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Jordan presses sweeping tax evasion crackdown to aid ailing economy

Jordan’s Prime Minister Omar al-Razzaz promised on Sunday to deepen a crackdown on tax evasion that officials say has deprived the country’s cash-strapped economy of billions of dollars’ revenue in recent years. The government has gone after senior businessmen and former politicians suspected of tax dodging, money laundering and customs… Read More

JPMorgan Dropped Accounts That Became Bad News for Deutsche Bank

The trio of clients that got Deutsche Bank AG in regulatory trouble this week had a shared back story: They were all castoffs of JPMorgan Chase and Co. Deutsche Bank moved millions of dollars across the globe for convicted sex offender Jeffrey Epstein in the past decade, and… Read More

Deutsche Bank Fined $150 Million Over Epstein Red Flags

When Deutsche Bank AG sought out Jeffrey Epstein as a client, he was a convicted Florida sex offender with a publicized taste for young eastern European women. The bank helped him send millions of dollars to his alleged co-conspirators. It handled transfers to women with Russian bank accounts. And… Read More

7th July 2020

‘Malta’s financial juridisction needs a revamp’: MFSA CEO

MFSA CEO Joseph Cuschieri says the financial regulator is ready to take on a new role that will bolster its investigative and supervisory powers against the problems of financial crime that risk Malta’s greylisting by Moneyval. There is serious talk about Malta’s possible grey listing from Moneyval. Let’s start with… Read More

7th July 2020

Ireland: How criminals clean their dirty money

‘Money laundering is modern-day alchemy. You take cash earned from criminal activity, put it through a system designed to obliterate any trail of its origins, and then bring it out the other end as legitimate income,” said Jeffrey Robinson, author of The Laundrymen, a seminal book on the subject. Money… Read More

6th July 2020

Uruguay’s new tax residence rules spark interest among Argentines

Seeking to attract immigrants with high purchasing-power, Uruguay has relaxed its fiscal residence requirements – triggering a rush of consultations from Argentines. Those interested in moving across the Rio de la Plata say they’re not only in tax benefits. Political stability, legal security and even a different approach to controlling… Read More

6th July 2020

Enron legacy returns in battle over $80 million yacht

Almost two decades after the collapse of Enron Corp., a former unit of the energy-trading giant is sparring with U.S. and Nigerian authorities over the proceeds of the sale of a luxury yacht. The dispute pivots on the Galactica Star — a 213-foot vessel once worth more than $80 million. Read More

3rd July 2020

Portmann channelled €120 million through Pilatus Bank, Malta inquiry hears

€120 million in financial transactions from the shuttered Portmann Capital Management, were funnelled through the private Malta-based Pilatus Bank, the former economic crimes unit boss said. Assistant Commissioner Ian Abdilla told the public inquiry into the assassination of Daphne Caruana Galizia, that Portmann had channelled a total of €120 million… Read More

3rd July 2020

Luxembourg tightens screws on trusts with EU rules

Parliament decided to set up a list of who gets to benefit from trusts in a unanimous vote on Wednesday, putting in place a tool to shine more light on the financial industry required under European Union rules. The EU in 2018 adopted stricter rules for trusts – fiduciary arrangements… Read More

3rd July 2020

U.S. seeks Warhol, Monet paintings linked to 1MDB scandal

The U.S. Department of Justice on Wednesday said it was looking to recover another $96 million in assets in real estate and artwork linked to the 1Malaysia Development Berhad (1MDB) international money-laundering conspiracy. The assets include luxury real estate in Paris and paintings by Claude Monet and Andy Warhol linked… Read More

1st July 2020

U.S. Senators Look to Add Shell Company Reporting to Defense Bill

Several members of the Senate Banking Committee have reached a bipartisan agreement on anti-money laundering legislation that would introduce new transparency into the ownership of anonymous shell companies. Senate Banking Chairman Mike Crapo (R-Idaho), ranking member Sherrod Brown (D-Ohio), and seven other committee members plan to offer the compromise text… Read More

30th June 2020

Ex-Kazakh president’s grandson seeks 1.5 million pound costs after failure of UK wealth order

The grandson of the former president of Kazakhstan and other respondents have submitted a demand for 1.5 million pounds in costs from Britain’s National Crime Agency after the High Court struck down anti-graft orders against them, a spokeswoman said. The demand for costs underscores the difficulties Britain has faced in… Read More

30th June 2020

Wirecard Scandal Puts Spotlight on Auditor Ernst & Young

Ernst & Young GmbH, auditor to insolvent German fintech company Wirecard AG, had questions related to unorthodox arrangements under which the company’s cash was held in bank accounts it didn’t control as far back as 2016, according to emails seen by The Wall Street Journal. The auditor subsequently signed… Read More

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