1st October 2020
New York’s top financial regulator says banks and governments have allowed money laundering to “metastasize” inside the banking system and wrap itself “within the guts of financial institutions.” In an opinion piece released days after the FinCEN Files investigation revealed sweeping failures by global banks to stop illicit… Read More
1st October 2020
The threat of financial crime in Jersey by overseas criminals is “significant”, a government report has found. The National Risk Assessment of Money Laundering is the first study of its kind and has been made public by the Government of Jersey. It found there was “no clear expression” on… Read More
29th September 2020
The federal government’s glacially slow pace in delivering the tools to combat phoenixing and money laundering has delivered benefits to an unlikely constituency: organised crime. Revenue lost from money laundering, tax evasion schemes and phoenixing of companies – often orchestrated by unscrupulous accountants and lawyers – is costing Australian taxpayers… Read More
29th September 2020
Julius Baer Group Ltd. is deciding whether to start a wealth-management business in the U.S. as it seeks partnerships or acquisitions in its core Latin American markets. “I would not be doing my job as somebody that is totally committed to making our Americas’ business a top competitive business… Read More
28th September 2020
According to an Interpol Red Notice, Philip Egglishaw is 67 years old, 1.75m tall, with a moustache and receding hairline. The “international fraudster”, as he was once dubbed, is wanted by Australian authorities for his role as the alleged mastermind of one of the country’s largest tax evasion and money-laundering… Read More
28th September 2020
Governments and banks around the world are doing little to tackle tax abuses, money laundering and corruption in a global financial system that perpetuates inequality and condemns people to endemic poverty, a high-level United Nations panel concluded on Thursday. The International Financial Accountability, Transparency and Integrity panel, comprised of… Read More
25th September 2020
Securities and tax regulators should have new powers to share information for cracking down on fraudulent tax reclaim schemes, the European Union’s markets watchdog said on Thursday. The European Securities and Markets Authority (ESMA) made the recommendation in its final report to the European Parliament into frauds whereby investors engineer… Read More
24th September 2020
A British parliamentary committee that scrutinizes financial affairs has asked the government and securities regulator to look into reports that the U.S. considers the country a “higher risk” jurisdiction for money laundering and economic crime. In one of the first responses by U.K. politicians to leaked U.S. regulatory documents, Mel… Read More
23rd September 2020
Government plans an investigation into Trafigura, a minority owner in state-owned mining firm Terrafame, amid suspicions that it laundered hundreds or millions of euros through tax havens, according to Economic Affairs Minister Mika Lintilä (Cen). The revelations emerged from a major leak of confidential documents to US news site… Read More
22nd September 2020
Macquarie Group and Commonwealth Bank are facing fresh scrutiny of their oversight of anti-money laundering laws after it emerged that overseas banks had reported close to $167 million of potential dirty money transactions flowing through the two Australian banks. The International Consortium of Investigative Journalism (ICIJ) has released a… Read More