British Virgin Islands to unmask secret company owners
1st October 2020
British Virgin Islands to unmask secret company owners
The ownership of hundreds of thousands of companies registered in one of the world’s most secretive financial jurisdictions is to be made public for the first time. The British Virgin Islands (BVI) has committed itself to creating a publicly accessible register of company ownership by 2023 in a move welcomed… Read More
Dirty money has ‘metastasized’ within global banking system, top regulator says
1st October 2020
Dirty money has ‘metastasized’ within global banking system, top regulator says
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
‘Significant’ threat of overseas financial crime in Jersey
1st October 2020
‘Significant’ threat of overseas financial crime in Jersey
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
U.S. sanction plan for Iran would imperil drug, food imports
1st October 2020
U.S. sanction plan for Iran would imperil drug, food imports
A U.S. proposal to almost totally sever Iran from the global financial system could sharply hinder its ability to secure supplies of food and drugs as it struggles to contain a resurgence of the worst coronavirus outbreak in the Middle East. The Trump administration is considering targeting more than… Read More
HSBC and Standard Chartered to face class action over FinCEN Files claims
1st October 2020
HSBC and Standard Chartered to face class action over FinCEN Files claims
Two American law firms have started building class action law suits against HSBC and Standard Chartered following allegations the banking giants failed to crack down on money laundering. Labaton Sucharow and Schall Law, which both have a track record of pursuing vast legal claims against listed companies, said they have… Read More
GLEIF defines new framework to simplify, accelerate LEI issuance
1st October 2020
GLEIF defines new framework to simplify, accelerate LEI issuance
GLEIF (Global Legal Entity Identifier Foundation) has introduced a new LEI ‘Validation Agent’ framework, which will enable FIs to simplify and accelerate LEI (legal identity identifier) issuance for their clients. Until now, the process of obtaining an LEI has usually occurred in the latter stages of client onboarding, requiring the… Read More
Philippines set to issue revised rules on virtual assets
1st October 2020
Philippines set to issue revised rules on virtual assets
The BSP (Bangko Sentral ng Pilipinas) is reportedly revising guidelines on VCEs (virtual currency exchanges) and EMIs (electronic money issuers) to tighten possible regulatory gaps in its existing rules for VASP (virtual asset service providers). According to Manila Bulletin, the accelerated growth in virtual assets and the associated regulatory… Read More
Clamping the Wheel of the Money Launderers’ ‘Vehicle of Choice’: Reform of the UK Company Registry
30th September 2020
Clamping the Wheel of the Money Launderers’ ‘Vehicle of Choice’: Reform of the UK Company Registry
What links the Azerbaijani laundromat, the Danske Bank scandal and a fraudulent enterprise run by the Mafia from a caravan park in Lancashire? Aside from the egregious amounts of money involved, the common thread in all of these cases is the use (and abuse) of UK corporate… Read More
French arrest 29 in cryptocurrency scheme to finance jihadis
30th September 2020
French arrest 29 in cryptocurrency scheme to finance jihadis
AP — French police arrested 29 people around the country on Tuesday in a vast operation to break a complex scheme financing Islamist extremists in Syria through the use of cryptocurrencies. A statement from the anti-terrorism prosecutor’s office said search warrants are out for the two main figures in the… Read More
FinCEN Files Confirm the Elephant in the Room
30th September 2020
FinCEN Files Confirm the Elephant in the Room
By Robert Mazur, former U.S. Federal Agent and author of “The Infiltrator” I’ve had the privilege of working with journalists from the International Consortium of Investigative Journalists (ICIJ), BuzzFeed News and many other media outlets during the past decade. When approached a few months ago to analyze leaked Suspicious Activity… Read More
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