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U.S. Treasury plans major overhaul of anti-money-laundering rules

The Financial Crimes Enforcement Network said Wednesday that a significant overhaul of the nation’s anti-money-laundering regulatory framework is in the works. In an advance notice of proposed rulemaking, Fincen said it plans to firm up the definition of an “effective and reasonably designed” AML compliance program, something the regulator said… Read More

Miami judge declares ownership fight over $1 million super-yacht a ‘mess’

A sleek blue-and-white yacht worth $1 million has been moved from a dock on the Miami River to a marina in Aventura, but a legal dispute over the actual owner of the Italian-made vessel is still up in the air. A Miami federal judge weighed in on the fate of… Read More

First glimpse of new EU human rights sanctions

International perpetrators of genocide and torture, but not corruption, are to face new-model EU sanctions, a leaked document shows. Those guilty of crimes against humanity, slavery, extrajudicial killings, enforced disappearances, and arbitrary arrests will also face EU asset-freezes and visa-bans. And those responsible for human-trafficking, sexual violence, and abuses of… Read More

10th September 2020

Credit Suisse Wins Bid to Keep Money Laundering Report Secret

Credit Suisse Group AG won a bid to stall the release of a report into how it failed to prevent fraud and money laundering by one of its former star bankers, Patrice Lescaudron. A Geneva appeals court issued a suspension order late last month to temporarily keep the two-year-old… Read More

8th September 2020

£18m London homes of family ‘linked to autocrat’

The family of a Belarusian businessman believed to have links to President Lukashenko have bought London property worth millions of pounds through a web of offshore companies, The Times can reveal. Vladimir Peftiev, one of Belarus’s richest men and the former head of an arms company, has appeared in television… Read More

7th September 2020

Some wealth managers to be removed from UK enhanced laundering rules

Some wealth managers and advisers could be removed from a significant tier of anti-money laundering oversight under Financial Conduct Authority (FCA) proposals designed to more accurately reflect the risk of criminal exploitation. The obligation to report risk factors under the Annual Financial Crime Report (REP-CRIM) rules was originally introduced in… Read More

4th September 2020

Stepson of ex-Malaysian PM to forfeit $60 million in 1MDB scandal

The stepson of Malaysia’s former prime minister will forfeit assets worth more than $60 million that he purchased using funds embezzled during the multibillion-dollar looting of a Malaysian state investment fund, the Justice Department announced Wednesday. The 1Malaysia Development Berhad fund, or 1MDB, was established in 2009 by then-Prime Minister… Read More

25th August 2020

South Africa: The pastor, the politician and the pension funds

Nearly R500-million of workers’ pension funds has been stolen and invested in risky initiatives, including that of controversial evangelist Shepherd Bushiri’s investment company. The Mail & Guardian has for the past six months been reporting and following developments in the case of Joseph Busha, a smooth-talking politician who runs… Read More

12th August 2020

In London, Cambodian elites tread in the Kremlin’s footsteps

A parliamentary intelligence committee recently highlighted how President Vladimir Putin’s Russia wields malign influence inside the United Kingdom – and not just through disinformation and deadly spy-craft. The committee’s report also examined how Putin’s agents and allies – and crucially, their money – have infiltrated the business, social and political… Read More

6th August 2020

Game of Laws: Compliance in the Age of Regulatory Proliferation

Even if the pace at which regulations are drafted seems to be slowing down, at least at the EU-level, regulations in general are still trending toward bullish proliferation. In the financial-crime field alone, around 1,300 binding pieces of legislation have been brought to light in the span of 20 years… Read More

5th August 2020

UK under pressure to curb cascade of illicit Russian cash

On his way to a high-level meeting in Downing Street, deputy national security advisor Hugh Powell held to his side top-secret papers setting out the Government’s response to Russia’s annexation of Crimea. But a long-lens camera trained on officials walking in and out of Number 10 was enough to catch the… Read More

3rd August 2020

Deutsche Bank Opens Review Into Personal Banker to Trump and Kushner

Deutsche Bank has opened an internal investigation into the longtime personal banker of President Trump and his son-in-law, Jared Kushner, over a 2013 real estate transaction between the banker and a company part-owned by Mr. Kushner. In June 2013, the banker, Rosemary Vrablic, and two of her Deutsche Bank colleagues… Read More

3rd August 2020

Inside Goldman’s five-day race to seal a 1MDB deal with Malaysia

As negotiators from Goldman Sachs Group Inc. and the Malaysian government gathered at the Mandarin Oriental hotel in Kuala Lumpur last week, the two sides could hardly have been further apart on a 1MDB deal. The storied U.S. bank, needing to turn the page on one of the biggest… Read More

Must Read

Deloitte fined record £15m over ‘serious and serial failures’ in Autonomy audit

Leaked EU draft proposes all-encompassing laws for crypto assets

US moves to seize $330m of alleged 1MDB assets held by UK law firm

Suspected arms dealers moved millions in Somali money transfers, report says

US imposes sanctions on Iranian intelligence, Hezbollah-linked targets in Lebanon