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Swiss Bank to Pay $1.2 Million for Failing to Report US-Linked Accounts

Banque Bonhôte & Cie SA, Ltd. (Bonhôte) of Switzerland will pay an additional $1.2 million to American authorities after acknowledging that it under-reported its US-linked accounts in a 2015 non-prosecution deal reached under the Swiss Bank Program. The latest monetary penalty adds to the $624,000 previously paid by the Swiss… Read More

Switzerland’s SIX to launch marijuana data service

SIX, the operator of Switzerland’s stock exchange, said it plans to launch a data service for more than 30,000 securities connected to marijuana related businesses (MRB) to help investors assess their exposure to cannabis-linked companies. Aimed at investors who don’t want their money being used for buying securities involved in… Read More

Former IRS Agent: Here’s How I’d Investigate Jeffrey Epstein’s Finances

Financier Jeffrey Epstein is an accused sex trafficker. This much we know. The new SDNY investigation will hopefully cure the bogus plea deal Epstein received in Florida at the direction of then-U.S. Attorney Alex Acosta, who is now an ex-secretary of… Read More

16th July 2019

‘The battle has started’: Ex-Credit Suisse banker’s fraud victims still want an apology

It was December 30, 2015, and Russian businesswoman Olga Kurbatova, who founded a successful Moscow-based beverage company called Happyland Corp, was celebrating the New Year with her son when she got an unexpected phone call from the bank that managed her fortune, Credit Suisse. There had been a most unhappy… Read More

15th July 2019

India says Deloitte misreading law in challenging government’s call for ban

India has told a tribunal the local auditing affiliate of international accounting group Deloitte Touche Tohmatsu is misreading a key federal law as the firm seeks to avoid a five-year ban on new business, according to legal documents reviewed by Reuters on Sunday. Deloitte Haskins & Sells LLP is contesting… Read More

12th July 2019

U.S. Investigating Deutsche Bank’s Dealings With Malaysian Fund 1MDB

The sprawling, multibillion-dollar Malaysian development fraud scandal that has toppled a prime minister and stretched from Hollywood to Wall Street is threatening to implicate another major global financial institution: Deutsche Bank AG. The U.S. Justice Department is investigating whether the German lender violated foreign corruption or anti-money-laundering laws… Read More

10th July 2019

Deutsche Bank looks to boost wealth management as part of reinvention

With other parts of its business facing hefty cuts, Deutsche Bank wants to expand its European operations handling the assets of rich clients and take market share from rivals after staunching the outflow of assets. Hiring new client relationship managers and perhaps making acquisitions in a few years’ time can… Read More

8th July 2019

Trump is a huge headache for Deutsche. But the bank has plenty more.

Investigations surrounding Deutsche Bank’s more than decade-long relationship with President Trump and his business have created a crisis for the German financial giant. It’s caught in a legal tug of war between Trump and House Democrats for the president’s financial records and calls for broad investigations of its… Read More

8th July 2019

Inside the Luxembourg free port storing riches for the super-wealthy

Along with free trade deals, tax cuts for high earners and the threat of a no-deal Brexit, special tax-free zones are likely to feature in a Boris Johnson premiership. The frontrunner to move into No 10 told a Tory hustings event this week that… Read More

5th July 2019

Malaysian ex-PM stepson to be charged with money laundering

AP — Malaysia’s anti-graft agency said Thursday it has detained Riza Aziz, the stepson of former Prime Minister Najib Razak and a Hollywood film producer, and will charge him with money laundering. Anti-Corruption Commission chief Latheefa Koya said Riza was picked up Thursday but has been released on bail. “He… Read More

5th July 2019

Sun, Sand, and the $1.5 Trillion Dark Offshore Economy

The British Virgin Islands is home to more than 400,000 companies that hold $1.5 trillion in assets. You wouldn’t know it if you walked through Road Town, the capital of this Caribbean archipelago. Hens and roosters compete brazenly… Read More

3rd July 2019

Europol sets up taskforce to target most dangerous human traffickers

From jet skis to yachts, traffickers are resorting to increasingly innovative ways to smuggle people into Europe, a senior Europol officer said on Tuesday as the police agency launched a taskforce to tackle the lucrative trade. Criminal gangs are also becoming more violent towards migrants as they seek to maximize… Read More

28th June 2019

KBC Bank Charged in Money Laundering, Tax Fraud Case

Brussels-based KBC Group NV and its banking arm KBC Bank are facing prosecution for their purported roles in facilitating money laundering and tax fraud by Belgian clients. The banking group disclosed the charges by the Ghent public prosecutor’s office in a statement on its website Thursday and said… Read More

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