends set to lose her £40m property empire

Danish authorities struggling with surge in suspicious money flows

Iran Has a Bitcoin Strategy to Beat Trump

France charges bitcoin expert Vinnik with money laundering

Owners of solar company that caused loss for Buffett plead guilty over $1bn Ponzi scheme