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EU Threatens to Go After Money-Laundering Laggards With Lawsuits

A number of European Union countries failed to meet a Jan. 10 deadline to fully apply strict new measures against money laundering, compounding the bloc’s challenge in weeding out dirty money. The European Commission, the EU’s executive arm, is preparing to launch so-called infringement procedures next month to… Read More

Northern Ireland: Seven arrested in £215-million money laundering investigation

Seven people have been arrested following a major police operation against money laundering in Northern Ireland. A senior detective has described it as “one of the most significant live investigations into money laundering in the UK” involving £215 million. Six men and one woman were detained after 15 searches at… Read More

Compliance jobs in demand a year after Australia’s Hayne commission

Credit analysts, loan writers and anti-money laundering experts have joined the ranks of sought after support staff, compliance officers and risk professionals as banks look to close the gaps that leave them vulnerable to rivals and regulatory threats. A report on hiring trends from global recruitment company Hays Employment has… Read More

22nd January 2020

Heads could roll at PwC over Isabel dos Santos links, says chairman

The global chairman of PwC has warned that heads could roll at the professional services firm over its links to Isabel dos Santos, Africa’s richest woman, who is battling allegations that she obtained her wealth through corruption and nepotism. Bob Moritz, whose firm advised companies belonging to Dos Santos… Read More

22nd January 2020

Halkbank Hit With U.S. Demand for Millions in Contempt Fines

Turkey’s Halkbank should pay millions of dollars in fines for its continued failure to respond to U.S. sanctions-evasions charges, federal prosecutors in New York said. In a court filing Tuesday, the government asked a federal judge to impose a daily $1 million fine that would double each week the… Read More

22nd January 2020

Fewer letterbox companies in the Netherlands, as regulations begin to bite

The number of letterbox, or shell, companies registered in the Netherlands has fallen by almost one third over the past five years, the Financieele Dagblad said on Tuesday. Tougher rules for trust offices and more stringent supervision by the central bank are among the reasons for the… Read More

22nd January 2020

Nigeria charges ex-attorney general with financial crimes in $1.3 billion oil deal

Nigeria’s financial crimes watchdog charged a former attorney general suspected of taking bribes to facilitate a $1.3 billion oil block sale, the agency said on Tuesday, in the latest twist in one of the industry’s biggest alleged corruption scandals. An international investigation into the 2011 sale of the offshore oilfield… Read More

22nd January 2020

Two Umno leaders charged with money laundering linked to Malaysia scandal

Two Umno leaders were charged with money laundering yesterday, for funds allegedly received from former Malaysian prime minister Najib Razak seven years ago. Pontian MP Ahmad Maslan was slapped with two charges, namely failure to declare RM2 million (S$663,000), which he allegedly received from Najib, when filing for taxes for… Read More

22nd January 2020

Ex-President of Interpol Imprisoned for Bribery in China

A former senior Chinese police official who also served as president of Interpol was sentenced on Tuesday to 13 and a half years in prison for bribery, in a case that his wife has denounced as stemming from a political vendetta. When the official, Meng Hongwei, was elected president… Read More

22nd January 2020

Britain’s Tax Agency Offering Contract for Tech to Combat Crypto Tax Evasion

Britain’s tax agency is inviting contractors to provide a tech tool to help Britain’s tax agency combat crypto cybercriminals. What the agency wants The technology, which Her Majesty’s Revenue & Customs (HMRC) posted on Jan. 17 in an open contract call worth 100,000 pounds sterling, should gather intelligence through… Read More

22nd January 2020

UK SARs fall from key company formation agents

The number of suspicious activity reports filed by company formation agents has fallen by more than half to only 23, despite government attempts to improve the system. There was a 56.6 per cent decline in SARs to the National Crime Agency in the year to March 2019 from trust and… Read More

21st January 2020

Portugal probes Angola leaks as Eurobic bank distances itself from dos Santos

Portuguese authorities said on Monday they had started investigating media reports concerning Angolan billionaire Isabel dos Santos, while a small bank said it had decided to put an end to commercial relationships with entities she controls. This was the latest fallout from increased scrutiny of Angola’s former first daughter, a… Read More

21st January 2020

Luxembourg’s fund sector faces risk of abuse

Drug trafficking, fraud, forgery, tax crimes, corruption and bribery are “very high threats” to the Luxembourg funds industry, according to a study by the country’s financial regulator. The risk for abuse is high in the Grand Duchy, according to the CSSF’s first national risk assessment of money laundering and terrorist… Read More

Must Read

EU Threatens to Go After Money-Laundering Laggards With Lawsuits

Northern Ireland: Seven arrested in £215-million money laundering investigation

Compliance jobs in demand a year after Australia’s Hayne commission

Heads could roll at PwC over Isabel dos Santos links, says chairman

Halkbank Hit With U.S. Demand for Millions in Contempt Fines