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Bankers in $220 Billion Scandal Offered Gold to Hide Client Cash

At the height of the Danske Bank A/S dirty-money scandal, the lender started offering gold bars to wealthy clients to help them keep their fortunes hidden, according to documents seen by Bloomberg. The bank’s Estonian branch, which was already wiring billions of client dollars to offshore accounts, told a select… Read More

Malaysia aims to locate further $4.3 billion in 1MDB-linked assets

Malaysia is working to locate at least $4.3 billion in assets that have yet to be accounted for in a global money laundering probe into state fund 1MDB, its anti-corruption chief said on Tuesday. U.S. authorities say about $4.5 billion was siphoned from sovereign wealth fund 1Malaysia Development Berhad (1MDB)… Read More

UBS Has Four Weeks in June to Fight $5 Billion French Fine

UBS Group AG is set for a Paris retrial in June to fight its conviction and record 4.5 billion-euro ($5 billion) fine for helping wealthy French clients stash undeclared funds in offshore accounts. Judges at the Paris Court of Appeals said on Monday the UBS retrial will run… Read More

5th November 2019

Used to impunity, Bangladesh elite face corruption crackdown

AP — As gamblers called out bets around craps and roulette tables at a sports club in Bangladesh’s capital, dozens of black-clad security forces burst inside. Gamblers were ordered to the floor as police and members of Bangladesh’s Rapid Action Battalion, which normally handles major counterterrorism operations, cracked open iron… Read More

31st October 2019

Jho Low Strikes Billion Dollar 1MDB Pact With U.S. Over Lawsuits

The U.S. Justice Department has struck a deal with fugitive financier Jho Low to recoup almost a billion dollars looted from Malaysian investment fund 1MDB, in what would be the biggest recovery from a decade-old anti-corruption crackdown. The 1MDB global corruption scandal has toppled a government, ensnared a Wall Street… Read More

29th October 2019

Money laundering risk building up in private banks, Luxembourg regulator warns

A move into ultra-rich clients combined with growing numbers of non-European customers means that the risk of money laundering in Luxembourg’s private banks is increasing, the head of the country’s financial regulator told the Luxembourg Times. “The nature of cross-border private banking makes it vulnerable to being abused for illicit… Read More

25th October 2019

It’s Time to Reform and Refocus the Financial Action Task Force

The latest gathering of the global anti-financial crime standard-setter, the Financial Action Task Force (FATF) – the first under its Chinese presidency – included a number of eye-catching items reflecting the incoming president’s Objectives statement. The plenary considered long-ignored threats such as money laundering associated with the illegal… Read More

25th October 2019

Swiss investigate J. Safra Sarasin amid Brazilian ‘car wash’ probe

Swiss federal prosecutors said they had opened an investigation of private bank J. Safra Sarasin as part of a wide-ranging corruption probe surrounding Brazilian state oil company Petrobras (PETR4.SA) and construction firm Odebrecht. The Office of the Attorney General opened proceedings against the Basel-based bank in November 2018,… Read More

25th October 2019

U.K.’s Dirty Money Trail Leads to Private Schools, Crocodile Handbags

Dirty money worms its way into banks, law firms, and accounting agencies. It seeps into properties, companies, and even schools. And despite a crackdown by British lawmakers and police, the $418 billion flood shows no signs of receding as criminals from around the world continue to make the U.K. a… Read More

24th October 2019

Venezuela dirty money probe: Malta’s MFSA ordered to finalise Portmann review

Malta’s financial services tribunal has upheld a complaint by a wealth management firm embroiled in a United States investigation on dirty money from Venezuelan politicians, saying the regulator’s decision to stop Portmann Capital Management from taking on new clients was not in line with the law. The FST… Read More

23rd October 2019

Whistle-Blowers Are the Last Defense Against Global Corruption

If anyone at Deutsche Bank—or at any of Europe’s other financial institutions, accounting firms, or tax offices—has evidence of wrongdoing by Donald Trump, now would be a good time to share it. Deutsche Bank, for example, has insisted that it doesn’t have copies of Trump’s tax returns. But employees of… Read More

22nd October 2019

A criminal asked to design our anti-money laundering laws would probably keep the ones we’ve got

By Ronald F Pol, La Trobe University Money laundering rarely gets as literal as the case in Thailand last week, where police raided homes of a ring suspected of laundering a billion baht (about A$48 million) of drug proceeds and found millions stashed in a washing machine. Stories… Read More

16th October 2019

A Swiss Bank Keeps Cropping Up in Venezuelan Corruption Cases

As Venezuela’s chronic food shortages began intensifying, Naman Wakil, a former street peddler who made millions of dollars supplying meat to the socialist government’s food programs, decided to share the wealth. Wakil ordered his Swiss bankers to transfer $5.9 million to relatives of state Food Minister Carlos Osorio, who’d given… Read More

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