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FATF Encourages Technology Use to Address Covid-19 Challenges

The FATF (Financial Action Task Force) has issued a statement highlighting the need for financial institutions to stay alert to potential financial crime risks as criminals and terrorists seek to exploit coronavirus-related fears. “Criminals are taking advantage of the Covid-19 pandemic to carry out financial fraud and exploitation scams,”… Read More

Doing What is Right: Financial Inclusion Needs Better Incentives

Last year, the Financial Action Task Force (FATF), the international standard setter for anti-money laundering and counterterrorist financing (AML/CFT), celebrated its 30th anniversary. Accompanying the celebrations, the group made a statement in which it committed to promoting financial inclusion through the proportionate and effective implementation of its standards. This… Read More

Qatar fines Horizon Crescent Wealth QR30mn for violations

The QFC Regulatory Authority (QFCRA) yesterday announced that it had taken action against Horizon Crescent Wealth LLC (HCW) and imposed a fine of QR30,000,000 on it for serious legal and regulatory breaches. The action taken by the QFCRA followed an investigation of HCW identifying significant failings by the firm in… Read More

1st April 2020

Luxembourg regulator suspends Rothschild ex-CEO for ten years

Luxembourg’s finance watchdog suspended the former CEO of private bank Edmond de Rothschild (Europe), Marc Ambroisien, for a decade, no longer allowing him to work in finance in the country over that period. The Comite de Surveillance du Secteur Financier (CSSF) accused Ambroisien of having failed to ensure strong internal governance… Read More

31st March 2020

FCA denies adviser authorisation over compliance concerns

An adviser who was in the past banned from functions of influence by the regulator has had his application to set up a new advice firm denied by Financial Conduct Authority. A final notice published on the watchdog’s website last week (March 27) shows it refused an application for authorisation submitted by NestHaven… Read More

31st March 2020

US Treasury Offers Little Wiggle Room on Foreign Bank Reporting

The Treasury Department doesn’t have any near-term plans to relax foreign banks’ obligation to report information about U.S. account holders, despite European Union leaders’ concern about hardships that result for some Americans. The Foreign Account Tax Compliance Act was enacted to help the U.S. government enforce laws requiring U.S. citizens… Read More

27th March 2020

U.S. corporate crisis bailouts may prove bonanza for insider trading, new study warns

White-collar crime prosecutors and defense attorneys are likely to be busy following a massive economic stimulus package from the U.S. Congress aimed at mitigating the fallout from the coronavirus, according to a new academic study of insider trading. The research, from scholars at the University of Pennsylvania’s Wharton School, Stanford… Read More

27th March 2020

Close friend of Spain’s emeritus king transferred $39 million from “donation” to a US bank

An information exchange between a Spanish judge and a Swiss prosecutor has shed new light on an ongoing investigation into alleged financial irregularities involving emeritus king Juan Carlos I, the father of Spain’s reigning monarch Felipe VI. Spain’s High Court, the Audiencia Nacional, has been waiting for the Swiss… Read More

26th March 2020

Malta’s Pilatus Bank was a ‘money transfer operation’

Pilatus Bank was a “money transfer operation” rather than an ordinary bank providing investment corporate and retail services to high net individuals, according to the bank’s administrator Lawrence Connell. The former US financial regulator reached his conclusion in his first six-month report covering up to August 2018, which was only… Read More

25th March 2020

Fraud, Asset Tracing and Recovery in Japan

Important legal framework and static underpinnings to fraud, asset tracing and recovery schemes Japanese civil law permits the filing of an action for damages caused by fraud or tort, and provides a mechanism to enforce compulsory execution against the property of the wrongdoer based on a successful… Read More

25th March 2020

Holding the Line on Ultimate Beneficial Ownership

The misuse of legal structures for illicit activities has been the subject of intense global scrutiny since the release of the Panama Papers in April 2016 and the Paradise Papers in November 2017. Since then, the requirements around the identification of the UBOs (ultimate beneficial owners) of legal entities have… Read More

25th March 2020

Malta sees 157% increase in suspicious transaction reports

Malta’s Financial Intelligence Analysis Unit (FIAU) has reported a 157% increase in suspicious transaction reports (STRs) in 2019 from 2017, with 2,778 STRs received. The anti-money laundering unit also reported an unprecedented increase in the number of requests for information received from other domestic authorities especially supervisory authorities. FIAU is also… Read More

23rd March 2020

Luxembourg’s Parliament votes in favour of tax, anti-money laundering rules

Luxembourg’s parliament on Saturday voted in favour of new laws to implement EU rules increasing reporting duties on cross-border tax arrangements and stepping up the fight against money laundering. After Tuesday’s session was cancelled because of the pandemic, parliament convened over the weekend to vote on a package of laws. This… Read More

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