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The Billionaire Behind the Biggest U.S. Tax Fraud Case Ever Filed

More than 20 years ago, a group of former salesmen for Houston software entrepreneur Robert Brockman sued their old boss, claiming in court that he had deprived them of commissions by directing a portion of customer payments to a Cayman Islands entity. Mr. Brockman twice appealed to the Texas… Read More

UAE’s Ministry of Economy unveils list of violations, fines for money laundering

The Ministry of Economy (MoE) has issued a list of 26 violations, in line with the cabinet resolution No. (16) of 2021 regarding the unified list of violations and administrative fines for the said violations of measures to combat money laundering and terrorism financing. The violations relate to the activities… Read More

Singapore: Woman jailed for cheating banks into disbursing S$1.77 million for fake micro-financing loans

Using forged bank statements, fake companies and by bribing bank workers, a woman conspired with a man to cheat three banks into disbursing S$1.77 million in loans. Tan You Jia, 50, was given four-and-a-half years’ jail on Wednesday (Mar 3), after pleading guilty to six charges of bribery and cheating… Read More

3rd March 2021

FinCEN Must Staff Up to Fulfill Reform Mandate, Director Says

The U.S. Treasury Department’s financial crimes unit is focused on acquiring the resources it needs to implement sweeping new anti-money-laundering reforms—in a way that doesn’t unnecessarily burden the financial industry, its director said. Putting into practice the anti-money-laundering legislation, which was passed in January as part of an annual… Read More

3rd March 2021

FATF Seeks Financial Sector Input on Proliferation Financing Guidance

The Financial Action Task Force (FATF) launched a public consultation on Monday seeking public- and private-sector feedback on pending guidance that would task financial institutions with doing more to stop the proliferation of weapons of mass destruction. The consultation marks the second such call by the intergovernmental organization, which in… Read More

3rd March 2021

Britain’s financial watchdog must act faster in fraud cases, says boss

Britain’s financial watchdog must act faster on scams, its chair said on Monday as he announced that senior officials face pay cuts and no bonuses following criticism of the regulator’s role in the collapse of London Capital & Finance (LCF) investment fund. Financial Conduct Authority (FCA) Chair Charles Randell said… Read More

3rd March 2021

India: Hawala dealer got Rs 565 crore as cuts for laundering money

In one of the biggest money laundering cases registered by it so far, the Enforcement Directorate has started attachment of assets of people associated with main accused Naresh Jain, a hawala dealer. Jain and his associates earned Rs 565 crore just through… Read More

3rd March 2021

Two Ecuadorians charged with money laundering in Miami that cost police pension millions

A money laundering trail totaling hundreds of millions of dollars that stretched from Latin America to South Florida has ended with corruption charges against a former Ecuadorian official and an investment manager once based in Miami. John Luzuriaga Aguinaga, 52, was arrested Monday on charges of accepting about $1.4 million… Read More

2nd March 2021

EBA Revises Guidelines on Money Laundering, Terror Financing Risk Factors

The European Banking Authority (EBA) on Monday published revised guidelines for money-laundering and terrorist-financing risk factors, including guidance on related risk assessments and customer due diligence (CDD) for beneficial owners. The guidelines, which are addressed to both financial institutions and supervisory authorities, separately incorporate sectoral guidance on crowdfunding platforms, corporate… Read More

2nd March 2021

FATF Says It Is Open to Amending Crypto Travel Rule Guidance

The Financial Action Task Force (FATF) is open to amending the “travel rule,” its guidance for cryptocurrency exchanges and companies providing crypto services. The anti-money laundering watchdog said Thursday it is confident the crypto industry will be able to implement complex data… Read More

1st March 2021

EU set to sanction four Russian officials over Navalny case

EU countries reached a preliminary agreement to sanction four Russian government officials over the jailing of opposition leader Alexei Navalny, according to four diplomats. The deal was reached Friday in a technical working group of the Council of the EU, called Relex, which deals with the legal complexity of sanctions. Read More

26th February 2021

Cayman Islands, Morocco Placed on Terror-Financing Watch List

Four jurisdictions, including the Cayman Islands and Morocco, will undergo increased monitoring as they face pressure from a global watchdog to address deficiencies in their anti-money-laundering efforts. The Financial Action Task Force, a Paris-based organization that sets anti-money-laundering law standards, on Thursday added Burkina Faso, the Cayman Islands, Morocco and… Read More

26th February 2021

Tax transparency: MEPs mount renewed challenge over Openlux exposé

Luxembourg has dismissed accusations of rampant tax avoidance and insisted that the country respects “all the applicable European and international rules and standards in terms of tax transparency , the fight against tax abuses and the fight against money laundering and the financing of terrorism”. The duchy is reeling from relevations made public in an exercise dubbed as Openlux, a collaboration… Read More

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