Featured Asset Management

Mexico to auction Lamborghini, other seized assets to help poor

Mexico’s government will auction a Lamborghini, homes and other assets seized from gangsters and at least one former politician, officials said on Tuesday, part of a “Robin Hood” program to use millions of dollars in ill-gotten gains to aid the poor. The first auction, set for Sunday, will seek bids… Read More

Germany searches banks and homes in nationwide tax evasion raid

Frankfurt public prosecutors said they led a nationwide raid on eight homes and 11 banks on Wednesday as part of an investigation into wealthy individuals suspected of tax evasion. The action was a follow-up on a police raid last November of Deutsche Bank over money laundering allegations linked to the… Read More

It’s the luxuries that give it away. To fight corruption, follow the goods

By Reza Tajaddini, Swinburne University of Technology and Hassan F. Gholipour, Swinburne University of Technology There is disquiet about the French owners of the luxury brands Luis Vuitton, Christian Dior, Givenchy and Gucci giving a whopping €300 million to the rebuilding of Notre Dame Cathedral. Such… Read More
15th May 2019
Facing unprecedented pressure to clamp down on criminal groups, UK law enforcement officials are in need of an additional £2.7 billion in funding over the next three years, the head of the National Crime Agency (NCA) said Monday. The agency is seeking a 54-percent increase in its annual budget, which… Read More
7th May 2019
Malaysia has extradited a former Goldman Sachs banker to the United States for 10 months to face criminal charges linked to a multibillion-dollar scandal at state fund 1MDB, its attorney general said on Monday. Malaysian Roger Ng has been detained in Kuala Lumpur since Nov. 1, after the U.S. Department… Read More
29th April 2019
The Royal Bank of Scotland (RBS) Group has launched an internal investigation into whether its subsidiary Coutts and Co. and a unit of ABN Amro processed payments linked to a Russian and Lithuanian money laundering scheme. The Edinburgh-based lender disclosed in a quarterly earnings filing Friday that the probe had… Read More
29th April 2019
Tens of thousands of people marched on Hong Kong’s parliament on Sunday to demand the scrapping of proposed extradition rules that would allow people to be sent to mainland China for trial – a move which some fear puts the city’s core freedoms at risk. Opponents of the proposal fear… Read More
29th April 2019
An uptick in white-collar prosecutions by the Trump administration could bring relief to high-end defense lawyers, who have been searching for work after years of declining federal prosecutions. Many white-collar lawyers have been fretting about their caseloads since the Trump administration took charge of the U.S. Department of Justice, worrying… Read More
17th April 2019
Mexican President Andres Manuel Lopez Obrador said on Monday he will create a “Robin Hood” institute to return to the people the ill-gotten wealth seized from corrupt politicians and gangsters. His administration is drawing up a bill to create an independent “Robin Hood” institute “against the corrupt” that would put… Read More
16th April 2019
The United Kingdom is seeking input on its planned implementation of the European Union’s fifth anti-money laundering directive (5AMLD) as the government continues to negotiate an exit from the economic bloc. In a consultation paper published Monday, HM Treasury said it would seek stakeholder commentary on the directive through… Read More
16th April 2019
AP — Newly unsealed documents in the fraud case of a South Dakota man linked to an admitted Russian covert agent show he obtained at least $2.3 million from 78 people for bogus investments dating to at least 1997. Paul Erickson has pleaded not guilty to 11 counts of wire… Read More
15th April 2019
European lawmakers are urging financial institutions and governments to address dozens of legal and supervisory shortcomings they say contributed to the proliferation of massive money laundering schemes in recent years. In a resolution adopted Thursday, the Council of Europe’s Parliamentary Assembly said that recent money laundering schemes linked to… Read More
9th April 2019
The Financial Action Task Force is expected this month to lengthen the terms of its presidential and vice-presidential tenures and consider revisions to its mandate, the organization said in a report Monday. The Paris-based intergovernmental group, known as FATF, is set to approve a proposed “enhancement” of its rotating presidencies… Read More