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10th July 2020

Russia to hit UK with retaliatory sanctions after Raab announces Magnitsky Act-style measures

The Kremlin has said it will impose retaliatory sanctions on the UK after Dominic Raab announced Magnitsky Act-style measures against individuals in Russia, Saudi Arabia, Myanmar and North Korea. Britain’s post-Brexit sanctions, which are designed to stop the laundering of “blood money”, targeted 20 Saudis and 25… Read More

10th July 2020

Three Gandhi family trusts to be probed for tax violations, money laundering

The Ministry of Home Affairs on Wednesday announced it has set up an inter-ministerial committee to probe into alleged violation of various legal provisions by Rajiv Gandhi Foundation, Rajiv Gandhi Charitable Trust and Indira Gandhi Memorial Trust. A Special Director of the Enforcement Directorate (ED) will head the committee. “MHA… Read More

7th July 2020

Zambia becomes second nation to tear up Mauritius tax deal

Zambia has torn up its tax treaty with Mauritius, the latest African nation to cancel an agreement with one of the world’s leading offshore havens. President Edgar Chagwa Lungu’s cabinet terminated the 2012 treaty and will soon start to negotiate a new deal, according to a statement obtained by… Read More

7th July 2020

India to register another money-laundering case against Sanjay Bhandari

The Enforcement Directorate has initiated the process of registering another money-laundering case against middleman Sanjay Bhandari and others. It is related to an alleged illegal consultancy agreement with Samsung Engineering Co. Limited (SECL) to help the company get a project worth ₹6,744.32 crore in Gujarat. Last month, in the same… Read More

7th July 2020

Ireland: How criminals clean their dirty money

‘Money laundering is modern-day alchemy. You take cash earned from criminal activity, put it through a system designed to obliterate any trail of its origins, and then bring it out the other end as legitimate income,” said Jeffrey Robinson, author of The Laundrymen, a seminal book on the subject. Money… Read More

6th July 2020

Uruguay’s new tax residence rules spark interest among Argentines

Seeking to attract immigrants with high purchasing-power, Uruguay has relaxed its fiscal residence requirements – triggering a rush of consultations from Argentines. Those interested in moving across the Rio de la Plata say they’re not only in tax benefits. Political stability, legal security and even a different approach to controlling… Read More

3rd July 2020

Luxembourg tightens screws on trusts with EU rules

Parliament decided to set up a list of who gets to benefit from trusts in a unanimous vote on Wednesday, putting in place a tool to shine more light on the financial industry required under European Union rules. The EU in 2018 adopted stricter rules for trusts – fiduciary arrangements… Read More

2nd July 2020

Vatican police raid Basilica offices in corruption probe

Vatican police on Tuesday raided the office that manages St. Peter’s Basilica, seizing documents and electronic equipment as part of an investigation into possible corruption in procurement practices. The extraordinary raid comes a month after the Vatican published new procurement rules intended to prevent corruption and cut costs. The Holy… Read More

1st July 2020

U.S. Senators Look to Add Shell Company Reporting to Defense Bill

Several members of the Senate Banking Committee have reached a bipartisan agreement on anti-money laundering legislation that would introduce new transparency into the ownership of anonymous shell companies. Senate Banking Chairman Mike Crapo (R-Idaho), ranking member Sherrod Brown (D-Ohio), and seven other committee members plan to offer the compromise text… Read More

1st July 2020

Suitcases of Cash Halted by Virus in EU Money-Laundering Hotspot

When customs agents in Riga followed a tip and searched passengers arriving on a private jet from Ukraine last year, they hit the jackpot. Luggage belonging to the four travelers contained about $1 million in U.S. and European banknotes. The contraband was seized. Latvia, a European Union and euro-area… Read More

Must Read

Global dirty money watchdog revamps rules to battle weapons financing – U.S.

Anti-money laundering agency keeps Pakistan on watch list

How an irrepressible Serbian arms dealer found a conduit to Saudi Arabia through Qatar

U.S. sanctions Russian institute linked to dangerous malware

Iraq emerges as new front for enforcement of Iran oil sanctions