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Singapore man linked to alleged US$754 million fraud hit with two more charges

Singapore has brought charges of forging bank documents against a businessman who has already been accused of raising at least S$1 billion (US$754 million) from investors for commodity trades that did not exist. Singaporean Ng Yu Zhi, 34, is charged with fraudulently making a false electronic record to show US$60… Read More

Singapore: Syndicate member behind S$2.5m cross-border investment scam gets jail

A member of a syndicate linked to S$2.5 million worth of cross-border investment scams, perpetuated via shell companies with fake office fronts at Marina Bay Financial Centre, was given 12 years and one month’s jail on Monday (Apr 19). China national Wei Yong, 44, gambled away most of his criminal… Read More

Swiss money laundering probe eyes Lebanon central bank chief: report

From the British Virgin Islands to Geneva, Swiss prosecutors are tracking the suspected fund movements of Lebanon’s central bank chief Riad Salameh, a Swiss newspaper reported Tuesday. The Swiss attorney general’s office said in January it was investigating “aggravated money laundering… in connection with possible embezzlement to the detriment of”… Read More

29th March 2021

The richest 1 percent dodge taxes on more than one-fifth of their income, U.S. study shows

The richest Americans are hiding more than 20 percent of their earnings from the Internal Revenue Service, according to a comprehensive new estimate of tax evasion, with the top 1 percent of earners accounting for more than a third of all unpaid federal taxes. That’s costing the federal government… Read More

29th March 2021

U.K. and EU Reach First Post-Brexit Deal on Financial Rules

Britain and the European Union took their first step since Brexit to cooperate on financial services, agreeing on a new forum to discuss market regulation. The move could help finance firms in the City of London to eventually win back some access to the single market they lost when the… Read More

22nd March 2021

Philippines banks have medium risk exposure to money laundering, terror financing

Domestic banks and other financial institutions have a medium risk exposure to money laundering, terrorist and proliferation financing, according to the result of the Third Sectoral Risk Assessment (SRA) conducted by the Bangko Sentral ng Pilipinas (BSP), Anti-Money Laundering Council (AMLC) and other relevant institutions. BSP Governor Benjamin Diokno said… Read More

19th March 2021

FCMC fines ABLV Asset Management for breaches of AML/CTPF laws

The Financial and Capital Market Commission (FCMC) has imposed a fine of EUR 57,217 on ABLV Asset Management for breaches of anti-money laundering and counter-terrorism and proliferation financing (AML/CTPF) laws, the regulator informed LETA. The FCMC and ABLV Asset Management, have entered into an administrative agreement, imposing a fine of… Read More

11th March 2021

Thailand: Amlo impounds B1bn assets of alleged gambling bosses

The Anti-Money Laundering Office has impounded assets worth more than one billion baht from two gambling operators arrested during a crackdown on dirty money last month. Amlo deputy secretary-general Piyaphan Pingmuang on Wednesday announced the decision to freeze the assets of three people – Siapo Po-arnon, his mother Banyen Channara… Read More

11th March 2021

Unseen and Unsanctioned, Belarusian Tycoons Slipped into the EU via Lithuanian Investments

By Sarunas Cerniauskas and Stas Ivashkevich, OCCRP, 10 March 2021 OCCRP — 2 Giedraiciu Street might be one of the dirtiest buildings in Vilnius. It’s one of the few Soviet-era apartment blocks that remain in the heart of Lithuania’s capital, but its walls are decaying and it… Read More

10th March 2021

French Draft Law Is a Warning to Corrupt Leaders

France may soon join just a handful of countries, including the United States and Switzerland, with far-reaching legislation aimed to repatriate confiscated stolen assets to their countries of origin. A luxury townhouse on Avenue Foch — one of Paris’ chicest addresses — is caught up in a yearslong legal battle… Read More

9th March 2021

United Arab Emirates attracts corporate billions to climb tax haven ranking

The United Arab Emirates, a magnet for the globe’s ultra-rich, has also emerged as one of the fastest-growing corporate tax havens, according to a study released on Tuesday that highlighted a $200 billion-plus money flow to the country. The index by the Tax Justice Network, which highlights countries that attract… Read More

8th March 2021

Credit Suisse Missed Many Warnings Before Greensill’s Collapse

Long before Credit Suisse Group AG was forced to wind down a $10 billion group of funds it ran with financier Lex Greensill, there were plenty of red flags. Executives at the bank knew early on that a large portion of the assets in the funds were tied to… Read More

5th March 2021

U.S., U.K. Weigh More Russia Sanctions, Possibly Targeting Debt

The U.S. and U.K. are weighing additional penalties against Russia over the use of chemical weapons, with options ranging from sanctions against oligarchs to the extreme step of targeting the nation’s sovereign debt, according to people familiar with the matter. British officials plan to push for the Organisation for the… Read More

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Next Hurdle in Treasury’s Corporate Transparency Push? Verification

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$100 million New Jersey deli: Ex-Trump tax lawyer owned shell company created by mystery investors