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21st September 2020

FinCEN Files: Global banks defy U.S. crackdowns by serving oligarchs, criminals and terrorists

ICIJ — Secret U.S. government documents reveal that JPMorgan Chase, HSBC and other big banks have defied money laundering crackdowns by moving staggering sums of illicit cash for shadowy characters and criminal networks that have spread chaos and undermined democracy around the world. The records show that five global… Read More

21st September 2020

How Deutsche Bank Let Dirty Clients Run Rampant

BuzzFeed News — When Robert Meltzer, who runs gyms for children in Los Angeles, found that more than $60,000 in payroll taxes — half a year’s worth — had gone missing in 2013, it was too late. When something similar happened to Stanford Media Group, a company that sold CDs… Read More

17th September 2020

FATF identifies red flag indicators to detect misuse of virtual assets

The Financial Action Task Force (FATF) has prepared a report on red flag indicators to assist financial institutions, investigating agencies and regulators in detecting misuse of virtual assets for money laundering, terrorist financing and other crimes. Virtual assets, which also include cryptocurrencies, are defined as a digital representation of… Read More

16th September 2020

Over 30 lakh Indian bank accounts beneficiary of Chinese online gaming fraud

Sources told Deccan Chronicle that close to thirty lakh bank accounts across India are beneficiaries of the companies involved in the online gaming fraud, headquartered in China, to which payments, ranging from a few thousands to lakhs of rupees were made, after defrauding them of 10 times more than the… Read More

15th September 2020

U.S. Regulators Prepare to Reprimand Citigroup for Failing to Improve Risk Systems

Federal regulators are preparing to reprimand Citigroup Inc. for failing to improve its risk-management systems—an expansive set of technology and procedures designed to detect problematic transactions, risky trades and anything else that could harm the bank. The expected rebuke from the Office of the Comptroller of the Currency and… Read More

15th September 2020

Philippines faces FATF sanctions

The Philippines is in danger of being included anew in the gray list of Paris-based dirty money watchdog Financial Action Task Force (FATF) if the country fails to pass the necessary amendments to the anti-money laundering law, according to the Anti-Money Laundering Council (AMLC). AMLC Secretariat executive director Mel Georgie… Read More

Anguilla, popular Panama Papers tax haven, slips in transparency ranking

11th September 2020

Michael Jordan, Sandra Bullock and Paris Hilton holiday there. Justin Timberlake and Janet Jackson wrote lyrics about it. But, last week, the Caribbean island of Anguilla drew attention for other reasons. The paradisiacal tax haven slipped further down a key global transparency index, according to a new report by… Read More

11th September 2020

Ex-VW CEO to face charges of organized commercial fraud

Former Volkswagen (VOWG_p.DE) Chief Executive Martin Winterkorn will face charges of conspiracy to commit organized commercial fraud with a high likelihood of conviction, a court probing the carmaker’s diesel emissions scandal said on Wednesday. A court in Braunschweig, Germany, near where Volkswagen is headquartered, expanded the list of charges… Read More

10th September 2020

Regulators investigate elite London law firm Mishcon de Reya

One of the UK’s most prestigious law firms is being investigated by regulators who have spent at least two years examining it, sending investigators into its central London offices. The Guardian has established that the Solicitors Regulation Authority (SRA) is conducting a complex investigation into Mishcon de Reya, involving… Read More

9th September 2020

Nigeria’s Malabu Oil Scandal: FG Re-Arraigns Aliyu Abubakar On 67-Counts Charge

The Federal Government on Tuesday re-arraigned an oil magnate, Aliyu Abubakar, and seven others on a 67-count criminal charge over their alleged involvement in the disputed Oil Processing License (OPL) 245 otherwise known as Malabu Oil. Abubakar was in July arraigned on a 48-count criminal charge bordering on money laundering,… Read More

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U.S. sanctions two officials from Lebanon’s Hezbollah

Goldman Sachs fined record $2.9 billion to resolve 1MDB bribery scheme

FinCEN Files sparks fresh UK inquiry into laundering of dirty billions

HSBC froze £1.5bn of customers’ cash in ‘dormant accounts’ – report