Lawsuits by U.S. victims accuse top Qatar banks and charity of financing terrorism in Israel
17th December 2020
Lawsuits by U.S. victims accuse top Qatar banks and charity of financing terrorism in Israel
U.S. victims of extremist violence in Israel allege that three of Qatar’s leading financial institutions have secretly funneled millions of dollars to Palestinian groups responsible for killing Americans, accusing a key U.S. ally in the Middle East of duplicity. In U.S. lawsuits, victims and their families claim that the government… Read More
U.S. lifts Sudan’s designation as a state sponsor of terrorism
15th December 2020
U.S. lifts Sudan’s designation as a state sponsor of terrorism
The United States formally rescinded Sudan’s status as a state sponsor of terrorism on Monday, removing the biggest barrier to the African country’s access to international lending institutions and economic development. Sudan was designated as a state sponsor of terrorism in 1993, in part for its support of militant… Read More
Assassinated Taliban chief had life insurance and a property empire
14th December 2020
Assassinated Taliban chief had life insurance and a property empire
The leader of the Taliban had life insurance and built up a large property portfolio before he was killed in a US drone strike, a court in Pakistan has been told. Mullah Akhtar Mansour had used fake identities to buy at least five properties in Karachi, and is believed… Read More
FinCEN Clarifies How Banks Can Share Information on Suspicious Transactions
11th December 2020
FinCEN Clarifies How Banks Can Share Information on Suspicious Transactions
The U.S.’s anti-money-laundering watchdog released new guidance Thursday on how financial institutions can share personally identifiable information about their customers if they believe it is tied to a suspicious transaction. The guidance is meant to help clarify the limits to what officials have called a key tool in identifying potential… Read More
APAC Overtook US in AML Penalties For 2020: Fenergo
11th December 2020
APAC Overtook US in AML Penalties For 2020: Fenergo
Penalties for non-compliance with AML, KYC, data privacy and MiFID regulations have totalled USD 10.4 billion this year, Fenergo says in its annual stocktake of global fines against financial institutions. A total 198 fines were levied on financial institutions for these breaches, representing a year-on-year increase of 141%. The average… Read More
The Wan Chai connection: The Washington-accused drug lords, gun runners and dictators’ financiers tied to one Hong Kong district
11th December 2020
The Wan Chai connection: The Washington-accused drug lords, gun runners and dictators’ financiers tied to one Hong Kong district
The Hong Kong neighborhood of Wan Chai may be home to the most eclectic and densest concentration of US-sanctioned enterprises anywhere on the planet. In less space than a square mile, you’ve got offices tied to: an alleged financier for Hezbollah, the Lebanese militant group; an individual accused… Read More
France is on the verge of imposing mandatory KYC rules for all crypto transactions, industry sources say
11th December 2020
France is on the verge of imposing mandatory KYC rules for all crypto transactions, industry sources say
France is set to implement stringent new measures for the country’s cryptocurrency sector, The Block has learned. The French Finance Ministry is preparing to not only harden know-your-customer (KYC) rules for crypto firms but also regulate crypto-to-crypto transactions, according to Simon Polrot, president of French crypto association ADAN. Polrot told… Read More
FATF and Egmont Group Release New Report on Trade-Based Money Laundering
10th December 2020
FATF and Egmont Group Release New Report on Trade-Based Money Laundering
The FATF (Financial Action Task Force), in collaboration with Egmont Group, has released a new report to help the public and private sector with the challenges of detecting trade-based money laundering (TBML). “International trade networks can attract criminals and terrorists financiers who exploit the interconnected supply chains to launder the… Read More
Muslim Brotherhood suspect and Saudi billionaire linked to same offshore companies, Austrian report says
9th December 2020
Muslim Brotherhood suspect and Saudi billionaire linked to same offshore companies, Austrian report says
By Scilla Alecci, ICIJ, 8 December 2020 ICIJーOne of 30 people in Austria suspected to be members of the Islamic fundamentalist group Muslim Brotherhood was the director of offshore companies linked to a Saudi billionaire, according to an investigation by Austrian media outlets profil and… Read More
U.S. Defense Bill Proposes Anti-Money-Laundering Whistleblower Program
8th December 2020
U.S. Defense Bill Proposes Anti-Money-Laundering Whistleblower Program
A new whistleblower reward program incentivizing the reporting of potential violations of anti-money-laundering laws would be established as part of an annual defense-spending bill that is poised to clear Congress. The program would offer awards to tipsters who voluntarily provide original information to the Treasury Department or the Justice Department… Read More
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